Department for Business, Energy and Industrial Strategy written question – answered at on 17 November 2016.
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.
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.
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