Ashfield MP Gloria De Piero has hailed a meeting held between Labour MPs from coalfield areas, the NUM and the trustees of the Mineworkers’ Pension Scheme a success.
The three parties held a meeting at the House of Commons yesterday (Wednesday, October 18) to discuss how a better pension deal for former miners and their widows can be achieved.
After a good discussion on the issue, they all agreed to work together and present the case for a review of the MPS surplus sharing arrangement and protection of existing bonus payments for scheme members, to the Treasury.
Gloria said: “The meeting was good natured and informative, but most importantly it ended with real progress being made, with MPs, the NUM and the trustees agreeing to work together for the benefit of all the ex-miners out there.”
Gloria organised the meeting so that the MPs and NUM could speak directly to the trustees about whether they would be willing to ask the Government to review the surplus sharing arrangement of the MPS.
The current arrangement sees the Treasury and scheme members share any profits made by investments of the pension fund 50/50, due to the Government’s role as scheme guarantor.
This has seen the Government pocket billions of pounds – while never having to make any payments into the scheme.
Following the meeting, the next step will involve collating the financial information needed so that the case for the review can be presented to Treasury officials.