Easington MP calls on the Government to give ex-miners a fair share of pension profits
Easington MP Grahame Morris will call on the Government to review the Mineworkers Pension Scheme and give ex-miners a fair share of their pension profits.
Grahame Morris MP will lead a Backbench Business Debate following more than 100,000 people signing a petition about the Mineworkers Pension Scheme surplus sharing arrangements.
Following the privatisation of the coal industry in 1994, the UK government agreed to guarantee the miners pensions would not fall in cash terms, in exchange for a 50/50 share of any surpluses.
The Government have collected £4.4 billion as a result of the agreement to split the scheme’s profits between miners and ministers.
Easington MP Grahame Morris said:
“An equal share is not a fair share, and there is no justification for the Government to take billions of pounds from the pockets of miners and their widows.
The risks to the Government are marginal, and they have never had to put any money into the scheme.
When the Government privatised the coal industry, the 50/50 split was agreed without reference to pension advice.
The pension fund was created through the subs of miners. They sacrificed their health and wellbeing in the pits to build the nation’s wealth.
We are not asking for special favours, but simply a fair share of the pension pot that miners built up through decades of working in the industry.”
The debate on the Mineworkers Pension Scheme will take place in the House of Commons Chamber on Tuesday 4th June.