Mineworkers' Pension Scheme

Department for Business, Energy and Industrial Strategy written question – answered on 15th October 2020.

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Photo of Stephanie Peacock Stephanie Peacock Shadow Minister (Environment, Food and Rural Affairs)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of how much the Government will receive from the Mineworkers' Pension Scheme in the financial year (a) 2018-19, (b) 2019-20 and (c) 2020-21.

Photo of Kwasi Kwarteng Kwasi Kwarteng The Minister of State, Department for Business, Energy and Industrial Strategy

In 2018-19, the Government received £142.4m as its share of surplus and £475m from the Investment Reserve. In each of 2019-20 and 2020-21, the Government received £142.4m as its share of surplus. The presence of the Guarantee has given the Trustees the freedom to invest in a way that targets surpluses and, as a consequence, bonuses to members. Bonuses paid to date mean that the typical member’s pension today is around 33% higher in real terms than it would otherwise have been.

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