Jesse Norman

I congratulate the hon. Member for North Durham (Luke Akehurst) on his excellent speech and on securing this debate, and all those who have participated in it. I thank the Minister for allowing me a few words. On your behalf, Madam Deputy Speaker, I will mention your constituent Steve Mawby, because he has been a key campaigner in this important and very difficult area. I first got involved in it before I became a Member of Parliament in 2007, and I pay particular tribute to the late Roy Harries and Les Collard, because they brought to my attention the injustice that had been perpetrated on older pensioners by the Special Metals Wiggin pension fund. Hundreds of people were affected by that, and, alas, many of them are now dead. They were almost invariably widows, who were left receiving half of a much-diminished pension. These pensioners have not received a single penny in top-up payments since the legislation kicked in, because the company’s trustees have decided not to pay any discretionary bonuses at any point. The result is that those pensioners’ incomes are 55% lower than they would have been, and, for widows, half of that. It is an absolute outrage and a great historical injustice, and as the hon. Member says, the fact that an injustice occurred in the past does not mean that it is not important to address it now. Of course, there was a clear blunder in the legislation. I have raised this issue in the House over the years, and it is a matter of great embarrassment that previous Conservative Administrations and the coalition Government did not address it, but there is now the opportunity to do so. On the Special Metals Wiggin pension fund, I recognise that the trustees are often directly or indirectly controlled by the company, regardless of whether they are formally independent. The company has not paid any bonuses or top-ups, and it is now owned by a large American company, Precision Castparts Corp., which is itself owned by Warren Buffett and Berkshire Hathaway. I have written to Buffett, who has said that he is not willing to help either. It is a source of great sadness to me that even such a great philanthropist and entrepreneur such should have failed to do so. My question to the Minister is this: given that the Special Metals Wiggin pension fund has been in surplus for many years, could he, as well as considering the question of historical injustice, consider the question of whether the trustees should be required, out of the surpluses they have, to pay top-ups to the pensioners? I hope they will consider doing so retrospectively but, if not, they should do so in way that is generous, that recognises the terrible injustice that has been done, and that pays proper tribute to Les Collard, Roy Harries and all the great men and women of the Wiggin pensioners, who we justly celebrate and whose injustice we seek to fight.