§ Mr. WigleyTo ask the President of the Board of Trade if she will list the sum which the Government have taken from the coal miners' pension funds(a) in total and 68W (b) attributable to miners living in Wales; on what basis the money was transferred; when the actuarial advice was given to the Government concerning the proportion of the pension fund which needed to be withheld; and if she will make a statement. [28992]
§ Mr. BattleIn 1994, prior to coal privatisation arrangements were put in place to safeguard the interests of members of the Mineworkers' Pension Scheme (MPS). In exchange for providing a comprehensive guarantee that pension and deferred pension entitlements at privatisation will rise at least in line with the retail price index (RPI), the MPS Trustees agreed that the Government should receive 50 per cent. of any surpluses identified at periodic Scheme valuations. From its share of the Scheme surplus as at 30 September 1996 (identified by the Government Actuary in his report of May 1997) the Government have to date received £113 million. This sum cannot be attributed to any particular regional group within the Scheme membership.