Friday 15th December 2017 - 16:00
Current Artist
Current Song
On air now
13:00 - 18:00
Listen live

'Miners Should Have A Higher Proportion Of The Scheme’s Profits'

6th December 2017
News, Mansfield

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and I have heard from a number of the scheme’s beneficiaries locally, who feel that the current arrangement is outdated.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.”


CLICK HERE FOR MORE LOCAL NEWS

The Mansfield 103.2 Directory

Click here to access a really useful guide to dozens of local businesses.
Weather Forecast
7 Day Weather Forecast
Fri
4 °C
Sat
3 °C
Sun
2 °C
Mon
2 °C
Tue
1 °C
Wed
3 °C
Thu
8 °C
On Air
On air now
Watko in the Afternoon
13:00 - 18:00
Up next
103 points to....
18:00 - 19:00
Facebook
Recently Played
JEM
JUST A RIDE
23 minutes ago
Buy
DUA LIPA
NEW RULES
34 minutes ago
Buy
EDWYN COLLINS
A GIRL LIKE YOU
36 minutes ago
Buy
MICHAEL JACKSON
THRILLER
48 minutes ago
Buy
ED SHEERAN
PERFECT
53 minutes ago
Buy