§ Mr. Alasdair MorganTo ask the Secretary of State for Trade and Industry what surpluses have been received by the Government in each of the past five years from the British Coal staff superannuation scheme. [148130]
§ Mr. HainUnder the terms of the guarantee/surplus sharing arrangements agreed with the trustees of the British Coal staff superannuation scheme (BCSSS) in 1994, the Government are entitled to receive 50 per cent. 279W of any scheme surpluses. Annual Government receipts following surpluses at BCSSS valuations in 1995 and 1997 are as follows:
Year £ million 1994–95 0 1995–96 0 1996–97 39.5 1997–98 39.5 1998–99 107.1 1999–2000 107.1 2000–01 53.9
§ Mr. Alasdair MorganTo ask the Secretary of State for Trade and Industry how much was paid to the Government from the mineworkers' pension scheme surplus in each year since 1994. [148129]
§ Mr. HainUnder the terms of the guarantee/surplus sharing arrangements agreed with the trustees of the mineworkers' pension scheme (MPS), the Government are entitled to receive 50 per cent. of any scheme surpluses. Annual Government receipts following surpluses at MPS valuation in 1996 and 1999 are as follows:
Year £ million 1994–95 0 199596 0 1996–97 0 1997–98 113 1998–99 113 1999–2000 0 2000–01 257
§ Mr. Alasdair MorganTo ask the Secretary of State for Trade and Industry what estimate he has made of the surpluses to be paid to the Government from(a) the mineworkers' pension scheme and (b) the British Coal staff superannuation scheme, this year and in each of the next five years. [148131]
§ Mr. HainPrior to the privatisation of British Coal in 1994, the trustees of the two British Coal pension schemes (the mineworkers' pension scheme and the British Coal staff superannuation scheme) reached agreement with HMG whereby the schemes were given HMG solvency guarantees that ensured that pension entitlements at privatisation would rise at least in line with inflation. As part of these arrangements the trustees receive, for distribution to scheme members, a 50 per cent. share of surpluses from periodic valuations usually carried out every three years. The remaining 50 per cent. is paid to HMG over a 10 year period.
Current provisional estimates of surplus payments to Government from the coal pension schemes are as follows:
280W
£ million Mineworkers' Pension Scheme 2000–01 257 2001–02 180 2002–03 180 2003–04 180 2004–05 180 2005–06 180
£ million British Coal Staff Superannuation Scheme 2000–01 53.9 2001–02 c.200 2002–03 c.200 2003–04 c.200 2004–05 c.200 2005–06 c.200