NUM Nottingham general secretary responds as mineworkers handed £1.5 billion pension scheme in budget

The Labour government has announced its decision to relinquish the £1.5 billion MPS Investment Reserve Fund, which was set to benefit the government in 2029.

During her autumn budget statement on October 30, new Labour Chancellor Rachel Reeves, announced the scrapping of the controversial former arrangement, which saw previous governments receive hundreds of millions of pounds from mineworkers’ pension schemes.

This move will result in a 32 per cent increase in support for retired miners and their families, averaging an additional £29 per week.

Alan Spencer, the general secretary of the National Union of Mineworkers Nottingham Area, welcomed the news and stated that the injustice would not have been addressed without the National Union of Mineworkers’ affiliation to the Labour Party.

Mr Spencer said: “I addressed the issue of the scandalous surplus arrangement that led to the government receiving over £4.5 billion, which should have been allocated to our retired miners' pensions, at the 2021 Labour Party Conference.

“This topic received unanimous support for inclusion in the manifesto.

“After weeks of discussions in London, the union's national secretary, Chris Kitchen, successfully included these issues in the 2024 manifesto.

“Since coming to power four months ago, the Labour Party has already taken steps to address part of our concerns and has committed to reviewing the surplus sharing arrangement.”

Mr Spencer also added how the National Union of Mineworkers played a crucial role in reinstating the Concessionary Fuel rights that were taken from miners and their families in 2012 when UK Coal underwent restructuring.

Although concessionaires later lost 10 per cent of their coal and cash compensation rights, Mr Spencer said “the union fought for and successfully achieved the full restoration of these concessionary rights” – he said they will be 100 per cent payable starting this month.

Former miners, along with their families and campaigners throughout the country, have welcomed the news.