SCOTTISH & NEWCASTLE PENSION PLAN

Motion Text

That this House notes the acquisition in 2008 of the brewers ScottishNewcastle by Heineken NV; further notes the commitment made by Heineken at that time to provide RPI increases, up to a maximum of 5 per cent. on any pensions built up before 6 April 1997 within the ScottishNewcastle Pension Plan, in excess of the Guaranteed Minimum Pension; is disappointed by Heineken's subsequent reneging on these pension agreements; calls for Heineken to justify this decision; andfurther calls for the Government to take steps to regulate and protect British pensioners during international takeovers.