"I thank all noble Lords for their observations, comments, suggestions and many questions. I will briefly address some. Does this risk distorting insolvency law? It is already distorted. Pension scheme members are unsecured creditors. People who cannot hold a diversified portfolio lose their job, lose some of their pension rights …..." Lord Sikka - View Speech
"Just to recap quickly, I was looking at a scenario where an employer had received a surplus from a pension scheme but soon afterwards became bankrupt. Normally, the PPF will rescue, but that is limited to 90%, which means that employees will face a haircut in their pension rights. So …..." Lord Sikka - View Speech
"My Lords, this amendment deals with a gap in the Bill. The transfer of surplus to employers could leave employees in jeopardy, especially when an employer enters bankruptcy. I will lay out a scenario. Suppose a pension scheme surplus is distributed to an employer but, soon afterwards, the pension scheme …..." Lord Sikka - View Speech
"My Lords, there is waste crime in plain sight. For decades, England’s water companies have illegally dumped sewage in rivers, lakes and seas. Companies have nearly 1,200 criminal convictions, but their directors receive mega bonuses and rewards. Despite promises, no director has been prosecuted or disqualified from acting as a …..." Lord Sikka - View Speech
"My Lords, following President Trump’s announcement, the US will be the only country outside the UN Framework Convention on Climate Change. The US is the world’s second-largest carbon emitter, which has negative consequences for everyone. Are the Government concerned that a major polluter will operate outside international law? If so, …..." Lord Sikka - View Speech
"My Lords, the Minister has once again mentioned the £100 billion possible cost of bringing water into public ownership. That is a bogus number, and no Minister has publicly engaged in any debate about it. The Government had a chance to silence critics by asking the Water Commission to consider …..." Lord Sikka - View Speech
"My Lords, in direct violation of Article 2(4) of the UN charter, the US has attacked Venezuela and kidnapped its President and his wife. The Prime Minister has failed to condemn the aggression and violation of international law, which will inevitably embolden Trump to annex other territories. Can the Minister …..." Lord Sikka - View Speech
"To ask His Majesty’s Government what plans they have to impose sanctions against the United States in response to its actions in Venezuela...." Lord Sikka - View Speech