Mineworkers’ Pension Scheme

Part of the debate – in the House of Commons at 8:33 pm on 10th June 2019.

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Photo of Ian Lavery Ian Lavery Co-National Campaign Coordinator, Shadow Minister (Cabinet Office), Party Chair, Labour Party 8:33 pm, 10th June 2019

We are talking about good deals and bad deals, but it is not just about the surplus. Is my hon. Friend aware—I am sure she is—that, when the Government acted as a guarantor in 2002, there was a deficit of £390 million? Then, in 2005, the Government took back that £390 million from the scheme’s funds, plus interest. That amounted to £540 million. Not only that, but they took a further £229 million, which was 50% of the fund’s surplus. Talk about good deals and bad deals. I am sure she totally agrees that this is a bonanza for the Government. It is daylight robbery.