Nearly 40,000 retired miners are set to receive a pension increase of £100 per week starting today, marking a substantial 41% boost. This increase follows a prolonged campaign for surplus funds in the British Coal Staff Superannuation Scheme (BCSSS) to be distributed to its members.
The announcement was made after Chancellor Rachel Reeves disclosed during the Budget that the government has transferred the £2.3 billion reserve, held by the government since 1994, back to BCSSS members. This move aims to ensure fairness for those who dedicated their careers to the coal industry.
In addition to the weekly increase, the affected individuals will also receive a one-time lump sum payment of £5,500, retroactively applied to November 2024 when the Mineworkers’ Pension Scheme saw a raise.
The BCSSS scheme covers not only former coal miners but also individuals who held various roles at collieries nationwide, such as engineers, managers, canteen workers, and administrators. Approximately 40% of the scheme’s 40,000 members are women. This development follows a similar transfer of £1.5 billion to members of the Mineworkers’ Pension Scheme in the previous year.
Acknowledging the efforts of campaigners, Secretary of State for Energy and Net Zero, Ed Miliband, praised the long-overdue resolution, stating that many retirees will experience a welcome 41% increase in their pension just ahead of the holiday season, granting them the retirement they have earned.
Chair of Trustees of the British Coal Staff Superannuation Scheme, Cheryl Agius, described the occasion as historic, attributing it to a year of persistence, advocacy, and cooperation. The government’s decision to transfer the investment reserve to scheme members aligns BCSSS beneficiaries with their counterparts in the Mineworkers’ Pension Scheme, who received a similar transfer last year.
Agius expressed gratitude to the members for their support in raising the issue with the government, emphasizing the importance of their involvement in achieving this milestone.