Almost 40,000 ex-miners are set to receive an additional £100 per week in pension payments starting today, marking a significant 41% increase. The move follows a long-standing effort to release surplus funds from the British Coal Staff Superannuation Scheme (BCSSS) to its members.
This change was prompted by Chancellor Rachel Reeves’ announcement during the Budget, revealing that the government has transferred the £2.3 billion reserve, held since 1994, back to BCSSS beneficiaries. The redistribution includes a one-off lump sum of £5,500, effective from November 2024 when the Mineworkers’ Pension Scheme received an increase.
The BCSSS caters not only to former miners but also to individuals in non-mining roles across UK collieries, such as engineers, managers, canteen staff, and administrators. Approximately 40% of the scheme’s 40,000 members are women. This development follows a similar transfer of £1.5 billion to Mineworkers’ Pension Scheme members last year.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the efforts of mineworkers and advocates in rectifying this long-standing issue. He emphasized the importance of the 41% pension boost just ahead of the holiday season, ensuring deserving retirements for many.
Cheryl Agius, Chair of Trustees of the British Coal Staff Superannuation Scheme, hailed this moment as historic, achieved through a year of dedicated effort and cooperation. The government’s decision to transfer the investment reserve to members aligns BCSSS beneficiaries with their MPS counterparts, who received a similar boost last year. The Trustees expressed gratitude to members for their support in raising this critical matter with the government over the past year.