The Durham Miners Association (DMA) has welcomed the increase in pensions for coalminers announced in the budget.
After years of campaigning by former miners and organisations including the NUM, the government announced it would hand over the investment reserve fund of the Mineworkers Pension Scheme (MPS) worth £1.5bn.
This means 112,000 former coalminers will receive an increase in their pension of 32 percent – and average increase of £29 per week, from November this year.
In 1994, the then Conservative government agreed to guarantee miners pensions, but in return would take 50 percent of its surplus. At the time it was estimated that this would total £1.5bn, but has to date resulted in more than £5bn being taken from the MPS. The investment reserve fund was created from these surpluses.
Campaigners have fought ever since to redress the balance, calling on successive governments to return a greater share of the fund to the miners.
Alan Mardghum, Secretary of the DMA, welcomed this week’s news, but called for more to be done.
He said: “We very much welcome the support the Labour government is giving to miners. This means the £1.5bn MPS investment reserve fund will be handed to miners. It will result in a significant increase that will make a vital difference to many. At the end of the day, this is our money. The miners paid into this fund and this rise will not cost the taxpayer anything.
“There is still more to do. The MPS settlement has been a scandalous injustice dating back to 1994. More of the MPS fund should be paid to the beneficiaries. We will continue working through the NUM to redress the balance of the surplus sharing agreement.
“We also thank Allen Young the pensioners representative trustee for the North East and overseas for his hard work and diligence and for keeping us informed throughout.”
For inquiries, please call the Mineworkers Pension Scheme helpline on 0333 2220077.