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Islwyn MP calls for Mineworkers Pension Scheme change

Unterground in Big Pit, one of John Cornwell s mining photographs. ISLWYN MP Chris Evans has joined calls for the UK Government to fix the ‘broken Mineworkers Pension Scheme’. More than half of the 152,000 retired miners on the Mineworkers Pension Scheme receive less than £84 a week, with the UK Government receiving billions of pounds, which many argue should have gone to the miners. Since 1994, the government has gained more than £4.4 billion from the Mineworkers Pension Scheme, after an arrangement was agreed that 50 per cent of any surplus in the scheme at its privatisation would go to members pensions, while the other 50 per cent was put in an investment reserve, to be called on should a deficit arise.

Pensions rise call for former miners

Updated Call for changes to miners pension fund rules MPs are urging the Government to transfer £1.2bn to the pension find, which could lead to a £14 increase to the average weekly pension of £84. The Business, Energy and Industrial Strategy Committee said that, since privatisation of the scheme in 1994, the Government has received 50% of surpluses in its value in return for providing a guarantee that the value of pensions would not decrease. At the time it was expected that the Government would receive around £4bn from the arrangement in today s money, but that has increased to £4.4bn, and it is also due to receive at least another £1.9bn on top of 50% off any future surpluses, said the report.

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