Over 112,000 pensioners across the UK will see a significant increase in their weekly pensions starting today, with each recipient expected to receive an average rise of £29 per week. The announcement came from the Government, which highlighted its commitment to rectifying a longstanding “historic injustice” that has affected former mineworkers and their dependents. The substantial increase in pensions follows a £1.5 billion transfer to the Mineworkers’ Pension Scheme that was executed by the Government last month.
Energy Secretary Ed Miliband expressed the Government’s fulfilment of its promise to address the issue and return the rightful funds to ex-miners and their families. Miliband stated that the move marked the end of a prolonged era of injustice that has deprived thousands of individuals of the decent pension they deserve. The additional funds are expected to provide long-awaited relief and financial security to the beneficiaries who have been waiting for this correction for a significant period.
The trustees of the Mineworkers’ Pension Scheme acknowledged the significance of this development, labelling it as a historic milestone for scheme members. They commended the Government for swiftly taking action to honour its manifesto commitment and recognised the dedicated efforts of the scheme’s supporting team in making this progress possible. The initial pension instalments resulting from the recent investment reserve transfer are now being disbursed, signifying a crucial step towards addressing the inadequacies in the pension scheme and providing overdue support to retired mineworkers and their families.
The increase in pensions for these former mineworkers represents a substantial boost, averaging a 32% rise in annual pensions for the 112,000 individuals impacted by this rectification. The financial injection is poised to make a tangible difference in the lives of pensioners who have faced financial struggles due to the historical discrepancies in the pension scheme. The Government’s commitment to righting this wrong and ensuring that ex-miners receive the pension they are entitled to underscores a significant victory for pensioners who have been advocating for fair treatment and adequate financial support.
With the additional funds now being dispersed to eligible pensioners, many individuals and their families will finally receive the financial security and stability they have long been denied. The long-overdue pension increase marks a crucial step towards rectifying past injustices and providing essential support to retired mineworkers who have dedicated their lives to the mining industry. As these pensioners begin to receive their revised pension amounts, they can take solace in the fact that the Government has honoured its commitment to addressing the systemic issues that have plagued the pension scheme for years.