Richard Fuller
Main Page: Richard Fuller (Conservative - North East Bedfordshire)
Sajid Javid
The hon. Gentleman is right to say that the scheme sponsor, Tata Steel UK, has responsibilities to the pension scheme. The reality is that the scheme is in a deficit of, depending on how we measure it, anywhere between £700 million and £1.5 billion, and perhaps even higher on a buy-out basis. It is well understood that the company is not able to cover that deficit because of its financial troubles. That is why the scheme trustees have made their proposal, and I hope that the hon. Gentleman agrees that, while we should not rush to any decision, it is right to consider it.
Richard Fuller (Bedford) (Con)
Will the Secretary of State confirm that paragraphs 141, 142 and 143 of the consultation are clear that, should the Government decide to regulate for change on indexation, revaluation or transfer, and the scheme were then to make a surplus, that surplus would be used in the best interests of members and not transferred out?
Sajid Javid
I can confirm that, should the changes proposed by the trustees take place, whatever surplus or change to the value of the scheme they bring about will be for the benefit of the members and no one else.