Former mineworkers in Gedling borough will receive a significant uplift in their weekly pension, overturning an historic injustice and ensuring fair payouts for years to come.
During Wednesday’s Budget Chancellor Rachel Reeves announced the government will return the £2.3bn investment reserve held within the British Coal Staff Superannuation Scheme (BCSSS) back to its members.
Following the Budget, Energy Secretary Ed Miliband confirmed that the move will mean a 41% per cent boost to the annual pensions of 40,000 former mineworkers across the UK – an average increase of £100 per week for each member.
The trustees of the scheme are expected to make the first uplifted payments to members before the end of the year, with payments backdated to coincide with when the changes were implemented to the Mineworkers’ Pension Scheme.
Sherwood Forrest MP Michelle Welsh MP welcomed the announcement, saying: “For too long former miners in Sherwood Forest have had to wait for the pension settlement they deserve.
“Today, Labour ends this injustice and delivers what is rightfully owed back to mining families.
“This is a victory for the relentless campaigning of communities here in Sherwood Forest.”
