Mineworkers’ Pension Scheme

Jonathan Edwards Excerpts

Thursday 14th February 2019 Commons Chamber

[Claire Perry]

I will, but I met the trustees last year. I think that they have done an exceptionally good job, and I shall say more about that later. We have discussed their proposals with them, and I am shocked to hear that they were told that a meeting was not available to them. A meeting will be available whenever they want it.

[Jonathan Edwards (Carmarthen East and Dinefwr) (PC)]

Was a review process written into the 50:50 split when the decision was made? If it was not, would not agreeing to a review now be the honourable thing for the Government to do, not least because the decision was made more than 20 years ago?

[Claire Perry]

This is a factual point with which I intend to deal shortly. The split has already been reviewed. It was last reviewed in 2002 by a Labour Energy Minister, who said:

“the trustees have been advised that the Government does not feel it would be right to adjust the current 50/50 surplus sharing arrangements.”

He also pointed out that markets could go up or down. In fact, in 2002, the scheme was in deficit, as it was again in 2008 and 2009. The then Labour Government decided that, given the future unpredictability of the scheme, it would not be correct to review the pension surpluses. So it is not correct to say that the decision has not been reviewed. Indeed, a Labour Government made the decision not to change the surplus sharing arrangements.