§ John MannTo ask the Secretary of State for Trade and Industry what investments have been made using the Miners' Pension Fund surplus; and if she will make a statement. [143677]
§ Mr. TimmsUnder the terms of the Government's Guarantee arrangements for the Mineworkers' Pension Scheme and the British Coal Staff Superannuation Scheme, 50 per cent. of past investment surpluses were available for the Trustees to distribute to members as improved benefits. This has meant members now receive bonuses totalling around 30 per cent. on top of their guaranteed benefits.
The remaining 50 per cent. went to the Guarantor's fund within the schemes and is payable to the consolidated Fund in instalments over 10 year periods.