Steve Yemm

It is certainly important to raise those meetings and to have that conversation with members and trustees as frequently as possible. One of the first big decisions that this Government took was to hand the £1.5 billion investment reserve of the mineworkers’ pension scheme back to its members. That meant a 32% increase in their pensions. Last year, the Government did the same for the British Coal staff scheme, transferring the £2.3 billion reserve. That is the best part of £4 billion back where it belongs, and thousands of families in my constituency have felt that difference. What is left is the question of surpluses: what happens to the money that builds up in these schemes in the future and the money that is sitting in them right now? The trustees of both schemes have put forward proposals and I think they are sensible. The mineworkers’ pension scheme trustees have asked for three things: first, that around £1 billion of surplus that is locked up in the scheme is used to give members a new bonus pension now; secondly, that 100% of future surpluses will go to improving members’ pensions; and thirdly, that the bonus pensions awarded in 2024 are protected so they cannot be taken away