Government 'rights historic wrong against mineworkers' in today’s Budget - paying out to thousands of former mineworkers in Nottinghamshire

During today’s Budget (November 26) Rachel Reeves announced the government will return the £2.3bn investment reserve held within the British Coal Staff Superannuation Scheme (BCSSS) back to its members.

BCSSS members and Labour MPs who campaigned with them for a decade welcome the ‘huge moment for our coalfield communities’.

After the coal industry was privatised in 1994, the government became guarantor for the scheme and surplus sharing was introduced – entitling the government to half the surplus money in the fund.

However, nothing has been taken since 2015 when that agreement ended and BCSSS members began a campaign – to get the £2.3 billion in reserves returned to them.

Announcing her Budget to Parliament, Labour Chancellor Rachel Reeves said the Government would pay out the reserve fund to members as an additional pension.

Labour MP for Mansfield Steve Yemm, who has the highest number of BCSSS members in his constituency at over 1,250, said: “Today’s announcement on the BCSSS reserve shows the difference a Labour Government - working alongside Labour MPs determined to deliver for their communities- can make.

“After years of delay and inaction under the Conservatives, this Labour Government has today taken the decision that was needed.”

In her last Budget, the Chancellor confirmed over 19,000 former mineworkers in the East Midlands would have their share of £1.5 billion returned to them from the Mineworkers Pension Scheme.

The uplift represented an average 32 per cent rise to the annual pensions of nearly 112,000 former mineworkers and their dependents across the UK – an average increase of £29 per week for each member.

Mick Newton, Mineworkers Pension Campaigner and Former Thoresby Colliery miner said: “Congratulations to All BCSSS Members On a Very Successful Campaign and Result.

“While im pleased for BCSSS members, the root cause of the injustice is the MPS Surplus Share Arrangements that allow the Government to take 50 per cent of our Investment returns. However I’m very hopeful we will get another substantial increase for the vast majority of Mineworkers and Widows (120,000) this time next year, when we receive a three year evaluation.

“We still have £1.1 Billion in our guarantee fund and there should be another £1 Billion approximately next September.

“The good thing is that the Government hasn't taken any annual surpluses since 2023. Those surpluses are approximately £110 Million each and every year.

“We should be fighting to release the £1 Billion from the 2023 evaluation now not later, our members have limited years left to enjoy it.”

Labour MP for Sherwood Forest, Michelle Welsh, said: “This Labour Government’s decision to release £2.3 billion in reserves from the British Coal Staff Superannuation Scheme delivers what so many have been demanding for years: fairness, recognition, and long-overdue justice.

“I have pushed relentlessly for this outcome in Parliament. At every stage, I have made it clear that BCSSS members in Sherwood Forest – over 1,100 of them – were being denied what was rightfully theirs. They powered Britain through generations; they deserve is a retirement that reflects that contribution.

“This is a huge moment for our coalfield communities and represents not just financial support, but respect - respect for the sacrifices, the hardship, and the pride that defined their working lives.”

Labour MP for Bolsover, Natalie Fleet – who has more than 1,000 BCSSS members in her constituency, said: “I’m thrilled that the Investment Reserve Fund of the BCSSS is finally being handed back to members.

“It's brilliant to see the Bolsover community finally getting the justice they’ve fought for, for so long."

A total of 3,950 members in Mansfield, 2,415 in Bassetlaw, 738 in Gedling, 596 in Broxtowe, 514 in Rushcliffe, 227 in Nottingham East & Kimberley, 14 in Nottingham South and 10 in Nottingham North will benefit from the move.