I am very pleased that the Government has agreed to pay the surplus in this pension scheme to members. Well done Mark Walker and the investment team who have kept the coal workers invested in growth (mainly in equities). This is a great victory for a long-term view on pensions, unconstrained by the liability driven approach elsewhere.

Here is the good news from BCSSS…

Here is what members of the British Coal Staff Superannuation Scheme are being told

26 November 2025

We are delighted to announce that the Government has agreed to transfer the whole BCSSS investment reserve to members.

Today’s decision means that BCSSS members will be treated in the same way as members of the Mineworkers’ Pension Scheme, whose investment reserve was transferred to members last year.

The Government has approved a new bonus pension equal to 41% of your guaranteed pension, backdated to 1 November 2024. Like your existing bonuses, this new bonus pension will remain fixed and will not increase in future. This percentage is lower than the Trustees initially proposed because the Government decided to take a more cautious approach.

Importantly, the transfer of the full reserve represents a significant milestone and paves the way for discussions about surplus sharing next year.

The Trustees would like to thank the thousands of members who supported this successful campaign. Without your support, this result would not have been possible.

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If you are already taking your pension

We’re working to add your new bonus pension to your monthly payments from 23 December 2025. However, due to tight timescales we cannot confirm this date yet. We’ll confirm the date your new bonus pension will be paid from as soon as we can.

We’re backdating the new bonus pension to 1 November 2024 so that BCSSS members are treated equally to those of the Mineworkers’ Pension Scheme, who received their bonus in November 2024. This means that if we’re able to process everything in time for the December payroll, you’ll receive a lump sum on 23 December covering the backdated period.

For members who have sadly passed away since 1 November 2024, the bonus pension they were entitled to will be paid to their estate. These payments will be made during 2026.

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If you haven’t started taking your pension yet

You’ll still receive a new bonus pension equal to 41% of your guaranteed pension, payable from when you retire.

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What happens next

We’ll be writing to all pensioner members shortly with details of your individual pension increase and lump sum amount. If you’re not yet drawing your pension, you’ll receive a benefit statement in 2026 with details of your new bonus pension.

The Trustees were only formally notified of the Government’s decision within the last 24 hours. While we had planned for this outcome, it will take several weeks to process and send out individual information. We appreciate your patience. Our priority is ensuring your new bonus pension and backdated payment reach you before Christmas.

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A roaring silence from the press

Well done IPE for covering this but boy has there been silence elsewhere!

The truth is that good news does not sell newspapers or capture digital attention that sells advertising.

But the truth for the coal staff could be the truth for millions of British workers when we move to a pension system where people are invested in growth till the day they die and the day their spouses die.

I will be using this as an argument for CDC to those who argue that we cannot do better than the limp outcomes of DC today. I will be reminding them that by investing in growth, BCSS has and will make coal workers happy in their latter days.