Today, thanks to our campaign & the Trustees of the scheme, HM Treasury have accepted proposals to bring forward Bonus Protection for the Miners’ Pension Scheme.
This will ensure that miners pensions increase by around 11%, rather than 4%, this Autumn.
Government are in the unique position of both managing and profiting from the Miners’ Pension Scheme. I would like to see fundamental change to this arrangement, but as we continue the wider campaign, Trustees and I met with Minister Greg Hands to discuss this proposal on Bonus Protection.
In the weeks following, I have been pushing Ministers from both the Department for Business, Energy and Industrial Strategy and the Treasury for an answer on the proposal.
From speaking in Parliament to writing letters, I have repeatedly requested that the plans be approved before a deadline of tomorrow.
This change, which is comes at no cost to the Government, will be funded by the current members’ surplus.
During a cost of living crisis where every penny counts, I am delighted that ex-miners will now receive payments that are protected against inflation.
See the Government’s announcement via response to my question on this here: https://questions-statements.parliament.uk/written-questions/detail/2022-07-15/37583
The MPS has 120,000 members who receive an average weekly pension of just £98.
Today marks a great win, but I will continue to campaign for a fairer arrangement to the MPS on behalf of all those who worked day in & day out to keep our country’s lights on. See my LabourList article on this here: https://labourlist.org/2021/10/we-will-fight-as-long-as-the-government-continues-to-steal-from-miners-pensions/
A future Labour Government would implement the recommendations of the cross-party, BEIS Committee report:
- Ending the 50/50 surplus sharing arrangement.
- Returning the £1.2bn investment reserve to miners.
Government should not be in the business of profiting from miners’ pensions.