Ex-Mineworkers Express Concern Over Delayed Pension Surplus Payments
Former mineworkers and local MPs question the postponement of surplus payment announcements for the British Coal Staff Superannuation Scheme.
Several former mineworkers have raised concerns after a senior Treasury minister indicated that members of the British Coal Staff Superannuation Scheme will have to wait until later this year for confirmation on surplus pension payments.
In last year’s Budget, Chancellor Rachel Reeves announced that extra payments would be made to members of the Mineworkers’ Pension Scheme, stating that working people who powered the country should receive a fair pension.
However, the announcement did not include the British Coal Staff Superannuation Scheme, which covers ex-miners as well as other industry staff.
Chief Secretary to the Treasury Darren Jones told BBC East Midlands Today that further details would be provided in the next Budget, and confirmed that the government is in active discussions with the trustees of the British Coal Staff Superannuation Scheme.
Former miner Dave Drury, who worked at Welbeck Colliery in Nottinghamshire and later had his pension transferred to the scheme, criticized the delay.
Drury noted that roughly two thousand miners a year are dying from old age and mining-related respiratory diseases and questioned why the process appeared to be held up by administrative procedures.
Kim Smith, a former Coal Board worker based in Mansfield, also voiced concerns.
Smith emphasized that the funds are the property of the scheme members and expressed worry that prolonged delays could adversely affect their standard of living.
Mansfield Labour Member of Parliament Steve Yemm, whose constituency has the highest number of scheme members in the country, questioned the time required for a civil servant’s signature to approve the reserve.
Yemm was among forty-one Labour MPs who recently wrote to Darren Jones, urging that the issue of pension justice for mining communities be addressed without further delay.
Darren Jones acknowledged that several factors need to be resolved, including the total amount in the scheme, the guarantees provided to current pensioners, and the associated risk profile.
He indicated that conversations regarding the Mineworkers’ Pension Scheme had been concluded before the last election, which has allowed the government to move quickly in that area.
Further details on the British Coal Staff Superannuation Scheme are expected to be confirmed in the upcoming Budget.
In last year’s Budget, Chancellor Rachel Reeves announced that extra payments would be made to members of the Mineworkers’ Pension Scheme, stating that working people who powered the country should receive a fair pension.
However, the announcement did not include the British Coal Staff Superannuation Scheme, which covers ex-miners as well as other industry staff.
Chief Secretary to the Treasury Darren Jones told BBC East Midlands Today that further details would be provided in the next Budget, and confirmed that the government is in active discussions with the trustees of the British Coal Staff Superannuation Scheme.
Former miner Dave Drury, who worked at Welbeck Colliery in Nottinghamshire and later had his pension transferred to the scheme, criticized the delay.
Drury noted that roughly two thousand miners a year are dying from old age and mining-related respiratory diseases and questioned why the process appeared to be held up by administrative procedures.
Kim Smith, a former Coal Board worker based in Mansfield, also voiced concerns.
Smith emphasized that the funds are the property of the scheme members and expressed worry that prolonged delays could adversely affect their standard of living.
Mansfield Labour Member of Parliament Steve Yemm, whose constituency has the highest number of scheme members in the country, questioned the time required for a civil servant’s signature to approve the reserve.
Yemm was among forty-one Labour MPs who recently wrote to Darren Jones, urging that the issue of pension justice for mining communities be addressed without further delay.
Darren Jones acknowledged that several factors need to be resolved, including the total amount in the scheme, the guarantees provided to current pensioners, and the associated risk profile.
He indicated that conversations regarding the Mineworkers’ Pension Scheme had been concluded before the last election, which has allowed the government to move quickly in that area.
Further details on the British Coal Staff Superannuation Scheme are expected to be confirmed in the upcoming Budget.