HL Deb 25 July 2002 vol 638 c117WA
Lord Hardy of Wath

asked Her Majesty's Government:

What has been the total cost of their responsibilities as guarantor of the mining industry pension scheme funds since 1991. [HL5242]

Lord Sainsbury of Turville

The Government have had guarantor responsibilities for the two British Coal pension schemes since the current guarantee arrangements were introduced in 1994. The establishment of the investment reserve and guarantors' sub-funds within the schemes at that time was in effect a cash injection of money the Government were otherwise entitled to withdraw. 'The Government continue to contribute to the schemes by leaving major sums, currently valued at around £4 billion within those sub-funds.

The Government are committed under the guarantee to protect the payment of pensions valued at around £16 billion.