Work Pension Claim Disappointment
Corries Solicitors Work Pension claims team are shocked and have reacted with disappointment following revelations that the government has taken over £10 billion of pension cash which could have helped retired coal miners and their families.
There are two schemes in place for former Mine workers and staff. The Mineworkers Pension Scheme (MPS) had 200,000 members and the British Coal Staff Superannuation Scheme (BCSSS) had 57,000 members. Both schemes were secured by the Government as Guarantors in 1994 when the remaining mines were privatised.
Since then the Schemes have produced surpluses which the government has taken. These include £5.9 billion taken directly from the schemes. In addition contribution holidays from 1987 to 94 have resulted in a saving. The third blow is that the Chancellor Phillip Hammond will take £51 million per year and to a total of £153 million between now and 2019.
This is a hammer blow for former mine workers throughout the UK.
The Labour MP Gloria De Piero is leading a 22 MP group demanding future windfalls to go to former miners and their families instead.
Corries Pension team adviser Dave Lamb commented
“We are very disappointed to see that the government is taking money which could otherwise help miners and their families.
Corries specialist work pension claims team have helped many miners who were badly advised about moving their pensions from these schemes. To find that those who kept in the schemes have been losing out because the government have raided their pension pots is very concerning and we are keeping a close eye on developments”
Have you worked in the mining industry. Did you move your pension to a personal private pension hoping for a better retirement?
Call our team now for a free no obligation chat on Freephone 0800 988 7997 to see if we can help you.
The Mirror article can be read here: