Nearly 40,000 retired miners are set to receive an additional £100 per week in pension benefits starting today. This increase of 41% follows extensive efforts to unlock surplus funds in the British Coal Staff Superannuation Scheme (BCSSS) for its members.
The funding transfer was made possible after Chancellor Rachel Reeves announced in the Budget that the government had released the £2.3 billion reserve, held since 1994, back to the BCSSS beneficiaries. Those impacted will also receive a one-time lump sum of £5,500 today, dating back to November 2024 when the Mineworkers’ Pension Scheme saw adjustments.
The BCSSS covers former coal industry workers and employees in non-mining roles at collieries nationwide, encompassing various occupations like engineers, managers, and more. Approximately 40% of the scheme’s 40,000 members are women. This development comes on the heels of the government’s allocation of £1.5 billion to Mineworkers’ Pension Scheme members last year.
Secretary of State for Energy and Net Zero, Ed Miliband, commended the efforts of mineworkers and advocates who fought against this long-standing injustice. Cheryl Agius, Chair of Trustees of the BCSSS, hailed the historic moment as a culmination of persistent advocacy and cooperation. She expressed gratitude to the government, members, and supporting MPs for the successful transfer of the investment reserve to the beneficiaries.
Today’s pension increase aligns BCSSS members with their counterparts in the Mineworkers’ Pension Scheme, marking a significant milestone for the scheme. The Trustees acknowledged the crucial role played by members in raising the issue with the government and extended their appreciation for the support received over the past year.