Governments have previously taken billions from the pension pot covering former miners
The Chancellor has promised in Parliament that billions of pounds will be handed back to ex-miners as she paid tribute to "the working people who powered our country." Former colliery workers in coalfield communities like Nottinghamshire have had billions taken out of their pension pot by successive governments since it was privatised in 1994.
Members of the scheme were told no more than £2 billion was needed to help shore up the pot for the future, but successive governments have received over £4 billion in cash payments so far. Four funds make up the mineworkers' pension scheme and Labour pledged in its manifesto to give back the £1.6 billion investment reserve fund.
"Today, we are keeping our promise, so that working people who powered our country receive the fair pension that they are owed." Alongside the Investment Reserve Fund pledge, one campaigner says he understands the government will also hand back £600 million from the government guarantee fund, with both pledges equating to £2.2 billion.
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