§ Mrs. Liddell
Surpluses in the coal pension schemes (The Mineworkers' Pension Scheme and the British Coal Staff Superannuation Scheme) are split 50/50 between the membership of the schemes and the Government in our role as guarantor to the schemes.338W
In accordance with Coal Industry Act 1994 (Sch.5, paragraph 2(10)), all surpluses received by the Secretary of State must be paid into the Consolidated Fund. However, under Government Accounting rules, receipts can be used to offset related expenditure by the Department concerned. In this case, the Treasury has agreed that DTI may, for the present, retain pension fund receipts to help offset expenditure on liabilities inherited from British Coal.