MP & # 39; s demand that pensions watchdogs the & # 39; unsettling, predicament & # 39; of the pension fund for the railways
The pension watchdog has been asked by MPs for the & # 39; unsettling, predicament & # 39; of the pension fund for the railways.
Frank Field, chairman of the work and pension committee of the House of Commons, has written to The Pensions Regulator (TPR) about the £ 7.5 billion black hole in the Railways Pension Fund.
The letter came just a few days after the Department for Transport had banned the Stagecoach from three offers to list rail franchises about closing the deficit.
Subject: The chairman of the House of Commons work and pension committee wrote to The Pensions Regulator (TPR) about the £ 7.5 billion black hole in the Railways Pension Fund
Birkenhead MP Field is struggling in the row about the pension scheme, which has 340,000 members.
Writing to TPR chief executive Charles Counsell, he demanded to know the extent of the deficit and [the regulator’s] Actions and future plans to work with companies and the Department of Transport to address this shortage & # 39 ;.
Field said the & # 39; only positive & # 39; The decision to disqualify Stagecoach from performing the services was to show that the government took the problem seriously.
Stagecoach, however, claims that these contracts were the first time companies were asked to take on the pension costs and that the government had previously promised to be the ultimate guarantor for the pension scheme.
In response, the Transport Department said that Stagecoach & # 39; non-compliant & # 39; bids that break the rules.