What the new Labour government’s manifesto means for BCSSS members
The new Labour government advocated changes to the Mineworkers’ Pension Scheme (MPS) in its election manifesto. It said that:
“Labour will end the injustice of the Mineworkers' Pension Scheme. We will review the unfair surplus arrangements and transfer the Investment Reserve Fund back to members, so that the mineworkers who powered our country receive a fairer pension.”
The election manifesto only refers to the MPS and does not mention the BCSSS. While both Schemes provide pension benefits for former employees of British Coal, the BCSSS is independent of the MPS. It has its own Trustee Board and separate assets and liabilities.
The BCSSS Trustees will try to engage with the government
The BCSSS Trustees are aware of the comments about the MPS made by the Labour government in their manifesto. Given there are similarities between the MPS and BCSSS, the BCSSS Trustees will try to engage with the government to understand if there are any changes they would be willing to make that would improve the position for BCSSS members in light of the proposed changes to the MPS.
This would involve changes to the Scheme rules, which is something only the government can do. Unless the government makes changes, the BCSSS Trustees have to work within the Scheme rules as they stand.
As this is political matter and any changes to the Scheme rules must be done by government, you may wish to contact your MP on the Labour manifesto and what it could mean for BCSSS members.