I commend Plaid Cymru for bringing this motion before the Assembly today and for the way in which Steffan Lewis introduced the debate. I have to declare an interest, because my mother is a pensioner under the sister scheme, the British Coal staff superannuation scheme, and I’m well familiar with the arrangements of the mineworkers’ pension scheme itself. I believe that there are injustices in the current situation that need to be corrected. As Paul Davies pointed out, 25,000 Welsh miners are currently in the scheme, and they’ve all paid in to get the benefits that they are drawing—5.5 per cent of salary. So, this isn’t an act of charity in any way, shape or form, it is a contractual benefit.

The guarantee that the Government gave on privatisation of the industry does have a value and of course it is right that any surplus should be shared with the Government, but the 50/50 split now looks very far from the definition of fairness. That guarantee has never actually been called upon, and I think it’s very unlikely that it ever will be called upon, because actuarial valuation is not exactly an exact science because you’re projecting ahead for many decades, very often, and making assumptions about interest rates, but we know that interest rates are now at record lows and can’t actually go very much lower. So, it’s likely that, in future, any increase in interest rates will substantially reduce the potential deficit and increase any potential surplus in the scheme. So, that means that the value of the Government’s guarantee in cash terms is very much less than might have been anticipated at the time that it was undertaken. And in those circumstances, it must be right for the current split of 50/50 between the beneficiaries of the scheme and the Government to be reconsidered. The Government has drawn already nearly £3.4 billion out of the fund since 1994. That’s a very, very substantial return in exchange for a guarantee that has never actually been called.

The £8 billion referred to in the motion actually refers to an estimate of what the Government is likely to gain from the scheme, which was arrived at by Binder Hamlyn for the period of 25 years from 2006, so we don’t actually know whether that figure is going to be realised. But, I think we can pretty well imagine that a very substantial sum of money is going to be taken from the scheme by the Government. As Hefin David pointed out in his contribution, there are lots of miners who currently are on very low pensions, and those could be substantially increased if that 50/50 split were to be changed, so, UKIP is pleased to support the Plaid Cymru motion today.