Over 100,000 former mineworkers receive first pension increase

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padding: 5px 10px; color: #101010;"> <address class="post-meta-author author"> <i class="fa fa-user"></i>By Callum Conway</address> <time pubdate datetime="2/12/24" class="post-meta-date"> <i class="fa fa-calendar"></i>2/12/24</time> </div> <div class="entry-main"> <div class="entry-content"> <p>Over 100,000 former mineworkers across the UK have received the first boost to their pensions, following the <a href="https://www.pensionsage.com/pa/autumn-budget-govt-commit-to-keep-promise-to-MPS%20members.php">government's promise</a> to reverse a "historic injustice" suffered by Mineworkers' Pension Scheme (MPS) members.<br /> <br /> Members will see an average of £29 extra to their weekly payment, with £1.5bn transferred to the pension scheme last month.<br /> <br /> The uplift represents an average 32 per cent rise in the annual pensions of nearly 112,000 former mineworkers and their dependents across the UK.<br /> <br /> In the Autumn Budget, Chancellor, Rachel Reeves, committed to keeping Labour's promise of “justice” to the MPS members, confirming her intent to review the "unfair" surplus arrangements and transfer the investment reserve fund back to members.<br /> <br /> Secretary of State for Energy, Ed Miliband, said: "This government has kept our promise to return money rightfully owned to the ex-miners and their families - and today thousands of people will receive the money they deserve in their pension as a result.<br /> <br /> "Today marks an end to a decades-long injustice that has denied thousands across the country the decent pension that they so undeniably deserve.<br /> <br /> "We have delivered on our promise to right this wrong and I hope members and their families are able to enjoy the victory that they have waited far too long for."<br /> <br /> MPS, one of the largest defined benefit pension schemes in the UK, was closed to future accrual in 1994 when the coal industry was privatised, meaning all active members became deferred members.<br /> <br /> It has around 7,000 deferred members and 110,000 pensioners in payment and pays out around £700m to former mineworkers and their beneficiaries each year.<br /> <br /> The investment reserve fund was established in 1992 using profits from the scheme to provide a buffer in case the MPS went into deficit. This money was due to be returned to the government in 2029.<br /> <br /> The MPS trustees described this month as a "historic milestone" for its members.<br /> <br /> "This month marks a historic milestone for our scheme members with the first instalment of pension resulting from the recent investment reserve transfer being paid. As trustees, we're delighted that we've been able to get this extra money into our members' pockets so quickly," the trustees said.<br /> <br /> "This has been made possible due to the swift action of the government in making good on its manifesto commitment but also as a result of the hard work of the team that supports the scheme."<br /> <br /> The government is now reviewing the surplus-sharing agreement with the scheme trustees and has said the next steps will be announced in the coming months.</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=Over 100,000 former mineworkers receive first pension increase&url=https://pensionsage.com/pa/former-mineworkers-receive-first-pension-increase.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a 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