THE scale of the Treasury windfall from the miners' pension fund surpluses shocked many miners, ex-miners and their families in the North West when it emerged last year. But the rake-off goes on -- in the last year alone another £1billion has been earmarked for the Treasury. That adds up to around £5billion so far.
The Treasury gets this money because of a 1994 agreement brokered by the previous Conservative government -- that in exchange for guaranteeing pension increases in line with inflation, the Treasury could take up to 50 per cent of any surpluses.
This is far too much when the risk is so small and many retired miners and their widows continue to exist on the edges of poverty. We have just had four years of Labour government and nothing has yet been done to address this injustice.
Back in 1999, we launched a campaign to return these surpluses to where they rightfully belong -- to miners and their families. If you are one of the 500,000 members of the coal industry schemes your help is needed once again to bring pressure to bear. Most coalfield MPs already support this campaign but you can help strengthen their resolve by dropping them a line.
COUN TERRY O'NEILL,
chairman, Coalfield Communities Campaign, Miners's Pension
Campaign Committee, Regent Street, Barnsley.
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