Ashfield MP Gloria De Piero is calling for a select committee inquiry into the mineworkers’ pension scheme as new figures reveal that the government has received £3.4bn from its pension pot.
Gloria has written to the chair of the Business, Energy and Industrial Strategy select committee, Iain Wright MP, asking for the committee to look into the surplus sharing arrangement between the Government and the members of the Mineworkers’ Pension Scheme (MPS).
Under the current arrangement, any surplus made by the pension scheme is shared 50-50 between the Government, as guarantor of the scheme, and the miners who have paid into it throughout their working lives.
According to information obtained by Gloria from a parliamentary question, the Government has received an incredible £3.4bn since the arrangement was made in 1994.
In her email, Gloria states that she wants to see the arrangement renegotiated.
She said: “I believe that the ex- and retired miners and their widows should be benefitting from strong investment returns made from their own pension contributions to a greater extent than they are now.”
She added: “I would like the select committee to open an inquiry into the MPS so that the surplus sharing arrangement can be publicly scrutinised and the injustice of the current deal can be laid bare for all to see.”
Gloria has already raised this issue in the House of Commons and is waiting for the date of a meeting with the Secretary of State for Business, Energy and Industrial Strategy to be confirmed.
At that meeting she will be asking for ministers to enter into negotiations with the trustees of the mineworkers’ pension schemes and representatives of miners’ unions.