British Coal Staff Superannuation Scheme Debate
Full Debate: Read Full DebateLee Pitcher
Main Page: Lee Pitcher (Labour - Doncaster East and the Isle of Axholme)Department Debates - View all Lee Pitcher's debates with the Department for Business and Trade
(1 month, 1 week ago)
Commons ChamberThose are very wise words. It is very encouraging to hear that whoever becomes the next PM will treat this issue seriously.
Let me go back to my original request. Will the Minister commit to ensuring that the scheme can share 100% of any future surplus with all members and their spouses from its next valuation? I think that will be in March 2027. Will that be announced in the autumn Budget? That is my first ask.
The trustees have asked if they can be given total control over future surpluses. The scheme has £7.8 billion in assets. That is a lot of money—our money, and we want it back. We are not asking for much.
Lee Pitcher (Doncaster East and the Isle of Axholme) (Lab)
Does the hon. Gentleman agree that whatever we do with the BCSSS surplus, we should do with the mineworkers’ pension scheme as well? We must ensure that mineworkers are looked after, and that the surplus goes back to the scheme’s members, too.
The hon. Gentleman makes a good point. Members of both schemes need the justice that they deserve.
I live in a coalmining community; I was born there, and I have lived there all my life. I feel incredibly proud of the contribution that my community has made to this country, but I feel incredibly sad when I look at what has happened since all the pits closed in the ’80s and ’90s. As I said, that is because of union leaders and politicians in this place who destroyed our industry, and they will never be forgiven for doing that. However, politicians in this place now have a chance to make some amends and give the miners the justice that they deserve.
Chris McDonald
Yes, I will say more about the work I am doing with the trustees and the timing, as my hon. Friend rightly requests. The Government are implementing the recommendations of the BEIS Committee report from 2021 in respect of the British Coal staff superannuation scheme and the mineworkers’ pension scheme, and we continue to provide a guarantee to the British Coal staff superannuation scheme, ensuring that scheme members’ pensions will always be paid after retirement. We have transferred the £2.3 billion reserve within the scheme for use as a bonus pension. This led to a 41% increase in pension incomes last December, backdated to November 2024. On average, that meant an extra £100 a week for scheme members, and I know that money will be spent in coalmining communities. That is direct support for pensioners and local communities that powered our country for decades.
I am clear, however, that there is still more to do. The Government are discussing proposals for future arrangements for the scheme, including the potential for future surpluses to be used to enhance the benefits for the trustees. The hon. Member for Ashfield asked me if I would commit to working with the trustees, and I can tell him simply: I will, and I am. On timing, he asked me whether the decision will be made at the Budget. I of course leave decisions at the Budget to the Chancellor of the Exchequer, but she is incredibly supportive of the work that I am doing, and I place on the record her support for me in my work and for mining communities.
Lee Pitcher
The Minister talked earlier about putting the wrongs right, and those decisions that will be made in the future will hopefully do just that, but once that is done, we want to make sure that they are future-proofed for everyone, regardless of what happens in the future. Will the Minister also commit to ensuring that once those wrongs are put right, that will continue, whoever governs in the future?
Order. You have had more than one intervention, Mr Pitcher.