Amanda Hack & Pension Trustees provide update to over 100 local members

MP & Pension Trustees provide update to over 100 local members

Amanda Hack MP recently held a meeting regarding the British Coal Staff Superannuation Scheme (BCSSS) alongside (the scheme’s) trustees to update local members on the progress of transferring the £2.3 billion BCSSS investment reserve to members.

Last year, during the first budget, justice was delivered to over 1,500 former miners in North West Leicestershire when the Chancellor transferred the investment reserve in the Mineworkers’ Pension Scheme (MPS), uplifting pensions by £29 per week, per member.

Following that action, Amanda Hack and 60 other members of the Labour Coalfield Group of MPs have been pressing the Treasury to provide parity to members of the BCSSS, by transferring the Scheme’s £2.3bn investment reserve to its members. This could result in an uplift in member pensions of up to 50%.

Amanda organised the recent meeting to allow members to ask direct questions of the trustees on progress to date and what any decision might mean for the scheme and its members.

Speaking after the meeting, Amanda Hack said:

“I am proud of our local industrial heritage, which touches nearly every part of North West Leicestershire. Last year, we delivered our manifesto commitment to provide justice for our MPS miners, and now we have the opportunity to go further by waiving a future payment that is due to the Government, currently held in the reserves of the scheme.

Holding this meeting with the trustees to discuss our progress to date was crucial, and with over 100 members in attendance, it reflects the strength of feeling on the matter. We can no longer have the situation where we have one in three former miners in my constituency without access to their pension money. It is a matter of fairness.

As the Labour Group of Coalfield MPs, we have already coordinated a letter to the new Minister, James Murray MP, following those sent to Sarah Jones MP and Darren Jones MP previously, urging them to approve proposals for the future of the BCSSS to put more money back into members pockets.

I want to thank the trustees for taking the time to travel over and speak with members, and everyone who took the time to attend the meeting.”

The Trustees’ of the British Coal Staff Superannuation Scheme said:

“We are grateful to Amanda for hosting this event and giving us the opportunity to speak to BCSSS members in her North West Leicestershire constituency.  We believe our proposals are currently with treasury to agree and we hope that the government ministers responsible will act quickly to resolve this injustice without further delay.”