Derbyshire County Council’s leader highlighted how retired miners are still waiting on more than £1bn to be released from the locked mineworkers’ pension fund as the Labour Government hopes to strike a payout deal within weeks.

Government Chancellor John Healey told the House of Commons during the autumn budget announcement on October 28 that work was under way to release the Mineworkers’ Pension Scheme (MPS) Guarantor’s Fund to former miners.

But after Labour MPs, Reform UK Derbyshire County Council Leader Alan Graves, and scheme trustees raised concerns that a final settlement would not be reached in the budget and miners were still waiting for a full payout, the Chancellor said he would like to strike a deal that would release the remaining pension funds in weeks, not months.

Cllr Graves said: “Our miners are still waiting for the £1.2bn that is rightfully theirs.

Reform UK Derbyshire County Council Leader, Cllr Alan Graves. Courtesy Of DCC.

placeholder image — Reform UK Derbyshire County Council Leader, Cllr Alan Graves. Courtesy Of DCC.

“Derbyshire works hard. It deserves a Government that backs it. Reform UK will.”

The Reform UK Party stated that if the current Labour Government fails to settle the MPS before Christmas, Reform will do so within its first 100 days of power if elected into Government.

Reform also accused the Chancellor of failing to set a clear and unambiguous timetable in the budget.

Mr Healey pledged in the budget the full transfer of the Guarantor’s Fund, believed to be worth £1.2bn, and promised to ensure pensions continue to rise for former miners instead of being subject to a ‘standstill arrangement’ but no timeline for a final settlement was announced.

Pictured is Amber Valley Labour MP Linsey Farnsworth. Taken by BBC LDR Jon Cooper.

The money is locked up in the MPS which was closed to new members when the British Coal Board was privatised in 1994.

The Government at the time promised that the value of the fund would not decrease, but only half of any surplus from the investments would go towards pension bonuses and the remaining half would be taken by the Government.

However, at the budget, Mr Healey announced an end to the plan to split the investment surplus so MPS members will be able to use all of the surpluses generated from the performance of their schemes in the future to increase their pensions.

Reform UK Treasury spokesperson Robert Jenrick and Reform UK Chairperson Lee Anderson said in a joint statement: “Enough is enough. Miners and their families have waited too long.

Reform UK Party Chairperson Lee Anderson, Left, And Reform UK Party Treasury Spokesperson Robert Jenrick, Second Right) And Others Calling For The Miners' Pension Fund Payout. Courtesy Of Reform UK.

“Tragically, 18 ex-miners die every day without the fair resolution of this matter they deserve. The members must now be paid by Christmas.”

Labour Amber Valley MP Linsey Farnsworth, whose poorly father worked as a miner, told ministers that if a final settlement is not reached soon more miners will die without receiving their deserved pension fund payout.

Mr Healey told the Commons during the budget that ‘work is under way’ to release the Mineworkers’ Pension Scheme Guarantor’s Fund to former miners but scheme trustees and others have urged the Chancellor to find a faster way to release the money.

Labour MPs demanded an update saying the undistributed surplus funds belong to the miners and the Government should release these funds.