Mineworkers’ Pension Scheme
Easington MP Grahame Morris has backed calls for a fair deal for former mineworkers.
In a cross-party letter to the Chancellor of the Exchequer, Mr Morris calls on Philip Hammond to revise the Surplus Sharing arrangments to give former miners, and their families improved pensions for their decades of hard work.
Under the current arrangements the Government act as a guarantor for mineworkers’ pensions, with surpluses split between the Treasury and the scheme’s beneficiaries.
Mr Morris said: “The purpose of the Mineworkers Pension scheme is to support former miners and their families in retirement, not to prop up Treasury coffers.
At privatisation, the anticipated share to the government for acting as a guarantor was vastly under-estimated and has seen billions taken out of the scheme.
The government have been over-compensated for the guarantee, and it is time they revise the surplus sharing arrangments to improve the lives of former miners in my constituency.”