Ex-miners beg Rachel Reeves to ‘hurry up’ over £4.8bn pension battle | Personal Finance | Finance
Thousands of former British miners are urging the Government to “hurry up” and rectify what they see as a decades-long injustice regarding their pensions.
The miners, who spent years working under gruelling conditions, are locked in a bitter dispute over £4.8billion in pension entitlements they claim are rightfully theirs – and are begging Chancellor Rachel Reeves to intervene, as promised in Labour’s election manifesto.
The controversy stems from a deal made in the early 1990s, after the privatisation of British Coal, where the Government guaranteed the Mineworkers’ Pension Scheme (MPS).
However, this agreement also allowed the Government to claim half of any surplus generated by the scheme.
Over the years, the Government has reportedly collected approximately £4.8billion from the fund, while miners argue that this money should have been distributed among them and their widows.
Mick Newton, 61, a former miner from Nottinghamshire, voiced the frustration shared by many. He said he had to retire early, on a reduced pension, because mining gave him psoriatic arthritis. He told the Telegraph : “We always knew from day one that an injustice was being served upon us.”
The miners argue that the Government has profited off their deferred wages and demand the return of these funds.
Despite a recent Labour manifesto promise to “end the injustice,” miners remain sceptical, fearing their hopes may once again be dashed.
Bert Moncur, 66, another ex-miner, described how the pension battle has impacted his retirement. Mr Moncur said: “The Government didn’t put any money into the scheme. All the money is mineworkers’ and it’s deferred wages. Nobody’s got a right to that money except miners and their widows.”
Mr Moncur, like many others, says he feels cheated out of a decent pension, adding: “We’re going to be robbed to the grave. There’s no doubt about it unless they give every penny back.”
Labour promised to review the surplus arrangements and return the £1.4billion Investment Reserve Fund to members in its 2024 manifesto, however, there is no clear timeline or guarantee that this will happen.
Mr Newton argues the money in the fund should be freed up, fast. He said: “Every year it’s been used as a cash cow for the government, but also, we believe, mineworkers are being punished all the way to the grave. It’s time for the Government to step up and hurry up.”
Express.co.uk has contacted the Treasury for comment.
