Ashfield and Eastwood MP Gloria De Piero is set to meet with the Secretary of State for Business, Energy and Industrial Strategy to lobby for former miners to get a fairer slice of returns on their pension pots.
Gloria and Ashfield resident Keith Stanley, who is the Nottinghamshire are president of the National Union for Mineworkers, are meeting with the Rt Hon Greg Clark MP on Monday (16th January).
Gloria and Keith want to discuss the surplus-sharing arrangement that the government has in return for being the guarantor of the mineworkers’ pension scheme with the Secretary of State.
Under the current arrangement, any surplus made by the scheme’s investments is shared 50/50 between the government and scheme members, which Gloria and Keith say is unfair on the thousands of miners who worked hard all their lives for their pensions.
The government has received £3.6bn since 1994 in its role as guarantor of the Mineworkers’ Pension Scheme, while paying in nothing.
It has also received over £3.1bn from the British Coal Staff Superannuation Scheme, though new surplus-sharing arrangements for this pension scheme were agreed in 2015 after shortfalls in preceding years.
Gloria said: “Billions of pounds made from the investment of miners’ pension contributions have been going straight into the Government’s coffers instead of to the hard-working miners who saved all their lives for their pension.
“I believe that the surplus-sharing arrangement goes too far in the Government’s favour and will be asking the Secretary of State if this can be renegotiated so that the miners get the pensions they deserve.”