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1242506

registered interest
date	12/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Answer of 3 November 2016 to Question 51063 on the Mineworkers' Pension Scheme, whether the Government has made any direct payments to the Mineworkers' Pension Scheme under the guarantee arrangements since November 2016.
tabling member constituency	Barnsley East
tabling member printed	Stephanie Peacock
uin	102148
answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>No such payments have been made.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 15/10/2020 16:18:00 answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	4607 label Biography information for Stephanie Peacock

1242507

registered interest
date	12/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, how much is held in the investment reserve funds for the Mineworkers' Pension Scheme.
tabling member constituency	Barnsley East
tabling member printed	Stephanie Peacock
uin	102149
answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>As at 30 September 2020, the Investment Reserve stood at £1,216m.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 15/10/2020 16:16:36 answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	4607 label Biography information for Stephanie Peacock

1242509

registered interest
date	12/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	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.
tabling member constituency	Barnsley East
tabling member printed	Stephanie Peacock
uin	102150
answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>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.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 15/10/2020 16:15:50 answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	4607 label Biography information for Stephanie Peacock

1240476

registered interest
date	05/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, how much the Government has received from its share of the surplus from the Mineworkers' Pension Scheme since the surplus-sharing arrangement was agreed.
tabling member constituency	Barnsley East
tabling member printed	Stephanie Peacock
uin	99079
answer	answer is ministerial correction date of answer 08/10/2020 answer text <p>Since the agreement was reached in 1994, the Government has received £3,<del class="ministerial">4</del><ins class="ministerial">1</ins>11.8m as its share of surpluses. This is in return for the provision of the guarantee that ensures pensions are paid. The 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.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 08/10/2020 16:56:38 question first ministerially corrected 15/04/2021 16:22:57 answering member 4134 label Biography information for Kwasi Kwarteng previous answer version 52992 answering member constituency Spelthorne answering member printed Kwasi Kwarteng answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	4607 label Biography information for Stephanie Peacock

1183314

registered interest
date	06/03/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, whether it remains his policy to make sure that no Mansfield miner, or any other miner signed up to the Mineworkers' Pension Scheme, is out of pocket; and what his policy is on the surplus sharing arrangements for that Scheme.
tabling member constituency	Easington
tabling member printed	Grahame Morris
uin	26141
answer	answer is ministerial correction date of answer 11/03/2020 answer text <p>The Government provides a Guarantee for the Mineworkers’ Pension Scheme that ensures that:</p><ul><li>A member’s guaranteed pension, including inflation increases, will always be paid; and</li><li>A member’s total pension (including bonus pension) will not fall in cash terms.</li></ul><p>In addition, the Government has agreed to changes to the scheme rules that will protect all bonuses that have accrued to date. The Government continues to work with the scheme Trustees on implementing those changes.</p><p> </p><p>The surplus sharing arrangements have worked well for all parties and I do not intend to review those arrangements.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 11/03/2020 16:10:52 answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	3973 label Biography information for Grahame Morris

1181340

registered interest
date	27/02/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans the Government has to review the existing surplus sharing arrangements of the Mineworkers' Pension Scheme.
tabling member constituency	Easington
tabling member printed	Grahame Morris
uin	21972
answer	answer is ministerial correction date of answer 03/03/2020 answer text <p>The Government does not intend to change the current surplus sharing arrangements that have worked well for all parties. I have, however, agreed to the Trustees’ proposals for changes to the scheme that include protection of bonuses already accrued. BEIS officials are working with the Trustees to implement the changes.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 03/03/2020 17:56:01 answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	3973 label Biography information for Grahame Morris

1173218

registered interest
date	24/01/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what the timeframe is for the implementation of the long-term protection of pension bonuses for members for the Mineworkers' Pensions Scheme.
tabling member constituency	Barnsley East
tabling member printed	Stephanie Peacock
uin	7656
answer	answer is ministerial correction date of answer 29/01/2020 answer text <p>I refer the hon. Member to the answer I gave the hon. Member for Blaenau Gwent on 15 January 2020 to Question <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2020-01-09/1709/" target="_blank">1709</a>.</p> answering member constituency Spelthorne answering member printed Kwasi Kwarteng question first answered 29/01/2020 16:05:27 answering member 4134 label Biography information for Kwasi Kwarteng
tabling member	4607 label Biography information for Stephanie Peacock