- Chancellor Rachel Reeves confirms £2.3 billion will be released to former mineworkers in British Coal Staff Superannuation Scheme (BCSSS)
- Over 8,850 of the scheme’s members live in the East Midlands
- BCSSS members and Labour MPs who campaigned with them welcome ‘huge moment for our coalfield communities’
The Labour Government has today ended the unfairness faced by former mining communities across the East Midlands by pledging to release funds from a large pension scheme.
The British Coal Staff Superannuation Scheme (BCSSS) looks after the pensions of around 40,000 members who were formerly in the mining industry – including 8,850 in the region.
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 – supported by Labour MPs – to get the £2.3 billion in reserves returned to them.
Announcing her Budget to Parliament on Wednesday, Labour Chancellor Rachel Reeves confirmed their campaign had been a success and 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.”
John Dickinson, a BCSSS member who lives in Chesterfield – home to over 450 BCSSS members – said: “This is a great decision for BCSSS members in Chesterfield and across the country.
“The scheme has been working hard over many years alongside Toby Perkins and other Coalfield MPs to make our case to the Government. Labour has finally given previous mining industry workers and communities the pensions we are owed.”
Today’s announcement continues to show Labour’s dedication to former mining communities who powered the country for decades and deserve rewarding for their labour.
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.
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.”
