I’ve been campaigning for an inquiry into the Mineworkers’ Pension Scheme for years. I recently coordinated a letter to the BEIS Parliamentary Select Committee, signed by 50 MPs from across Parliament. I am really pleased that today the Committee has announced an inquiry.
The current average pension for a member of the Mineworkers’ Pension Scheme is £84 per week, while an agreement set up in 1994 sees the Government take 50% of any surplus generated.
As a result, the Government has received more than £4 billion from the Scheme, despite making no contributions as a result of a payment holiday which began in 1987. This means the Government both manages and profits from the Scheme.
Changes to the Scheme are long overdue, and this is hopefully an opportunity for a cross-party group of MPs to look in detail at the issue, hear from experts and miners, and make recommendations to the Government.
The Committee will hear from a range of experts on the issue at a session next week, written evidence can be submitted until Tuesday 13th April 2021, and after Easter the Committee members will grill Government Ministers on the subject.
If you are an ex-miner who is a member of the Mineworkers’ Pension Scheme, I would encourage you to submit evidence to the inquiry, so that your views and experiences can be taken into account.