Decision about £2.3bn BCSSS reserve expected this autumn
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A Treasury decision on whether the government will transfer a £2.3bn investment reserve held for the British Coal Staff Superannuation Scheme is expected this autumn. The scheme will work with the team of Sarah Jones, minister in the Department for Energy Security and Net Zero, this summer to prepare for a possible transfer of the investment reserve.
The BCSSS trustees met with industry minister Sarah Jones on 22 July to discuss transferring the investment reserve of £2.3bn to the scheme. The trustees said the latest meeting with the DESNZ minister was positive and that she has made a recommendation about transferring the reserve to the Treasury. The decision now lies with the chief secretary to the Treasury, Darren Jones. The trustees expect a decision around the time of the Autumn Statement in late October.
The trustees have been demanding the transfer of the reserve at least since the Mineworkers’ Pension Scheme was handed over its £1.5bn reserve in October 2024. Labour had made handing over the MPS reserve to pensioners a manifesto pledge last year but at the time did not mention the BCSSS, a scheme for managerial and support staff in the coalmining industry.
Previously, Sarah Jones said: “I would not want to give the impression that this decision is waiting on the chief secretary to the Treasury to say yes. That is not the case. We have to go through the correct processes to get it over the line, because it was not in the manifesto; it is a different scheme, and we must go through the proper processes.”
On 21 July, the BCSSS trustees wrote to Darren Jones to tell him about a parliamentary event held in early July, at which trustees and members met over 50 MPs and their staff, hosted by Labour MP Grahame Morris. In the letter, they also asked Jones “to settle this issue once and for all by transferring the whole investment reserve to members”, according to the scheme.
The trustees plan to have further meetings with MPs and members this summer.
A parliamentary debate was held about the scheme on 11 June, secured by Reform MP and BCSSS member Lee Anderson. Unsurprisingly, Anderson argued strongly in favour of giving the reserve to the scheme and its 45,000 members.
Do you expect the scheme to receive the investment reserve?
