Richard Fuller

I do not want to go too far off the topic, because I am a bit of a nerd on regulating regulators. We can find time later to talk about that. It was an important point, as was the point made by the hon. Member for St Ives (Andrew George). I am glad he did not make a party political point, but it is a relevant point that the Labour party’s position in opposition was that the compensation was not sufficiently substantial. I want to make three broad points in the lead-up to questions on each to the Minister. The first point I want to establish is that making changes to the settlement is not set in stone; it is a matter of Government choice. I want to give an example, which I raise solely for the purposes of talking about choice on pensions, not to talk about the decision that was made, because it is about choice. This is about mineworkers’ pensions. The incoming Labour Government made the choice in the case of the mineworkers’ pensions to move the surplus that had been accumulated in their fund to the mineworkers rather than back to the taxpayer—back to the Government. So it was a use of otherwise public funds that resulted in a boost to mineworkers’ pensions of about 30% to 32%. That was a choice. I just ask the Minister to consider this. It was a choice by the Government to boost pensions that were already being paid “in full”, and yet the Government seem to have no choice about people who had an 80% decline in their pensions. It might strike some as odd, with a different set of values, to treat one differently from another. I would be interested in the Minister’s thoughts on that, but the point that I am trying to make is that this is a matter of choice for the Government. My second point leads from a quote given by the Minister’s colleague, the Financial Secretary to the Treasury, who said on this matter in September 2026: “There are no plans to reopen any decisions relating to the Payment Scheme or review”. That is an interesting phrase, because part of the conditions around those decisions are couched in different wordings of the phrase—that the settlement amount was determined in consideration of the “position of public finances”. That was stated way back in 2008 and also when the settlement was announced in 2011. It was alluded to again in 2016. Given that the Minister’s colleague said there are no plans to reopen any decisions, can the Minister confirm that it is still the case that considering the state of the public finances is a live factor that is encapsulated in that? What I mean by that question is, should there be a change in the public finances, would there then be scope for the Government to change their mind? That is an important point. I do not want to lay out a false hope, but the settlement amount was decided specifically in consideration of the public finances at the time. Times now may be better or worse, but they are certainly different. When we hear the Minister’s response or read the statement made by the Minister’s colleague saying that there are no plans to reopen any decisions, it is important that it is clear that they are still open to consideration if the public finances change. I want finally to return to what the hon. Member for Leeds North East said in his excellent speech about unallocated and unspent moneys. He said that if funds have been allocated but are not needed to meet the liabilities for which they were intended, then they should be used to compensate people who have still not received full redress. That really is a question about what those unspent funds would do. That partly encompasses the reserve and partly encompasses unallocated moneys. In the big scheme of things, it would be very helpful if the Minister could confirm that it is the intention that those moneys in that envelope will be reallocated to policyholders, rather than being swept back into general taxpayer money. The last thing we want to come out of this debate is the Minister being unclear with Equitable Life policyholders, who in some cases have lost 80% of their pensions already, or suggesting that if there are moneys left in the envelope, which was set at a particular level at a particular time because of the state of public finances, any surplus moneys will be squirrelled away and given to the Government again. I would be very grateful if the Minister could answer those three questions.