Source · Select Committees · Business and Trade Committee
Recommendation 14
14
Whilst we have called for the 50:50 split to be replaced with a more appropriate...
Recommendation
Whilst we have called for the 50:50 split to be replaced with a more appropriate arrangement moving forward, we believe pensioners should also receive a more immediate uplift. We recommend that the Government hands the £1.2bn it is due to receive from the Investment Reserve back to miners, and sets out its proposals for how and when this will be administered in response to this report. (Paragraph 63) Conclusion
Government Response
Not Addressed
HM Government
Not Addressed
Reject. The Government is very sympathetic to the situation of former miners. The Government has been considering possible ways to provide additional benefits to members within the current framework of the guarantee and surplus sharing arrangements, without putting taxpayer funds at risk. The Government is willing to explore with the Trustees whether there are options within the current framework to provide members with a lump sum payment, whilst protecting the value of their pensions. However, it is not willing to hand over the Investment Reserve to miners.