Almost 40,000 retired miners are set to receive a £100 weekly pension increase beginning today, marking a significant 41% boost in payments. This development follows persistent calls for surplus funds in the British Coal Staff Superannuation Scheme (BCSSS) to be distributed among its members.
The announcement was made after Chancellor Rachel Reeves disclosed during the Budget that the government had transferred the £2.3 billion reserve, which had been held by the government since 1994, back to the BCSSS beneficiaries. In her Budget speech, Reeves stated the decision to transfer the investment reserve fund to ensure fair treatment for former coal industry workers in their retirement.
Impacted individuals will also receive a one-time lump sum payment of £5,500 today, retroactively dated to November 2024 when the Mineworkers’ Pension Scheme saw its increase.
The BCSSS encompasses former coal miners and individuals in various non-mining roles at collieries throughout the UK, including engineers, managers, canteen workers, and administrators. Among the approximately 40,000 BCSSS members, around 40% are women. This move comes after £1.5 billion was allocated to members of the Mineworkers’ Pension Scheme in the previous year.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the efforts of miners and campaigners in rectifying this long-standing injustice. He expressed satisfaction that thousands will witness a 41% rise in their pension payments just before the holiday season, providing them with the well-deserved retirement benefits.
Cheryl Agius, Chair of Trustees of the British Coal Staff Superannuation Scheme, hailed the occasion as a historic milestone resulting from a year of perseverance, advocacy, and teamwork. She highlighted the significance of aligning BCSSS members with their counterparts in the Mineworkers’ Pension Scheme through the investment reserve transfer, acknowledging the government’s responsiveness to the stakeholders’ concerns.
The Trustees expressed gratitude to the members for their support in raising the issue with the government over the past year, emphasizing the unity and collaboration that led to this positive outcome.