Jurisdiction(s):
United Kingdom

UK Mineworkers’ Pension Scheme: 32% uplift for 112,000 members; 1992 reserve transferred; surplus-sharing review reporting in 2025; BCSSS reforms under consideration

Published on: 03 December 2024

Published by a Law360 reporter

Legal News

Article summary

According to the Department for Energy Security and Net Zero, annual pension payments for around 112,000 former miners will rise by 32%, equating to an average uplift of £29 a week for each claimant. The government has further promised to examine the pension scheme’s surplus-sharing set-up to ensure miners and their families benefit more fairly in the years ahead, with conclusions due in early 2025. Recipients are spread across historic coalfield areas, including Yorkshire and the Humber in the north-east—which represents over 29,000 scheme members—and the East Midlands, which counts roughly 28,850 pension scheme members. Ministers have confirmed the increase covers all who are eligible across the board. ‘Today, thousands of ex-miners and their families receive the pension payments they deserve’, said Ed Miliband, the energy secretary...

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