'Miners Should Have A Higher Proportion Of The Scheme’s Profits'
Yesterday Ben Bradley MP called upon the Government to increase ex-mineworkers’ share of profits from the Mineworkers’ Pension Scheme.
Mr Bradley’s speech came after calls from his constituents that the Government’s 50% share of the profits from the scheme was too high. The profit-sharing arrangement of the scheme’s surpluses was put in place following the Government’s pledge to guarantee pensions in the 1990’s after British Coal was privatised. The guarantee has meant that the scheme has been able to make more lucrative investments that have increased ex-mineworkers’ pensions by up to a third.
Responding to Mr Bradley’s points, the Minister stated that profit-sharing arrangements were a decision for the scheme’s trustees. In line with this recommendation, Mr Bradley will be arranging a meeting between the trustees and Ministers to discuss as to whether an agreement on the surpluses can be reached.
Commenting, Ben Bradley MP said:
“Mansfield has a rich mining heritage, and I have heard from a number of the scheme’s beneficiaries locally, who feel that the current arrangement is outdated.
“It is important to remember that mineworkers have benefitted from the guarantee that the Government provided the pension scheme in the 1990’s, and that not a single penny has been taken from pension contributions from the miners themselves. However, the investments within the scheme have done incredibly well, and therefore the amount that the Government has received is significantly higher than expected, so I think that it is right that the Government revisits the arrangements, and that miners should have a higher proportion of the scheme’s profits.”
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