Sarah Jones

I thank my hon. Friend for his kind words, and I will do exactly that and set out what the challenges and the differences are. Having a process of work ongoing with the mineworkers’ scheme and working out how we will do surplus sharing, we are now working on the BCSSS and what we do in that space, even though it was not a manifesto commitment. I wrote to the Chief Secretary to the Treasury in February and secured his agreement to undertake a similar review of the BCSSS, and that review is now well under way. The schemes are not identical. They are different, and the main difference is that there are currently no surplus sharing arrangements in the BCSSS. That is because they were removed in 2015 following two deficit valuations. The situation at that time meant that members were unlikely to realise any increases to their pensions for a decade or more, and the Government risked having to find new money to fund pensions. Changes were therefore made, and an agreement was reached with the then Government that bonus pension increases would be paid for three years and that the scheme would invest so as to ensure that pensions could be paid, with the aim of returning the reserve to the Government in 2033. That is the main difference. I met the BCSSS trustees, to whom I am grateful. We are working well together and will continue to do so. I first met them in April, during which I shared my determination to move at pace—that is a Government saying, isn’t it? But we will genuinely move as fast as we can on the review and to start that process for the Government and trustees, and we jointly commissioned analysis from the Government Actuary to inform our decision making.