Business of the House

Ian Lavery Excerpts

Thursday 3rd April 2014 Commons Chamber

[Ian Lavery (Wansbeck) (Lab)]

The Treasury has creamed off in excess of £5 billion from the coal industry pension schemes. May we have a debate to discuss how the Government can best invest the miners’ own money and the continuation of the British coal industry—and perhaps the development and expansion of it as well?

[Mr Lansley]

I know the hon. Gentleman was in his place during Energy and Climate Change questions just now when these issues properly were raised. I cannot endorse the point he makes. It is important for people to be aware of the fact that the pension fund for any set of employees is designed to give them the maximum financial security in their old age. It is not intended necessarily to be an investment to be used simply in relation to their existing employment. Considerable risks are associated with that. None the less, these are matters for the trustees of any individual pension fund, but as he has raised these issues I will raise them once again with my hon. Friends at the Department of Energy and Climate Change, who are in continuing discussions with the trade unions and the businesses concerned.