Almost 40,000 former mineworkers will enjoy an increase of £100 per week in their pensions, effective immediately. This raise of 41% follows extensive advocacy efforts to unlock surplus funds in the British Coal Staff Superannuation Scheme (BCSSS) for its members.
The decision was made after Chancellor Rachel Reeves revealed in the Budget that the government has released the £2.3 billion reserve, previously held since 1994, back to BCSSS members. In her Budget speech, 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.”
Those impacted will also receive a lump sum of £5,500 today, retroactive to November 2024 when the Mineworkers’ Pension Scheme increase took effect.
The BCSSS encompasses former coal miners and individuals who held non-mining positions at collieries nationwide, including engineers, managers, canteen workers, and administrators. Approximately 40% of the nearly 40,000 BCSSS members are women. This move comes after the government allocated £1.5 billion to Mineworkers’ Pension Scheme members last year.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the mineworkers and advocates involved in ending this longstanding injustice. Miliband expressed, “Today, thousands will rightly see a 41% uplift 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 historic moment as a result of perseverance, lobbying, and cooperation. Agius added, “The government’s decision to transfer the Scheme’s investment reserve to members signifies a significant shift for the Scheme. The first bonus pension increase today aligns BCSSS members with their peers in the Mineworkers’ Pension Scheme, who received their investment reserve last November.”
Acknowledging the pivotal role of members in raising this issue with the government over the past year, the Trustees expressed gratitude for their support.