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
- 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.