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Mineworkers’ Pension Scheme

Part of Children Act 1989 (Amendment) (Female Genital Mutilation) Bill [Lords]: (Business of the House) – in the House of Commons at 6:12 pm on 14th February 2019.

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Photo of Claire Perry Claire Perry The Minister of State, Department for Business, Energy and Industrial Strategy, Minister of State (Business, Energy and Industrial Strategy) (Energy and Clean Growth) 6:12 pm, 14th February 2019

This is a factual point with which I intend to deal shortly. The split has already been reviewed. It was last reviewed in 2002 by a Labour Energy Minister, who said:

“the trustees have been advised that the Government does not feel it would be right to adjust the current 50/50 surplus sharing arrangements.”

He also pointed out that markets could go up or down. In fact, in 2002, the scheme was in deficit, as it was again in 2008 and 2009. The then Labour Government decided that, given the future unpredictability of the scheme, it would not be correct to review the pension surpluses. So it is not correct to say that the decision has not been reviewed. Indeed, a Labour Government made the decision not to change the surplus sharing arrangements.