The Chancellor introduced on the Finances that the £2.3bn reserve is being transferred to members of the British Coal Workers Superannuation Scheme
Ex-mineworkers are set to see their weekly pension funds boosted by about £100 beginning in the present day.
This improvement comes after the Chancellor revealed on the Finances that the £2.3bn reserve, which had been retained by the Authorities since 1994, will now be handed over to members of the British Coal Workers Superannuation Scheme (BCSSS).
Authorities officers confirmed that, with funds backdated to November 2024 when the Mineworkers’ Pension Scheme improve took impact, members ought to obtain a median lump sum of £5,500 in the present day.
The BCSSS covers former coal miners alongside those that held non-mining positions at pits throughout the UK – encompassing engineers, managers, canteen employees and administrative staff.
Secretary of State for Vitality and Internet Zero, Ed Miliband commented: “I need to pay tribute to all of the mineworkers and all of the campaigners concerned in ending this decades-long injustice.
“At the moment, hundreds will rightly see a 41% uplift of their pension fee simply earlier than Christmas – offering them with the retirement they deserve.”
Cheryl Agius, chair of trustees for the British Coal Workers Superannuation Scheme, remarked: “It is a historic second – the results of a yr of willpower, advocacy and collaboration – and it marks a turning level for the scheme.
“The Authorities has listened to the trustees, scheme members, and coalfield MPs which have supported this challenge, and agreed to switch the scheme’s funding reserve to members.
“Having the ability to make the primary bonus pension improve in the present day brings BCSSS members into line with their former colleagues within the Mineworkers’ Pension Scheme (MPS), who obtained their funding reserve in November final yr.”
