Mineworkers pension scheme

The UK Government has announced a significant pension boost for approximately 112,000 former mineworkers, who will collectively receive £1.5 billion to rectify historical injustices in their pension scheme. Chancellor Rachel Reeves confirmed that each member will see an average increase of £29 per week, translating to a 32% rise in their annual pensions. This decision comes after years of campaigning by miners and their families, who argued that the previous arrangement unjustly deprived them of funds that should have been allocated to their pensions. Energy Secretary Ed Miliband emphasized that this move ends a long-standing scandal where the government profited from surplus funds. The announcement has been celebrated by campaigners as a well-deserved victory for those who contributed to the nation’s prosperity through their labor. The funds will be made available by transferring the Investment Reserve Fund to the Mineworkers’ Pension Scheme Trustees, ensuring fair compensation for the miners' contributions to the economy.