Almost 40,000 former mineworkers will start receiving an additional £100 per week in their pensions as of today, marking a significant 41% increase in payments. This development follows extensive advocacy efforts to unlock surplus funds in the British Coal Staff Superannuation Scheme (BCSSS) for the members.
The decision was announced today after Chancellor Rachel Reeves revealed during the Budget that the government has transferred the £2.3 billion reserve, previously held by the government since 1994, back to BCSSS members. In her Budget speech, Ms. Reeves emphasized the importance of ensuring fair treatment for those who contributed to the coal industry.
In addition to the weekly boost, those affected will also receive a one-time lump sum of £5,500 today, retroactively dated to November 2024 when the Mineworkers’ Pension Scheme saw an increase.
The BCSSS scheme covers not only former coal miners but also individuals who held various non-mining roles at collieries nationwide, such as engineers, managers, canteen workers, and administrators. Out of the approximately 40,000 BCSSS members, around 40% are women. This development follows a similar transfer of £1.5 billion to members of the Mineworkers’ Pension Scheme the previous year.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the efforts of mineworkers and campaigners in rectifying this long-standing issue. He highlighted the positive impact of the pension increase just ahead of Christmas, providing deserving retirement benefits to many.
Cheryl Agius, Chair of Trustees of the British Coal Staff Superannuation Scheme, described the event as a historic moment resulting from persistent advocacy and cooperation. She expressed gratitude to the government, Scheme members, and supporting Coalfield MPs for their role in facilitating the transfer of the investment reserve to members. The pension adjustment aligns BCSSS members with their counterparts in the Mineworkers’ Pension Scheme, who received their reserve last year.
Acknowledging the crucial support of members in raising this matter with the government, the Trustees extended their appreciation for the collaborative effort over the past year.