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 is held in the investment reserve funds for the (a) Mineworkers' Pension Scheme and (b) British Coal Staff Superannuation Scheme.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The investment reserve for the Mineworkers’ Pension Scheme totalled £1,066m at the last valuation (dated 30 September 2014). For the British Coal Staff Superannuation Scheme, the investment fund stood at £1,701m when last valued on 31 March 2015.
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 contributions holidays British Coal took from the British Coal Staff Superannuation Scheme between 1987 and 1994.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The standard pension contribution holiday came about as a result of the surpluses revealed at the triennial actuarial valuations in 1986, 1989 and 1992. These surpluses funded a pension contribution holiday by British Coal from 1987 to 1994.
The pension contribution holiday did not have a detrimental impact on members’ final salary pension payments which are based on a formula set out in the Scheme rules.
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 the Government has received from the British Coal Staff Superannuation Scheme since 1994.
Answered by Jesse Norman - Shadow Leader of the House of Commons
In its role as Guarantor, the Government has received £3,119m from the British Coal Staff Superannuation Scheme since 1994 representing part of its share of assessed surpluses. Prior to 2009, the surplus-sharing arrangements worked well, with the presence of the Guarantee enabling the Trustees to invest in a way that generated surpluses and, as a consequence, bonuses to members. However, after shortfalls in 2009 and 2012 valuations, new arrangements were agreed in 2015 to end surplus-sharing and replace it by a series of fixed benefit uplifts for members in order to ensure the long term viability of the scheme.
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 British Coal Staff Superannuation Scheme under the guarantee arrangements.
Answered by Jesse Norman - Shadow Leader of the House of Commons
No payments have been made into the scheme by the Government.
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, pursuant to the Answer of 20 October 2016 to Question 48677, how much the Government has received from the Mineworkers' Pensions Scheme since 1994 net of payments from the Government arising from its guarantee.
Answered by Jesse Norman - Shadow Leader of the House of Commons
In its role as Guarantor, the Government has received £3,356.3m from the Mineworkers’ Pension Scheme since 1994. No payments have been made into the scheme by the Government. The existing surplus-sharing arrangements have worked well to date, with the presence of the Guarantee enabling the Trustees to invest in a way that has generated surpluses and, as a consequence, bonuses to members.
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 Jesse Norman - Shadow Leader of the House of Commons
No payments have been made into the scheme by the Government.
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 the Government has received from the mineworker's pension scheme since 1994.
Answered by Jesse Norman - Shadow Leader of the House of Commons
Primarily as a result of strong investment returns, the Mineworkers’ Pension Scheme has generated surpluses which have been shared equally between Government and the scheme members as bonuses, in accordance with the agreement reached in 1994. In its role as Guarantor, the Government has received £3,356.3m by this means since 1994.
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, pursuant to the oral Answer of 13 September 2016, Official Report, column 764, when he plans to meet the hon. Member for Ashfield to discuss the mineworker's pension scheme.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The hon. Member has been offered a meeting with my rt. Hon. Friend the Secretary of State. We hope she is able to attend.
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 many (a) former miners and (b) widows of former miners are in receipt of the mineworker's pension in (i) the UK, (ii) the East Midlands and (iii) Ashfield constituency.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The scheme is not administered by the Government, but by the Scheme Trustees. The Department does not, therefore, hold this information.