Justice for Former Mineworkers: A Historic Victory for Our Communities

The decision to transfer the Investment Reserve of the Mineworkers’ Pension Scheme directly to its members means a 32 per cent increase in their annual pensions—an average rise of £29 per week. This is not just a financial uplift; it is justice, recognition, and fairness for those who powered our country for decades.

A Victory for Campaigners and Communities

This momentous decision did not happen overnight. It is the result of years of tireless campaigning by trustees, pension scheme members, and coalfield communities. Their persistence and dedication have ensured that miners and their families are finally receiving the pension settlement they deserve.

I want to pay tribute to the Mineworkers’ Pension Scheme trustees and every single campaigner who never gave up on this fight. Their determination has delivered a historic victory for former miners and their families.

How We Got Here

The Investment Reserve Fund was originally set up in 1992 to provide a financial buffer in case the pension scheme ever faced a deficit. Under previous agreements, this money was due to be returned to the government in 2029. But that never sat right with anyone who has followed this issue closely.

Now, in a landmark decision, the fund—now worth £1.5 billion—will be handed over to the pension scheme, ensuring former pit workers receive the just rewards of their labour. This will provide financial security for thousands of ex-miners and their families.

A Fairer Future for Mineworkers

When British Coal was privatised in 1994, an agreement was made to take half of any profits generated by the pension scheme in exchange for guaranteeing that pensions would increase in line with inflation. However, the scheme has consistently performed well, and no additional contributions have been required. A review of this agreement will ensure mineworkers get a fairer deal in the years ahead.

“We owe the mining communities who powered Scotland a debt of gratitude. For decades, it has been a scandal that money that could have been passed to the miners and their families was withheld. Now that injustice ends, and the money is rightfully transferred to the miners.”

This decision provides real financial support to our former miners and their families, honouring the contribution they made to our country.

The fight for fairness doesn’t end here. Every former miner and their family deserves the respect, dignity, and security they have worked so hard for.