13 June
The BCSSS Trustees met with Sarah Jones MP, the government minister who is responsible for the Scheme, on 11 June to discuss the transfer of the investment reserve to members.
Trustees reported the meeting was positive, but the government has not made a final decision on whether to transfer the £2.3 billion reserve to members.
The discussion included analysis recently published by the Government Actuary’s Department, which confirms the Scheme’s strong financial position. The Trustees asked the Minister to support their proposal for fair and equal treatment of BCSSS members by:
- agreeing to transfer the whole of the £2.3 billion investment reserve to members as soon as possible this year;
- and making a commitment to review how any future surplus is shared.
The Trustees emphasised that only by meeting these two requests can a complete and lasting resolution to the matter be achieved.
In response, Sarah Jones said detailed discussions were under way between her officials and HM Treasury. She expects to make a recommendation to the Treasury shortly, in consultation with the Trustees.
A follow-up meeting has been scheduled for July to discuss progress before Parliament’s summer recess. We will update members after that meeting.
After the 11 June meeting, the Minister also spoke during a parliamentary debate on the BCSSS. She made positive remarks about the government’s commitment to resolving the injustice.
Visit Hansard on the UK Parliament website for a transcript of the debate.