Committees

Mineworkers' Pension Scheme

Inquiry

The BEIS Committee is holding a short inquiry into the Mineworkers' Pension Scheme, and in particular the Scheme’s surplus sharing arrangements.

When British Coal was privatised in 1994, an agreement was made between the Government and the Trustees of the Mineworkers Pension Scheme (MPS) on future arrangements for pensions.

The Government guaranteed that pensioners would always receive the benefits they had earned up to privatisation, and that these benefits would increase in line with inflation. However, in return for this guarantee, the Government is also entitled to receive 50% of any surplus in the Scheme’s value at subsequent valuations (to the extent that these funds are not needed to maintain benefits). The remaining 50% of the surplus is to be distributed to pensioners through improved benefits. The Government has maintained that this arrangement works well. On 23 December 2020, a group of MPs representing coalfield communities wrote to the Chair of the Business Energy and Industrial Strategy Select Committee calling for an inquiry into the surplus sharing arrangements. The letter highlights that the Government has received over £4 billion from the scheme, but has made no contribution to it since 1994.

The BEIS Committee will inquire into how the surplus-sharing arrangements were agreed, the Government's role as Guarantor of the Scheme, and the continued appropriateness of the 50:50 split.

The Committee welcomes evidence submissions from organisations and individuals with views on the Mineworkers' Pension Scheme, and in particular from retired miners and beneficiaries of the Scheme.

Upcoming events

View all events

No upcoming events scheduled

Past events

Tuesday 13 April 2021
9:45am Private
10:30am Public
Oral evidence session 13 April 2021
Mineworkers' Pension Scheme - Oral evidence
10:30am
  • Rt Hon Anne-Marie Trevelyan (Minister for Business, Energy and Clean Growth at Department for Business, Energy and Industrial Strategy)
Work of the Department and Government Response to coronavirus - Oral evidence
11:00am
  • Rt Hon Kwasi Kwarteng (Secretary of State at Department for Business, Energy and Industrial Strategy)
  • Sarah Munby (Permanent Secretary at Department for Business, Energy and Industrial Strategy)
Room 15, Palace of Westminster
Tuesday 23 March 2021
9:15am Private
9:45am Public
Mineworkers' Pension Scheme - Oral evidence 23 March 2021
9:45am
  • Chris Kitchen (General Secretary at National Union of Mineworkers)
  • Chris Cheetham (Chair of the Committee of Management, and Trustee at Mineworkers’ Pension Scheme)
  • Allen Young (Pensioner Elected Trustee at Mineworkers’ Pension Scheme)
  • Dan Whincup (Head of Pension Strategy at Coal Pension Trustees Ltd)
Virtual meeting

Contact us

  • Email: commonsbtc@parliament.uk
  • Phone: 020 7219 8586 (General enquiries) | 020 7219 4984 (media enquiries)
  • Address: Business and Trade Committee, House of Commons, London, SW1A 0AA