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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

No, I will not give way. Some important questions have been answered. I think that I was generous in allowing two speeches to be made before my response.

As the hon. Member for Barnsley East rightly said, the scheme continues to function and the numbers are falling. The only scheme that resembles this one is the one that was set up for rail workers. Again, the Government are the guarantor, which means that any liabilities incurred by the scheme will come back to them. For that reason, the trustees, who include ex-miners, have done an amazing investment job. Because of that guarantee—it is basically a Government-backed scheme—the returns are at least a third higher than they would otherwise have been, so it has generated a lot of value.