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Select committee: Business, Innovation, Science and Trade Committee

Fourth Special Report - Mineworkers’ Pension Scheme: Government Response to the Committee’s Sixth Report of Session 2019–21

Published 5 July 2021

Business, Innovation, Science and Trade Committee Mineworkers' Pension Scheme Report on parliament.uk ↗

At a glance

The government's response

This document responds to Sixth Report - Mineworkers’ Pension Scheme.

This is the government's response, published 5 July 2021.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The Government states it is "unable to agree to the Committee's recommendations" and continues to believe the 1994 arrangement "was fair and beneficial to both Scheme members and taxpayers".

  • It does not accept that it has benefitted unduly, saying the arrangements "have been a success and benefitted all parties".
  • It does not accept that the Trustees had no choice in 1994, noting they "could have declined the offer of the guarantee at that time".
  • On changing the terms, it says BEIS Ministers "would be happy to have that discussion" if the Trustees want to leave the guarantee arrangements, but notes the Trustees have indicated the guarantee is worth more than the share of surpluses.
  • It is "happy to consider ways to improve benefits", but says this "has to be weighed against the risks to taxpayers". It states that receipts go to the Exchequer and were never intended to be ringfenced for members or coalfield communities.

Read the government's response ↗ Report an error

Sources