People also ask
How much do coal miners’pensions cost?
Their average pension is 84 a week. The row dates back to 1994, when British Coal was privatised and ministers agreed the Government would be guarantor for its pension payouts.
What happened to miners pensions?
Miners鈥?Pensions. Two pension schemes operated under British Coal: the Mineworkers鈥?Pension Scheme (MPS) and the British Coal Staff Superannuation Scheme (BCSSS). As part of the privatisation, the schemes were closed to new members and all contributions ceased after December 1994.
What is the British Coal Pension row?
The row dates back to 1994, when British Coal was privatised and ministers agreed the Government would be guarantor for its pension payouts. Under the deal any surplus was split 50/50 between the Treasury and scheme members 鈥?but the fund did better than expected, so far handing the Treasury 4.4billion in extra cash.
How much will the Chancellor take from the miners鈥?pension fund?
The Chancellor is on Monday expected to block the return of 1.2billion from the Miners鈥?Pension Fund reserve, as demanded by MPs. And the Treasury will continue with plans to take another 1.6billion on top of the 4.4billion it has already pocketed from the fund鈥檚 surplus. That means 124,000 miners will not get the 14 weekly rise they hoped for.