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Government to review second miners pension scheme

November 29, 2024
in Business
Reading Time: 2 mins read
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Government to review second miners pension scheme
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Earlier this month, Dave Cradduck, who spent 20 years working at Haig Pit in Whitehaven, Cumbria, told the BBC it was “unjust” that “not a penny” would be given back to those on the BCSSS.

He said the government had taken £4.8bn out of the MPS fund, and £3.2bn out of BCSSS, so therefore those on that scheme were also owed money.

At the time, a spokesperson for the Department for Energy gave no indication that any future changes would take place and said the government “must consider the two schemes separately”.

But the department has now announced it would “review any proposals set out by the Trustees of the British Coal Staff Superannuation Scheme”.

Last week, the trustees asked ministers to hand back the £2.3bn investment reserve to members of the scheme.

Both schemes were taken over by the government when British Coal was privatised in 1994.

The agreements were struck between the then-Conservative government and the scheme’s trustees, in exchange for a government guarantee that the value of mineworkers’ pensions would not decrease.

The recent reversal of the MPS arrangement will see 112,000 former miners’ pensions increased by a third.

Energy Secretary Ed Miliband said it “marks an end to a decades-long injustice that has denied thousands across the country the decent pension that they so undeniably deserve”.

Credit: Source link

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