[UK Parliament, 22.01.2025] Falkirk MP Euan Stainbank has welcomed the Labour Government’s landmark decision to end the injustice of the Mineworkers’ Pension Scheme, transferring the £1.5 billion Investment Reserve to mineworkers and their families. The move will deliver an average 32 per cent boost to the pensions of thousands of former miners, including many in Falkirk, who have long campaigned for fair treatment.
This decision, announced in October in the Budget, represents a significant victory for the mining communities in Falkirk and beyond. The Investment Reserve Fund will provide an immediate uplift to pension payments, with miners in Falkirk set to receive an average increase of £29 per week.
The decision ensures that the £1.5 billion Investment Reserve—originally created in 1992 as a financial buffer for the pension scheme—will now benefit miners and their families instead of being returned to the government in 2029.
Mr Stainbank said:
“It is a national scandal that former miners in Falkirk and across Scotland have had to wait so long to receive the pension settlement they deserve. The Labour Government ends this injustice and delivers what is rightfully owed to mining families, this was only possible because Falkirk, Scotland and the rest of the United Kingdom voted Labour in July last year.
“This is a victory for the tireless campaigning of coalfield communities across Scotland including here in Falkirk. Those who powered this country for decades deserve recognition for their contributions. I am proud to serve as part of a Labour government that will stand up for fairness and justice for miners.
“To build on this progress, I will be signing a letter to Darren Jones MP, Chair of the Business and Trade Committee, to request updates on the British Coal Staff Superannuation Scheme. I intended to ask Treasury Ministers for updates on progress towards this, as the average age of BCSSS members is 78, this matter is clearly time sensitive.
“I have lodged two questions to the Treasury:
- To ask the Chancellor of the Exchequer when they will next meet with the trustees of the British Coal Staff Superannuation Scheme?
- To ask the Chancellor of the Exchequer what engagement they have had with cabinet colleagues in progressing the release of the investment reserve of the BCSSS to its trustees?
“It is essential that we ensure all former miners, and their families receive the pensions they deserve.”
ENDS
Subscribe to Euan Stainbank MP’s monthly newsletter here.