A GWENT AM has slammed news that 50 per cent of profits made from miner’s pensions will continue to go to the UK Government.
The Mineworker’s Pension Scheme was set up in 1994 with an arrangement that 50 per cent of profits would go the government. But the scheme has fared far better than anticipated, and has since made £3,356 million for the government, money which many say should have gone to scheme members.
Earlier this year South Wales East AM Steffan Lewis wrote to chancellor Philip Hammond calling for a review, but treasury secretary Elizabeth Truss has now confirmed the arrangement will remain in place.
In a letter to Mr Lewis the Conservative MP said profits made from the scheme “represent reasonable recompense” for investments into the industry.
Mr Lewis said: “I’m calling on MPs to seek to force a change of this minority Tory government in London when they present their budget later this year.
“Let’s use the arithmetic in the UK Parliament to finally deliver an end to the great miners’ pensions robbery.”