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The National Union of Mineworkers will never stop fighting
‘Legalised theft’ from miners’ pension funds is just one of the issues on which the NUM is campaigning, says general secretary CHRIS KITCHEN
Police violence during the miners' strike

SINCE the coal industry was privatised in 1994, successive governments have creamed off £7 billion in surpluses accrued by the two pension schemes covering workers in the industry.

When the remains of the coal industry were privatised, an agreement was struck with the government under which it would underwrite any future losses. In return the pension funds had to share any surpluses the funds accrued 50-50 with the government.

At the time that this arrangement was entered into by the pension fund trustees it was thought by the government of the day that this would be a good deal as it could expect to receive £2bn from the pension schemes over the first 25 years.

Liberation webinar, 30 November2024, 6pm (UK)
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