Source · Select Committees · Business and Trade Committee
Recommendation 14
14
Rejected
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 summary AI-generated
The government rejected the recommendation to hand the £1.2bn Investment Reserve back to miners, but stated it is willing to explore with Trustees options for providing members with a lump sum payment within the existing framework.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Rejected
HM Government · verbatim extract
Rejected
22. The Trustees have been clear that they would prefer to retain the guarantee rather than take 100% of future surpluses. In the changes to the Scheme that they suggested in 2019, which were agreed by the Government, they prioritised the protection of bonuses that had accrued over changing the surplus sharing arrangements.
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