Mineworkers’ Pension Scheme

Debate between Nick Thomas-Symonds and Stephanie Peacock

Thursday 14th February 2019 Commons Chamber

[Stephanie Peacock]

My hon. Friend makes a really important point. I am sure the Minister has heard it and will respond in due course.

The guarantee has provided a safeguard that has allowed the trustees to follow higher-risk, and subsequently higher-value, investments that have proved lucrative.

[Nick Thomas-Symonds (Torfaen) (Lab)]

I congratulate my hon. Friend on her fine speech. Picking up on a point from the previous intervention, the very reason there has to be action soon is that if there is not, the miners themselves will not get benefit from it while they are alive.

[Stephanie Peacock]

My hon. Friend is right, and I will come on to speak about that in a moment.

The guarantee is not without its merits, but what the debate seeks to address is the specific surplus sharing arrangement, which, as hon. Members have said, has seen the Government profit so disproportionately at the expense of miners.