Composite 5 – Mineworkers- Pension Scheme
This conference notes:

  • The Mineworkers’ Pension Scheme has around 152,000 members with 135,000
    eligible to receive their pension. The current average pension for former miners
    in the Scheme is just £84 a week, and over half of Scheme members receive less
    than the average pension.
  • The Government has received over £4.4 billion from the scheme due to the
    arrangement set up in 1994, which gives 50% of any surplus to the
    Government, and is due to receive almost £2 billion more.
  • The Government failed to conduct due diligence, there was no analysis or
    evaluation to inform or support the 50:50 split.
  • Returning the £1.2bn from the Investment Reserve Fund to all members of the
    scheme would mean a £14 per week increase to the average pension – £770 a
    Conference believes:
  • The Labour Party is standing up for retired miners who have seen £4.4 billion
  • taken out of their pockets because of the privatisation of their pension scheme
  • that has seen billions go to government rather than the pensioners.
  • It is scandalous, immoral and wrong on every level that Ministers have raided
  • the pension pot of retired miners, with government receiving billions whilst
  • over half the scheme members receive less than the average pension.
  • Conference resolves:
  • Labour should campaign to ensure miners get the pensions to which they are
  • entitled, immediately returning the £1.2bn in the Investment Reserve Fund to
  • increase pensions – putting hundreds right back into their pockets every year
  • and change the surplus sharing agreement to give more to pensioners.
  • Moved by National Union of Mineworkers, Seconded by Bishop Auckland CLP, Supported by Stephine Peacock MP.

Link below to video of Alan Spencer moving the NUM motion.!Aj2mLB6SHFss-VA3EG9SF6HKFPB-?e=4bXIGU