Almost 40,000 former mineworkers are set to receive a £100 weekly increase in their pensions, effective today. This boost, amounting to a 41% rise, follows extensive efforts to release surplus funds from the British Coal Staff Superannuation Scheme (BCSSS) to its members.
The decision was announced following Chancellor Rachel Reeves’ declaration in the Budget that the government has transferred the £2.3 billion reserve, previously held since 1994, back to BCSSS members. In her Budget speech, Ms. Reeves stated, “I will transfer the investment reserve fund of the BCSSS to its members so that the men and women who worked in our coal industry get a fair deal in their retirement too.”
Affected individuals will also receive a one-time lump sum of £5,500 today, retroactively applied to November 2024 when the Mineworkers’ Pension Scheme saw its increase.
The BCSSS scheme encompasses former coal miners as well as individuals in non-mining roles at collieries throughout the UK, such as engineers, managers, canteen workers, and administrators. Of the approximately 40,000 BCSSS members, around 40% are female. This move follows the government’s transfer of £1.5 billion to members of the Mineworkers’ Pension Scheme last year.
Secretary of State for Energy and Net Zero, Ed Miliband, expressed his appreciation for the efforts of mineworkers and campaigners in ending this long-standing injustice. “Today, thousands will rightfully witness a 41% increase in their pension payment just before Christmas – providing them with the retirement they deserve.”
Cheryl Agius, Chair of Trustees of the British Coal Staff Superannuation Scheme, hailed the occasion as historic, marking a significant milestone for the Scheme after a year of determination, advocacy, and collaboration. She noted that the government’s action to transfer the Scheme’s investment reserve to members aligns BCSSS members with their counterparts in the Mineworkers’ Pension Scheme. Agius thanked members for their support in raising the issue with the government over the past year.
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