22 November 2024
The investment reserve of the Mineworkers’ Pension Scheme (MPS) has been transferred to its members and will be used to pay them a bonus pension. We know that members of BCSSS will be keen to hear if they can expect a similar change to their Scheme. In this update, we share the latest developments in our engagement with the Government on this subject.
How the BCSSS Trustees responded to the MPS announcement
The Chancellor of the Exchequer, Rachel Reeves, announced the change to MPS in her Budget speech on 30 October. We wrote to the Government the next day. We stressed the similarities between MPS and BCSSS and their memberships. We asked for a meeting with Sarah Jones, Minister for Industry in the Department for Energy Security and Net Zero, to discuss possible changes to BCSSS that could improve members’ pensions.
What Sarah Jones has said about possible changes to BCSSS
While we waited to hear whether Sarah Jones would be able to meet with us, she indicated to MPs in correspondence that the Government is willing to hear a proposal for changes to BCSSS. And on 12 November, when asked in Parliament, Sarah Jones said that she would ‘look at any suggestions that the BCSSS comes forward with’.
We’ve written to Sarah Jones again to ask for equal treatment for BCSSS members
Because of these statements, we decided to write to Sarah Jones again. In our second letter, we asked that members of BCSSS be treated equally to members of MPS. This would mean:
- The £2.3bn BCSSS investment reserve is transferred to members as soon as possible, and
- The Government commits to a review of how any future surplus is shared between members and the Government
We again asked for an in-person meeting to discuss how best to take these changes forward.
This is a political matter – changes to the Scheme rules can only be made by the Government. Sarah Jones has responded to correspondence from fellow MPs and to questions in Parliament on this subject. You may therefore wish to contact your MP about possible changes to BCSSS.
What happens next
We know how important this subject is to members. We’ll share any more information we have with you as soon as we can.