Ex-miners to receive average £29-a-week pensions rise after UK Government move

More than 100,000 former mineworkers are set to receive an increase in their pensions from Friday following a UK Government move to return money they are “rightfully owed”.

Ex-miners will be paid an average of £29 extra per week, ministers announced.

The Government said the payment follows its reversal of a “historic injustice”, leading to £1.5 billion being transferred to the miners’ pension scheme last month.

An investment reserve fund set up using profits from the Mineworkers’ Pension Scheme in 1992, to provide a buffer in case it went into deficit, was due to be returned to government in 2029.

The fund, now worth £1.5 billion, has been handed over to the pension scheme.

[mid-content-banner]

32% increase

The increase represents an average 32% rise in the annual pensions of nearly 112,000 former mineworkers and their dependents across the UK.

Energy Secretary Ed Miliband said: “This Government has kept our promise to return money rightfully owned to the ex-miners and their families – and today thousands of people will receive the money they deserve in their pension as a result.

“Today marks an end to a decades-long injustice that has denied thousands across the country the decent pension that they so undeniably deserve.

“We have delivered on our promise to right this wrong and I hope members and their families are able to enjoy the victory that they have waited far too long for.”

[taboola-banner]

Historic

The trustees of the Mineworkers’ Pension Scheme said: “This month marks a historic milestone for the members of our scheme with the first instalment of pension resulting from the recent investment reserve transfer being paid.

“This has been made possible due to the swift action of the Government in making good on its manifesto commitment but also as a result of the hard work of the team that supports the scheme.”