Pension Funds' Tax Privileges

That this House believes that the British Coal Pension Funds are abusing their privileged fiscal position by making a takeover bid for Globe Investment Trust plc; notes that income tax reliefs on the investment income only of pension funds cost ú4,100 million in 1989-90; is concerned that British Coal Pension Funds are now exploiting this by bidding for Globe, a company which has worked hard to promote the interests of its 42,000 private investors whose savings are made out of after tax income; and, therefore, calls on the Treasury to institute a new review of pension funds' tax privileges, and the Secretary of State for Trade and Industry to refer the bid with its significant associated public interest issues to the Monopolies and Mergers Commission.