Almost 40,000 former mineworkers will see a significant increase of £100 per week in their pension starting today. This boost of 41% follows extensive advocacy efforts to release surplus funds from the British Coal Staff Superannuation Scheme (BCSSS) to its members.
The decision was made following Chancellor Rachel Reeves’ announcement during the Budget that the government has transferred the £2.3 billion reserve, held by the government since 1994, back to BCSSS members. In her Budget speech, Reeves emphasized the importance of ensuring fair retirement benefits for those who dedicated their careers to the coal industry.
Additionally, the affected individuals will also receive a one-time lump sum of £5,500 today, retroactively applied to November 2024 when the Mineworkers’ Pension Scheme increase took effect.
The BCSSS scheme covers former coal miners and employees in various roles at collieries throughout the UK, including engineers, managers, canteen staff, and administrators. Approximately 40% of the scheme’s 40,000 members are women. This development follows the government’s previous transfer of £1.5 billion to Mineworkers’ Pension Scheme members.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the efforts of mineworkers and advocates in rectifying this long-standing issue. He highlighted the positive impact of the 41% pension increase just ahead of the holiday season, providing deserving retirees with financial security.
Cheryl Agius, Chair of Trustees of the British Coal Staff Superannuation Scheme, described the moment as historic, resulting from a year of persistence, support, and cooperation. She expressed gratitude to the government, scheme members, and Coalfield MPs for their backing in transferring the investment reserve to the members.
The Chair noted that aligning BCSSS members with their counterparts in the Mineworkers’ Pension Scheme demonstrates progress and recognizes the collective effort in addressing this matter over the past year. Members were acknowledged for their crucial role in advocating for this change.
