'Brilliant news' in Budget for pit workers' pensions, but 'next battle' to come

NOTTINGHAMSHIRE ex-miners have outlined the “next battle” they have on their hands after a major pensions boost affecting nearly 5,000 across the county was confirmed.

- By OLIVER PRIDMORE

Chancellor Rachel Reeves confirmed in the budget on Wednesday (November 26) that an investment reserve fund in a major pensions scheme for ex-miners would be returned to its members following years of campaigning.

The British Coal Staff Superannuation Scheme (BCSSS) looks after the pensions of around 40,000 members who were formerly in the mining industry - including around 4,800 in Nottinghamshire.

The pensions uplift for its members could start being paid just before Christmas and one Nottinghamshire member is preparing to book a holiday with his family on the back of the announcement.

The majority of those who worked in the pits were members of the Mineworkers’ Pension Scheme (MPS) and the government announced changes for that scheme in late 2024, which has seen members getting an average pension uplift of £29 a week.

Rachel Reeves confirmed in her last full budget that more than one billion pounds from a reserve fund in the MPS would be handed back to miners, with billions more having built up over the years than the government ever said was needed.

As well as that, there has also been a pledge to review surplus arrangements for the future, which sees extra money generated by the MPS being split 50/50 between the government and the pension scheme’s members.