For many years, the campaign for mineworkers pension justice has been a battle for dignity, fairness, and respect. The Chancellor’s announcement today that Labour will transfer the Investment Reserve Fund is the culmination of decades of struggle by miners, their families, trade unions, and those who have stood in solidarity with them. This is a victory for the principle that those who have built the wealth of this nation deserve security in their retirement.

This campaign has never been simply about economics. It is about justice. It is about honouring the sacrifices made by generations of miners, men who risked their lives and their health in the pits to keep the lights on, to power our industries, to ensure that Britain could thrive. These are the very people whose labour laid the foundations of our society and for too long, they have been denied the full reward of that labour.

As we celebrate this victory, we must also reflect on the long and difficult road that brought us here. This achievement is the result of years of tireless campaigning by retired miners, trade unions, families, and all those who refused to give up the fight. Their persistence, their resilience, and their determination have kept this cause alive when others might have let it fade. This victory belongs to them.

This is not the end of our work, but it is a major milestone. We will continue to ensure that pension justice remains a priority for retired mineworkers and their families, but today, we celebrate this victory. Labour’s commitment to fairness and justice is at the heart of this policy, and we are proud to see the new government stand by its pledge.

For everyone who has campaigned alongside us, this is your achievement. Together, we have shown that when we fight for what is right, we can make lasting change.

Members to get new bonus pension

30 October 2024 https://www.mps-pension.org.uk/news/members-to-get-new-bonus-pension/

We’re delighted that we’re able to pay members a new bonus pension. This new bonus pension will be 32% of a member’s guaranteed pension. We’re able to do this because the Labour Government has made good on its commitment to transfer the Investment Reserve to members. The Trustees are grateful to the many members and MPs who have shown support of the Scheme on this matter over the years.

Like your existing bonuses, the new bonus pension will not increase. And, like your 19% bonus after the 2023 valuation, it is not protected. This means it could be reduced if there is a deficit in the Scheme at a future valuation.

If you’re already taking your MPS pension, you’ll get a letter in November with all the details about your increased pension. If you get your pension:

• every 4 weeks, you’ll start getting your new bonus pension on 29 November 2024
• every 13 weeks, you’ll start getting your new bonus pension on 17 January 2025
• annually, you’ll start getting your new bonus pension on 17 October 2025

The new bonus pension will be backdated to 18 November.

If you’re not taking your MPS pension yet, you’ll receive a full statement of benefits next year which will include the new bonus pension

The Labour Government also committed in its election manifesto to review the Scheme’s surplus sharing arrangements. We are currently working on this review with the Government. We will share the outcome of this work as soon as we can.