The UK government has pledged to give members of the Mineworkers’ Pension Scheme and the British Coal Staff Superannuation Scheme 100% of the surpluses generated by the pension funds, ending arrangements under which it was entitled to a share, ipe.com reported.
Delivering his first Budget as chancellor of the exchequer, John Healey announced that every penny of the pension fund surplus for the Mineworkers’ Pension Scheme (MPS) and the British Coal Staff Superannuation Scheme (BCSSS) would now go directly to miners. Healey acknowledged that further work remains, promising to ensure the full transfer of the guarantor’s fund.
Budget documents confirmed that the government will alter surplus-sharing arrangements so members receive the entirety of the returns. Officials will also work with scheme trustees toward the full transfer of the remaining Guarantor’s Fund.
UPDATE: John Healey confirms that mineworkers' pension schemes WILL see the full transfer of the surplus. "For ex mine workers, I'm guaranteeing that every penny of the pension fund surplus now goes to miners. I know the job's not done, and I will go on to ensure the full… https://t.co/P6YOFAMUwY”
The decision follows previous adjustments initiated under former chancellor Rachel Reeves, who announced last year that the government would return surplus assets to the BCSSS. That partial transfer involved the scheme’s Investment Reserve Fund, amounting to £1.97bn for distribution as additional pension benefits. The BCSSS held approximately £7.7bn in assets as of 31 March 2026.
The pension funds date back to 1947. Following the privatization of the coal industry in 1994, the government assumed the role of guarantor. Under those terms, the state became entitled to half of any generated surplus, though no payments have been made to the government since an agreement ended in 2015.
BUDGET: John Healey says ex-miners WILL receive the remaining sum of their pension fund #Budget2026
Parliamentary briefings show that between October 1994 and July 2024, the government received £4.8bn from the MPS and £3.1bn from the BCSSS. The BCSSS currently supports approximately 40,000 members, a figure that includes up to 5,000 women and widows of former miners.
A similar transfer was previously enacted for the MPS, releasing its Investment Reserve Fund to pensioners in a £1.5bn transaction that raised average weekly pensions for members by £29. The MPS Investment Reserve Fund was originally established in 1992 using scheme profits to buffer against potential deficits, with the money previously scheduled to return to the government in 2029.
| Pension Scheme | Assets / Previous Transfers | Membership Scale |
|---|---|---|
| Mineworkers’ Pension Scheme (MPS) | £1.5bn Investment Reserve Fund transfer (£29 weekly pension increase) | Established 1947 |
| British Coal Staff Superannuation Scheme (BCSSS) | £7.7bn in assets (March 2026); £1.97bn reserve transfer | ~40,000 members (including up to 5,000 women and widows) |
