25 April
The Trustees met with the Minister for Industry on 22 April to discuss the BCSSS investment reserve, following an initial meeting in December. This second meeting occurred after the Trustees sent numerous letters and correspondence between December and March to Sarah Jones MP (Minister for Industry), Darren Jones MP (Chief Secretary to the Treasury) and their staff.
During the meeting, the Trustees emphasised that fair and equal treatment of BCSSS members requires:
- Returning the entire £2.3 billion investment reserve to members as soon as possible this year
- Committing to review how any future surplus will be shared after the investment reserve is returned
The Trustees also expressed their disappointment about the four-month delay in resuming these discussions.
The Minister pledged to resolve the BCSSS investment reserve injustice and to act as quickly as possible in the coming months. However, she explained that proper government procedures must be followed, which requires HM Treasury's approval to return the reserve.
A follow-up meeting with the Minister has already been scheduled for early June after which the Minister’s team will finalise the proposal that will be sent to HM Treasury. We will update members as soon as possible after this meeting.
While the Trustees appreciate the Minister's commitment and that some progress has been made, we have not received any guarantees that the full investment reserve will be returned.
How you can help
The government needs to hear your voice on the two points above. Please consider writing or emailing Darren Jones MP (Chief Secretary to the Treasury) or Sarah Jones MP (Minister for Industry), remembering to copy in your own MP, asking for equal treatment for BCSSS members.