30 October 2024
In her Budget speech, the Chancellor confirmed today that the Investment Reserve in the Mineworkers' Pension Scheme (MPS) would be released to provide members with additional benefits. This addresses part of the Labour party’s election commitment to release the Investment Reserve and to review the surplus sharing mechanism in MPS.
We will be reviewing the available detail on this and then writing to the Government shortly to ask about possible changes to improve benefits for BCSSS members. As noted in our 17th October update, BCSSS is separate from MPS and wasn’t covered in Labour’s manifesto but there are similarities. In the meantime, as this is a political matter, you may wish to contact your MP about this.
We know how important this subject is to members. As soon as we have more information, we'll share it with you.