Exclusive:Mineworkers to get £1.5m into their pensions after 'national scandal'
Ex-miners will receive a “significant” increase in their pensions after a decades-long battle following the privatisation of British Coal, Rachel Reeves announced in the Budget.
The Chancellor said: “It is right that we protect those who have worked all their lives.
“In our manifesto, we promised to transfer the investment reserve fund in the mineworkers’ pension scheme to members.
“We are keeping our promise, so that working people who powered our country receive the fair pension that they are owed.
Ministers have said more than 100,000 former mineworkers will receive £1.5 billion of money kept from their pensions.
Energy Secretary Ed Miliband confirmed that the move will mean a 32 per cent increase to the annual pensions of 112,000 former mineworkers, an average increase of £29 per week for each member.
The fund, now worth £1.5 billion, will be handed over to the pension scheme.
Writing exclusively for the Yorkshire Post, Mr Miliband said: “Today this government delivers justice in the longstanding campaign for the Mineworkers and their families who built the wealth of this country.
“Over many generations, these heroes risked their lives to power our country and fuel Britain's industrial progress.
“Miners brought more than just wealth to our communities- they built a culture of pride and solidarity that lives today long beyond the pits.
“But it has been a national scandal that former miners who should have been able to enjoy a dignified retirement have instead had to fight for the pension settlement they deserve.
Money that could have been passed to the miners and their families has instead been held by the government.
“That’s why Labour made a promise to people in Yorkshire and other former coal mining communities across the UK that we would act on this injustice.”
The Doncaster North MP added: “Today is a day for campaigners to celebrate this victory, ending a scandal that has prevented retired miners from getting what is rightfully theirs.
“In the coming months, we will also be reviewing the current sharing agreements for surplus profits made by the scheme.”