Furious ex-mineworkers to miss out on multi-billion pound pension scheme refund

Furious Ex-Mineworkers to Miss Out on Multi-Billion Pound Pension Scheme Refund

Furious former Scottish mineworkers have been informed that they will not benefit from a multi-billion pound pension scheme refund. Chancellor Rachel Reeves recently announced that ex-miners would receive a bonus of £1.5 billion, which had been deducted by previous governments, refunded to the Mineworkers Pension Scheme. However, thousands of former Scottish coal board employees are set to miss out on this refund.

Members of the British Coal Staff Superannuation Scheme (BCSSS), which caters to former management, technical, administrative, clerical, and pit supervisory roles, will not receive any reimbursement despite their scheme having a £3.2 billion shortfall for the same reason. Billy Ogg, a member of the BCSSS action group comprising 2000 members across the UK, is calling for the reimbursement.

Billy expressed his frustration, stating, “Every one of us had our pension pots raided. Why is it acceptable to return the money to one group and not to another? We demand parity with the miners and the return of the £3.2 billion taken from our scheme by the government.” He highlighted the fact that individuals in the BCSSS scheme worked alongside miners and were equally impacted by the pension raid.

The missing billions were initially withdrawn from both schemes as a preventive measure but were never reinstated. The Mineworkers’ Pension Scheme, previously held in reserve, will now be entirely transferred to ex-coalminers and their families, amounting to around £1.5 billion being distributed among 112,000 ex coalminers and their families. This change will result in approximately a 32% increase in pensions, equivalent to around £29 a week.

George Greenshields, a former South Lanarkshire councillor and National Coal Board worker, has also joined the action group seeking justice. George, who worked for NCB for seven years as a supervisor, emphasized the need to rectify this situation. The UK Government has stated that the BCSSS and Mineworkers Pension Scheme operate differently and will be considered separately, though they remain open to proposals for changes from the Trustees.

The BCSSS has 41,000 members, while the miners’ scheme has 120,000 members. Despite the disparities in the treatment of the two schemes, efforts are ongoing to address the grievances of former mineworkers who feel left out of the recent pension refund announcements.

*Insights and Summary:*

The article sheds light on the disparity faced by former Scottish mineworkers who are set to miss out on a significant pension scheme refund despite the recent announcement of a £1.5 billion bonus for ex-miners. The frustration and calls for parity expressed by individuals like Billy Ogg and George Greenshields highlight the need for fair treatment and equitable distribution of pension refunds among all affected parties. The ongoing efforts of the BCSSS action group underscore the importance of addressing historical injustices and advocating for transparency and fairness in pension schemes. Such cases serve as a reminder of the complexities and challenges faced by pensioners seeking financial security and recognition for their contributions to the workforce.