As reported in the Barnsley Chronicle on 4th January, Stephanie recently pressed the Government for an urgent debate to discuss the Mineworkers Pension Scheme arrangements that has seen them take more than £4.4bn out of the miners’ pension fund.
Acting as the guarantor to the pension scheme since the deal was struck in 1994, under the surplus sharing arrangement the Government has been entitled to 50 percent of any surplus in funds – with the rest going to mineworkers and their families.
However, they have not contributed a penny to the funds or pensions themselves.
With the fund doing better than expected, this means over £4.4bn has been taken by the Treasury in the last 24 years.
The Government recently revealed they also plan to take a further £617m next year.
The Barnsley East MP, a long-time critic of the terms of the arrangement, called on the Government in the House of Commons to debate the issue, with a view to renegotiating a deal that would see mineworkers receive a greater share of funds.
Commenting, Stephanie said:
“Over more than two decades the Government has taken billions from the Mineworkers Pension Scheme – money that should be in the pockets of former miners and their families.
“It’s time this deal was renegotiated so miners can receive a greater share of surplus funds, and I’ll continue pressing the Government to ensure this is the case.”