Nearly 40,000 retired mineworkers will see a significant increase of £100 per week in their pensions, effective immediately. This boost of 41% follows persistent advocacy for surplus funds in the British Coal Staff Superannuation Scheme (BCSSS) to be distributed to its members.
The decision was announced today following Chancellor Rachel Reeves’ reveal in the Budget that the government has transferred the £2.3 billion reserve, once held by the government since 1994, back to BCSSS members. In her Budget speech, Reeves stated the aim to ensure fair treatment for those who dedicated their careers to the coal industry.
Affected individuals will also receive a one-time lump sum of £5,500 today, retroactive to November 2024 when the Mineworkers’ Pension Scheme saw an increase.
The BCSSS scheme encompasses former coal miners and non-mining personnel at collieries throughout the UK, such as engineers, managers, canteen staff, and administrators. Of the approximately 40,000 BCSSS members, around 40% are women. This move follows a similar transfer of £1.5 billion to Mineworkers’ Pension Scheme members last year.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the efforts of mineworkers and advocates in rectifying this long-standing issue. Cheryl Agius, Chair of Trustees of the British Coal Staff Superannuation Scheme, described this as a historic moment achieved through collaboration and determination. The government’s decision to allocate the Scheme’s investment reserve to members aligns BCSSS beneficiaries with their counterparts in the Mineworkers’ Pension Scheme.
The Trustees expressed gratitude to members for their support in raising this matter with the government over the past year.