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This segfaults on all Python versions:
 io.BufferedRWPair.__new__(io.BufferedRWPair).read()
The various "_forward_call" methods should check that the reader and writer objects are correctly initialized. Not NULL, at the very least.

_forward_call() now checks if reader/write is NULL- if so, throws a runtime exception

Thanks for the patch, Stephen. Could you add a test in Lib/test/test_io.py?

patch with test in test_io

About the test:
+ self.assertRaises(Exception, pair.read)
+ self.assertRaises(Exception, pair.write)
First, you should check for the actual RuntimeError.
Second, you need to pass the right arguments for these method calls: for example read(1) and write(b"x"). Otherwise the Exception could correspond to something else.

Python implementation raises AttributeError,
C implementations of other streams raise ValueError on uninitialized read/write. Therefore I think ValueError is more appropriate for BufferedRWPair too.
Revised patch changes exception type and message to conform with other streams, updates test for uninitialized BufferedRWPair and adds tests for other streams.

New changeset 712b4665955d by Serhiy Storchaka in branch '2.7':
Issue #17671: Fixed a crash when use non-initialized io.BufferedRWPair.
http://hg.python.org/cpython/rev/712b4665955d
New changeset 25ff4625680d by Serhiy Storchaka in branch '3.3':
Issue #17671: Fixed a crash when use non-initialized io.BufferedRWPair.
http://hg.python.org/cpython/rev/25ff4625680d
New changeset f003ef13c555 by Serhiy Storchaka in branch 'default':
Issue #17671: Fixed a crash when use non-initialized io.BufferedRWPair.
http://hg.python.org/cpython/rev/f003ef13c555 

Thank you Stephen for your patch.