Mineworkers' Pension Scheme

Department for Business, Energy and Industrial Strategy written question – answered on 15th November 2018.

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Photo of Gloria De Piero Gloria De Piero Shadow Minister (Justice)

To ask the Secretary of State for Business, Energy and Industrial Strategy, how much money the Government has received from the Mineworkers' Pension Scheme (a) since 1994 and (b) in each of the last three financial years for which data is available.

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)

Since 1994, the Government has received £4,438.1m from the Mineworkers’ Pension Scheme. £3,127m of that is the Guarantor’s share of surpluses and £1,310.2m has been returned from the Investment Reserve. Receipts in each of the last three years were:

2016/7: £51m

2017/8: £51m

2018/9: £617.2m (£475m of which is from the Investment Reserve)

The Government guarantee has enabled an investment strategy that has resulted in scheme members receiving payments 33% higher than they would have been if they received only their actual earned pension up to privatisation.

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