Local MP Stephanie Peacock recently met the trustees of the Mineworkers’ Pension Scheme (MPS) to discuss amending the existing scheme arrangement.
The meeting, which included other Labour MPs of coalfield communities and the NUM, was called in Parliament on October 18th to review the pension deal that has deprived ex-miners and their widows of billions of pounds in pension payments.
Under an agreement made by the Conservative Government and trustees of the British Coal pension schemes in 1994, half of the surplus made by the MPS is given to the Government.
Since the deal was made, the Government has received over £3.36bn from the scheme – despite making no contributions.
The parties agreed to work together and present the case for a review of the MPS surplus sharing arrangement and protection of existing bonus payments for scheme members, to the Treasury.
Stephanie (pictured) said: “I’m pleased the MPS trustees agreed to meet us and discuss a fairer scheme that will help ex-miners like many in Barnsley.
“For too long the Government has taken more than its share from the MPS whilst contributing nothing.
“Thousands of miners in Barnsley and across the country worked hard for decades, and they should have a larger share of the huge surplus that has built up.
“The meeting was productive and ended with real progress being made, with other MPs, the NUM and the trustees agreeing to work together for the benefit of the ex-miners.”
Following the meeting, the next step will involve collating the financial information needed so that the case for the review can be presented to Treasury officials.