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Dept of Trade and Industry

Answer

Mr. Alasdair Morgan: To ask the Secretary of State for Trade and Industry what estimate he has made of the surpluses to be paid to the Government from (a) the mineworkers' pension scheme and (b) the British Coal staff superannuation scheme, this year and in each of the next five years. [148131] Mr. Hain: Prior to the privatisation of British Coal in 1994, the trustees of the two British Coal pension schemes (the mineworkers' pension scheme and the British Coal staff superannuation scheme) reached agreement with HMG whereby the schemes were given HMG solvency guarantees that ensured that pension entitlements at privatisation would rise at least in line with inflation. As part of these arrangements the trustees receive, for distribution to scheme members, a 50 per cent. share of surpluses from periodic valuations usually carried out every three years. The remaining 50 per cent. is paid to HMG over a 10 year period. Current provisional estimates of surplus payments to Government from the coal pension schemes are as follows: _________________________________________________________________________________________________. £ million Mineworkers' Pension Scheme 2000-01 257 2001-02 180 2002-03 180 2003-04 180 2004-05 180 2005-06 180 British Coal Staff Superannuation Scheme 2000-01 53.9 2001-02 c.200 2002-03 c.200 2003-04 c.200 2004-05 c.200 2005-06 c.200 _________________________________________________________________________________________________.

Secondary information

Type

Written question

Reference

148131; 363 c279W;363 c279-80W

Session

2000-01

Subjects

Coal Mining Pension funds Mineworkers' Pension Scheme British Coal Staff Superannuation Scheme

Contains statistics

Yes

Link

View this Written question on www.publications.parliament.uk