Derbyshire MP feared her dad may die before receiving his miners' pension fund pay-out
“Our mine workers did incredibly difficult jobs in very challenging environments and they kept the lights on for all of us. They deserve every penny of their pensions.”
A Derbyshire MP has revealed how she she feared her father would die before he got his miners' pension fund payout.
It comes after the Chancellor said he would like to strike a deal to release more than £1 billion locked up in a mineworkers’ pension fund “in weeks, not months”.
Linsey Farnsworth, the MP for Amber Valley in Derbyshire, whose father worked as a miner, said: “My dad suffers from emphysema, white fingers and damaged knee from years of working on the coal face and now also late stage dementia,” she said.
“When I learned that a final settlement for MPS members would not be reached in this Budget, I made it clear to ministers what this means.
“It means that there is a very real possibility that my dad will not live to see the justice that he deserves, and this is not unique to our family – around 19 former miners die every single day.”
Chancellor John Healey told the Commons that “work is under way” to release the Mineworkers’ Pension Scheme (MPS) Guarantor’s Fund to former miners.
But trustees of the scheme have urged the Chancellor to find a faster way to release the money, calling for “action within days”.
The money, thought to be worth £1.2 billion, is locked up in the MPS, which was closed to new members when the British Coal Board was privatised in 1994.
The Government at the time promised that the value of the fund would not decrease, but only half of any surplus from the investments would go towards pension bonuses.
The remaining half would be taken by the Government.
At last week’s Budget, Mr Healey announced an end to the 50-50 split, so MPS members will be able to use all of the surpluses generated from their schemes’ performance in the future to increase their pensions.
But Labour MPs have called for the Government to release undistributed surplus funds, saying they belong to the former miners.
Imogen Walker, the Labour MP for Hamilton and Clyde Valley, said: “Our mine workers did incredibly difficult jobs in very challenging environments and they kept the lights on for all of us.
“They deserve every penny of their pensions.
“So, can the minister tell me when we can expect an update on the release of the remaining funds?”
Mr Healey replied: “I know she welcomes the step I took in the Budget that guarantees every penny of the pension fund surplus will now go in full to miners. I know the job’s not done.
“I will go on to ensure the full transfer of the Guarantor’s Fund. I want a way to resolve this in weeks, not months. That work is under way.”