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MPs urge Government to fix ‘historic injustice’ in mineworkers’ pension scheme Government urged to review Mineworkers Pension Scheme (Anna Gowthorpe/PA) The Government is being urged to tackle an “historic injustice” in the pension scheme of mineworkers and transfer £1.2 billion to the fund. The move would give a £14 increase to the average weekly pension of £84, according to MPs. The Business, Energy and Industrial Strategy Committee said, given the “vast sums” paid from the scheme to the Government, it was “unconscionable” that many former miners were struggling to make ends meet. The 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 will not decrease. ....
The move would give a £14 increase to the average weekly pension of £84, according to MPs. The Business, Energy and Industrial Strategy Committee said, given the “vast sums” paid from the scheme to the Government, it was “unconscionable” that many former miners were struggling to make ends meet. The 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 will not decrease. At the time it was expected that the Government would receive around £4 billion from the arrangement in today’s money, but that has increased to £4.4 billion, and the Government is also due to receive at least another £1.9 billion on top of 50% off any future surpluses, said the report. ....
MPs urge Government to fix 'historic injustice' in mineworkers' pension scheme eppingforestguardian.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eppingforestguardian.co.uk Daily Mail and Mail on Sunday newspapers.
MPs urge Government to fix 'historic injustice' in mineworkers' pension scheme lancashiretelegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lancashiretelegraph.co.uk Daily Mail and Mail on Sunday newspapers.
MPs urge Government to fix 'historic injustice' in mineworkers' pension scheme somersetcountygazette.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from somersetcountygazette.co.uk Daily Mail and Mail on Sunday newspapers.