Mr. William O'BrienTo ask the President of the Board of Trade if he will make a statement on the application by the mining unions to pay full pensions at the age of 50 years to mineworkers who were made redundant. [4785]
§ Mr. PageI understand that, at present, pensions from the mineworkers' pension scheme are payable from age 50 on a reduced basis to cover the cost of early payment. This option is available only to members who left British Coal's employment after 1 March 1992.
The MPS trustees will be recommending to the Secretary of State, as guarantor to the scheme, benefit improvements arising out of beneficiaries' 50 per cent. share of any surplus which the valuation of the scheme—as at September 1996—currently under way reveals as available for distribution. It is for the trustees to consider whether to recommend in this context any extension to the existing provision for early pensions.