Mansfield MP welcomes Budget progress for mineworkers but calls on Government to finish the job

Former mineworkers and widows from across Mansfield were reassured by the Chancellors commitment in his Autumn Budget today (October 28) but say the timeline still remains unclear.

Delivering the Autumn Budget Chancellor John Healey said: “For ex-mineworkers, I’m guaranteeing that every penny of the pension fund surplus now goes to miners. I know the job’s not finished and I will go on to ensure the full transfer of the guarantor’s fund.”

Mick Newton who worked at Thoresby Colliery for 15 years and has been fighting for a fairer deal for the past decade said the announcement did not go far enough.

He added: “I'm pleased the Chancellor in his statement accepted our case in principle, but it was too vague in my view.

“We've waited long enough, so the big question is when?”

Meanwhile Mansfield MP Steve Yemm, who has who has supported the decades long fight said he now wants to see the next stage of that work completed without further delay.

He added: “Today’s Budget marks a really important moment for former mineworkers and their families. The Government has listened to the concerns of our coalfield communities and taken significant steps to address injustices that people have campaigned against for decades.

“The changes announced today, building on the transfer of the investment reserves, will make a real difference to people who worked hard in the mining industry and deserve security and fairness in retirement here in Mansfield. I welcome the Government’s commitment to making progress on these issues.

“But there is still an important job to finish. The Chancellor has made clear that the Government will work towards allowing the remaining guarantor fund surplus in the Mineworkers’ Pension Scheme to benefit members, and I want to see that commitment carried through.

“I will be writing to fellow Labour MPs to support further progress and make the case for delivering this final step without unnecessary delay. Former mineworkers and their families have waited a long time, and we owe it to them to give them greater certainty about their pensions and their future.”

Campaigners have spent decades pushing to amend the 50/50 surplus-sharing agreement, ensuring members receive the full benefit of surpluses.

In 1994, when British Coal was privatised, it was agreed the Government would get half of any surplus from the pot in return for guaranteeing the value of the pensions would not decrease.

Successive Governments have made £4.8bn from the deal over the last 30 years.

When both the The Mineworkers' Pension Scheme (MPS) and The British Coal Staff Superannuation Scheme (BCSS) schemes were set up, the government was keen that some money should be held in reserve to ensure there was enough cash to pay out to members.

However, far more reserve money was built up in both funds than ever needed and following years of campaigning government changes so far have led to more than £1 billion being transferred back to the MPS and more than £2 billion transferred back to the BCSSS.

The Budget announcement comes after Chancellor Rachel Reeves announced in October last year that the entirety of the MPS investment reserve would be handed over to ex-coal miners and their families.

However members of the National Mineworkers Pension Campaign have been calling for the rest to be released as soon as possible.

Former Chancellor Rachel Reeves agreed in the last two Budgets to release part of the British Coal Staff Superannuation Scheme (BCSSS) cash.

There are around 150,000 living members of the two primary pension schemes covering ex-miners and 37,000 of them live in the East Midlands - 5,000 in Mansfield alone.