Former miners call for pension funds to be released

Former mineworkers have called for the government to release money it has been holding from their pension funds for 32 years.

The Conservative government took over the miners' pension scheme when British Coal was privatised in 1994 - and provided a guarantee the value of the fund would not decrease, but was also allowed to keep half of any surplus on the investment.

Chancellor Rachel Reeves agreed in the last two budgets to release part of the fund, but members of the National Mineworkers Pension Campaign called for the rest to be released during a visit to Westminster.

The government said it would "keep working to find a solution to provide all workers with the pension they deserve."

Mick Newton, who worked at Thoresby Colliery near Mansfield for 15 years, has been campaigning for a fairer deal since 2015.

He said: "The root cause of our injustice has always been the 50-50 surplus share.

"We need to make sure that 100% of our future investment surpluses go directly to mineworkers and their widows.

"I think we're near the finish line. I hope the government's listening. My three words I want to say to the government are, 'No more delays'."

Charles Chiverton, who also worked at Thoresby Colliery and is a spokesperson for the campaign, said the miners were victims of circumstance.

"In 1995 new pension regulators came in, which if we had been allowed to remain as a scheme we would have fallen under the same rules as every other public sector pension scheme - and we wouldn't be in this ridiculous situation."

On average, former mine workers have received around an extra £100 a week through cash released in previous budgets.

The miners claim that £100 would be doubled if the surplus sharing scheme was scrapped.

Newton said he believed it would ultimately benefit former mining communities if pensioners had more money to spend.

"We've done some research into this. An area like Mansfield, it will be £100m annually. The same in Sherwood Forest constituency," he added.

Steve Yemm, Labour MP for Mansfield, is backing the mineworkers' campaign and joined them outside Parliament.

He said: "Right now, with what government has already done since 2024, it's released more than £100m in funds for my constituents.

"It is important to put money in the pockets of former mineworkers into constituencies like mine in Mansfield, because I know that they'll go out and spend it locally."

A Department for Energy Security and Net Zero spokesperson said: "We have delivered on our commitment to reverse an historic injustice and transfer the £1.5bn Mineworkers' Pension Scheme Investment Reserve to its members.

"Minister (Chris) McDonald recently met with trustees and we will keep working to find a solution to provide all workers with the pension they deserve."

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