Mineworkers’ Pension Scheme

Debate between Stephanie Peacock and Caroline Flint

Thursday 14th February 2019 Commons Chamber

[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.

[Caroline Flint (Don Valley) (Lab)]

I congratulate my hon. Friend on securing the debate. Many people in Doncaster share the same concerns as those in her constituency in Barnsley. Does she agree that when the scheme was first set up the balance of risk was different? What we know now, all these years further on from 1994, requires at the very least a revision to look at the balance of risk being fairer in the future.

[Stephanie Peacock]

I thank my right hon. Friend for her comments. She is absolutely right, and I will come on to talk about that in a moment. She talks about when the agreement was set up. The Minister admitted to me, in response to a written question asking what actuarial advice was taken, that

“no such advice was obtained”.

Can we consider that for a moment, Madam Deputy Speaker? This arrangement was put in place with no expert advice. It is little wonder that the initial prediction proved woefully inaccurate and the surplus has been substantially more than anticipated—and it shows.

The sheer amount of money that has been taken out by the Government since 1994 without returning a single penny is staggering. The Treasury has pocketed £4.4 billion since 1994.