Mineworkers’ Pension Scheme

Debate between Andrew Stephenson and Alan Brown

Monday 10th June 2019 Commons Chamber

[Andrew Stephenson]

I am setting out my Department’s position. Whether a review is undertaken is a matter for the Treasury, and the Treasury’s position was set out in a letter from the Chief Secretary to the Treasury to MPs on 14 May. That position has not changed. I am sure that the Chief Secretary to the Treasury and other colleagues in that Department will want to reflect on any motion passed by this House, but I am trying to update the House in response to the Opposition Front-Bench spokesman, who asked what the Government were doing about the proposals that had previously been under discussion—the proposals that have been brought forward by the scheme’s trustees.

The proposals have been considered for several months. They are balanced, and I support them. With the support of my Department, I have formally written to the Treasury to say that we support the proposals, because the trustees have identified that protecting already accrued bonuses is more important than the 50-50 split.

[Alan Brown]

The Minister seems to be saying that the proposals being considered are from the trustees and they have not proposed any changes to the 50-50 split. Is it not the case that the trustees have said today that the Government are not willing to discuss a change to the 50-50 split? Is he saying that he thinks it is fair to maintain that 50-50 ratio?

[Andrew Stephenson]

The trustees have made it clear that protecting bonuses already accrued is their priority, rather than renegotiating a greater share of future surpluses. I have not met the trustees, and I have already given the House the date when I will be meeting them. I have seen the six proposals from the trustees, which have been considered by my predecessor and his predecessor, and I acted swiftly in my first two months in office to ensure that my Department supports those proposals and will write to the Treasury encouraging their adoption.