In the Autumn Budget, Chancellor, Rachel Reeves, has committed to keeping Labour's promise to the Mineworkers' Pension Scheme (MPS) members, delivering a 32 per cent boost to the annual pensions of 112,000 former mineworkers.

Labour previously said it would "look to end the injustice" of the MPS, confirming its intent to review the "unfair" surplus arrangements and transfer the Investment Reserve Fund back to members.

It also said that the trustees of MPS have been engaged on this and, since 2021, have continued to fully support the recommendations.

"In our manifesto, we promised to transfer the Investment Reserve Fund in the MPS to members. I have listened closely to my honourable friends...on this issue," Reeves said.

"Today we are keeping our promise so that working people who have powered our country receive the pay of their pension that they are owed."

Commenting on the announcement, the National Union of Mineworkers (NUM) said the Labour Party "recognised the injustice of the MPS arrangements and pledged to put it right if elected into government" and said it has "honoured that commitment".

The NUM added that it "welcomed" the announcement and the increase it will provide to members' pensions, but said it will "now need to work with the government to review the current unfair Surplus Sharing arrangement".

Following the announcement in the budget, energy secretary, Ed Miliband, confirmed that this move will mean a 32 per cent boost to the annual pensions of 112,000 former mineworkers, an average increase of £29 per week for each member.

The trustees are responsible for deciding how the £1.5bn fund is distributed amongst their members and are now "working at speed" to deliver the bonus into pension pay packets from November this year.

The government confirmed that it will deliver on its commitment to review this agreement to ensure former miners and their families get a fairer deal in the years ahead, with next steps set out in the coming months.

Miliband said: "We owe the mining communities who powered this country a debt of gratitude. For decades, it has been a scandal that the government has taken money that could have been passed to the miners and their families.

"Today, that scandal ends, and the money is rightfully transferred to the miners. I pay tribute to the campaigners who have fought for justice- today is their victory."

MPS chair of the trustees, Gary Saunders, added: "As a trustee board we are delighted we will be able to put more money in our members’ pockets.

"We are also grateful to the many members and MPs who have shown support of the scheme on this matter over the years."

Adding to this, pensioner representative trustee for the North East of England and overseas members, Allen Young, said the government’s decision to "make good" on this part of its manifesto commitment in respect of the scheme was a "very positive development" for its members.

"The trustees will use the Investment Reserve to increase our members’ pensions and we will be writing to all members with the good news very shortly," he added.

MPS, one of the largest defined benefit pension schemes in the UK, was closed to future accrual in 1994 on the privatisation of the coal industry, meaning all active members became deferred members.​

It has around 7,000 deferred members and 110,000 pensioners in payment and each year pays out around £700m to former mineworkers and their beneficiaries.

The Investment Reserve Fund was set up using profits from the scheme in 1992, to provide a buffer in case the MPS went into deficit. This money was due to be returned to the government in 2029.

Reeves also confirmed that the state pension will rise by 4.1 per cent by 2026, to match the average earnings element of the triple lock.

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