PROMISES to provide an immediate uplift for miners whose pension pots were ‘hijacked’ by the former Conservative government will come to fruition, according to a Barnsley MP who met the minister responsible for delivering the pledge.
First introduced in 1952, the Mineworkers’ Pension Scheme set out to ensure members received a good pension after years of work in coal mines.
The Labour Party confirmed in its pre-election manifesto that it would review the surplus sharing arrangement and return the £1.6bn investment reserve fund to miners.
The proposal will deliver an increase in the weekly pensions that miners receive by at least £14 per week, equating to more than £700 a year.
Barnsley South MP Stephanie Peacock met with the new minister responsible for the Mineworkers’ Pension Scheme, Sarah Jones.
Ms Peacock has also spoken with trustees of the scheme since the election.
She said: “I was delighted to meet with the new minister for miners’ pensions so soon after the election.
“Labour’s manifesto was absolutely clear that we will deliver justice for the miners’ pension scheme, transferring the investment reserve fund back to members and reviewing the unfair surplus arrangements.
I look forward to working with Sarah and the trustees to deliver on this under a Labour government.”
At the end of 1994, following privatisation, the government took over the role as guarantor for the scheme from British Coal.
The Conservatives took £4.8bn from the pot, with the final figure set to rise to over £6bn, ministers claimed.
“I have campaigned on this issue over the last seven years since I was elected in 2017, raising it in Parliament dozens of times,” Stephanie added.
“I was pleased to secure the cross-party select committee report into the issue, which concluded the ‘government should not be in the business of profiting from miners’ pensions’ and forms the basis of the policy we announced before the election.
“Implementing this policy will see an immediate uplift in the weekly pensions of thousands of miners across the country.
“It’s absolutely outrageous that billions have been taken when the average miner received a pension of just £84 a week - with widows on a lot less.”
A spokesperson from the National Union of Mineworkers (NUM) praised Labour’s pledge.
“There was no ambiguity about the funds in the investment reserve fund being handed over to the scheme for the MPS trustees to use to increase pensions.
“This will give an immediate increase to pensions while a review of the 50-50 surplus-sharing arrangements takes place in respect of any future surpluses.
“This is as a result of a lot of hard work and lobbying by the NUM, supportive Labour MPs, Facebook groups and individuals who have raised these issues with their local MP.
“We are pleased to see the statement from the Labour Party and this reflects the recommendations of the select committee in 2021.
“The trustees of MPS have been engaged on this and, since 2021, have continued to fully support the recommendations.”
