Asked by: Gloria De Piero (Labour - Ashfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the sums that the Government will receive from the Mineworkers' Pension Scheme in (a) 2018-19, (b) 2019-20 and (c) 2020-21.
Answered by Claire Perry
Under the terms of the scheme, the Government will receive its share of scheme surpluses. For each of the next 3 years, that share is £142.4m.
Asked by: Gloria De Piero (Labour - Ashfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what sums are held in the investment reserve fund for the Mineworkers' Pension Scheme.
Answered by Claire Perry
At the valuation date, 30 September 2017, the assets of the Investment Reserve were £1,488m. Since then, a payment of £475m has been made to the Guarantor. The Government Actuary decided that this payment should be made, noting that the remaining buffer is likely to continue to provide significant protection.
Asked by: Gloria De Piero (Labour - Ashfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government has made direct payments to the Mineworkers' Pension Scheme under the guarantee arrangements.
Answered by Claire Perry
No payments have been required to date.
Asked by: Gloria De Piero (Labour - Ashfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much money the Government has received from the Mineworkers' Pension Scheme (a) since 1994 and (b) in each of the last three financial years for which data is available.
Answered by Claire Perry
Since 1994, the Government has received £4,438.1m from the Mineworkers’ Pension Scheme. £3,127m of that is the Guarantor’s share of surpluses and £1,310.2m has been returned from the Investment Reserve. Receipts in each of the last three years were:
2016/7: £51m
2017/8: £51m
2018/9: £617.2m (£475m of which is from the Investment Reserve)
The Government guarantee has enabled an investment strategy that has resulted in scheme members receiving payments 33% higher than they would have been if they received only their actual earned pension up to privatisation.
Asked by: Gloria De Piero (Labour - Ashfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, when the Minister of State for Energy and Clean Growth plans to respond to the letter from the hon. Members for Ashfield and Blaenau Gwent of 5 March 2018 on the Mineworkers Pension Scheme.
Answered by Claire Perry
I have replied to the hon. Members.