The Chancellor announced at the Budget that the £2.3bn reserve is being transferred to members of the British Coal Staff Superannuation Scheme
Ex-mineworkers are set to see their weekly pension payments boosted by about £100 starting today.
This development comes after the Chancellor revealed at the Budget that the £2.3bn reserve, which had been retained by the Government since 1994, will now be handed over to members of the British Coal Staff Superannuation Scheme (BCSSS).
Government officials confirmed that, with payments backdated to November 2024 when the Mineworkers’ Pension Scheme increase took effect, members should receive an average lump sum of £5,500 today.
The BCSSS covers former coal miners alongside those who held non-mining positions at pits across the UK – encompassing engineers, managers, canteen staff and administrative workers.
Secretary of State for Energy and Net Zero, Ed Miliband commented: “I want to pay tribute to all the mineworkers and all the campaigners involved in ending this decades-long injustice.
“Today, thousands will rightly see a 41% uplift in their pension payment just before Christmas – providing them with the retirement they deserve.”
Cheryl Agius, chair of trustees for the British Coal Staff Superannuation Scheme, remarked: “This is a historic moment – the result of a year of determination, advocacy and collaboration – and it marks a turning point for the scheme.
“The Government has listened to the trustees, scheme members, and coalfield MPs that have supported this issue, and agreed to transfer the scheme’s investment reserve to members.
“Being able to make the first bonus pension increase today brings BCSSS members into line with their former colleagues in the Mineworkers’ Pension Scheme (MPS), who received their investment reserve in November last year.”
