Mineworkers' Pension Scheme bonus protection to be impacted from September

HM Treasury have accepted proposals from the Trustees of the Mineworkers’ Pension Scheme to bring forward Bonus Protection – but campaigners say there is still more work to be done.
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From September 22, increases to miners’ pension payments will be protected against inflation, meaning miners pensions will increase by around 11 per cent, rather than four per cent.

MP for Ashfield and Eastwood Lee Anderson met with the chief secretary to the Treasury, Simon Clarke MP, to ask for a fairer deal for the miners.

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Mr Anderson has also been working with the Trustees of the scheme, the Coal Authority, and with Ministers across the Government in a bid to get a better deal for the miners.

MP for Ashfield and Eastwood, Lee Anderson, met with the chief secretary to the Treasury, Simon Clarke MPMP for Ashfield and Eastwood, Lee Anderson, met with the chief secretary to the Treasury, Simon Clarke MP
MP for Ashfield and Eastwood, Lee Anderson, met with the chief secretary to the Treasury, Simon Clarke MP

Lee Anderson MP said: “I will continue to fight for a fairer arrangement to the Mineworkers’ Pension Scheme on behalf of all those who worked day in and day out to keep our country's lights on.”

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However, Mick Newton, campaigner and former Thoresby miner, said there is still work to be done.

He said: “This is old news being presented as new news, Bonus Protection was secured in 2019 and doesn't represent a meaningful breakthrough.

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“The Bonus part of Mineworkers Pensions represents only a third of the Pension, meaning any percentage increase isn't applied to two thirds of a Mineworkers Pension.

“Therefore the recent comments of Lee Anderson MP are misleading to say the least.

"Any improvement to Mineworkers Pensions are to be welcomed, however we still await the implementation of significant proposals put forward by the BEIS Parliamentary Enquiry (June 2021).

“So we call upon Lee Anderson MP to refocus his efforts to this end, rather than claiming a victory for something that had already been obtained.

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"Ironically this time last year, the then Prime Minister Boris Johnson and the then Chancellor Rishi Sunack, rejected the implementation of those proposals.

“The findings of the Parliamentary Enquiry recommend that the £1.2 Billion in the Investment Reserve Fund be released to improve Pensions and that the so called 50/50 Surplus Share be reviewed.

"Mineworkers and Widows are not asking for a Government handout, we simply request that we get to keep more of our money and that the Government stop raiding our Pension Fund.”