Mineworkers’ Pension Scheme
Debate between Nick Smith and Jonathan Edwards(6 years, 11 months ago)
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Nick Smith
I agree. More parliamentary consideration of this important initiative and where it goes next would be valuable.
Jonathan Edwards (Carmarthen East and Dinefwr) (PC)
I congratulate the hon. Gentleman on securing this important debate, the tone of his remarks to date and the manner in which he and colleagues are campaigning. Will he explain why during 13 years of Labour Government the deal with the trustees was not renegotiated at all?
Nick Smith
The hon. Gentleman makes a fair point, but this is not about looking backwards but about looking forwards and looking after the hundreds of thousands of people I mentioned in my introduction.
The Government have provided the guarantee, which is an important commitment, but I would like to ask the Minister three things and I would like three answers today, please. How many other pension schemes that the Government guarantee have delivered them a windfall of billions similar to that in this instance? Do the Government still think that the 50:50 share of the surplus is fair? Importantly, will the Government consider taking a reduced share in the future?
It has been estimated that the Government will receive windfalls of £51 million each year between 2016 and 2019—another £200 million. Lots of people feel that that belongs to the retired miners, not the Government, and I agree with them. Today, I call on the Government to revisit the surplus sharing arrangements, and in particular I urge them to meet the trustees of the scheme to chart a way forward. I am sure that I speak for many colleagues in saying that there is support for change in our constituencies, and that we should do the right thing by retired mineworkers and their families. The time has come for a better way to help the trustees support our communities. This is the miners’ money. They earned it through years of hard work at the coalface, and they deserve a better and fairer share of it.