§ Jeff EnnisTo ask the Secretary of State for Trade and Industry, pursuant to her answer of 22 July,Official Report, column 775W, on mineworkers' pension funds; if she will made a statement on the timetable for completion of the review. [73797]
§ Mr. WilsonDiscussions are continuing with the trustees of the Mineworkers Pension Scheme and the British Coal Staff Superannuation Scheme to review the arrangements for the government's guarantee of member's basic pension benefits. That guarantee has served the schemes well, providing the security to enable the trustees to pursue a very positive investment strategy, both generating significant benefits for scheme members and protecting those gains in less favourable circumstances.
A number of improvements to the Schemes that will benefit their members have already been agreed.
On the central question of the way in which Government is compensated for the guarantee it has been agreed that further discussions should now concentrate on whether there may be any different methods of paying for the guarantee and other ways of guaranteeing bonuses where those different methods might offer advantages to Scheme members and do not represent a significant extra burden on the taxpayer. 684W Discussions of those issues will include some detailed technical issues and will require advice from actuarial experts. It is hoped it will be possible to conclude these discussions in the next twelve months.