British Coal Pension Scheme
The British Coal pension schemes, namely the Mineworkers’ Pension Scheme (MPS) and the British Coal Staff Superannuation Scheme (BCSSS), were established to provide retirement benefits to employees of the British coal industry, which has played a critical role in the UK’s industrial history. These schemes are defined benefit plans, ensuring members receive a pension based on their salary and years of service. Following the privatisation of British Coal in the 1990s, these pension schemes have been managed jointly by the government and trustees representing the beneficiaries. This partnership arrangement involves sharing both investment risks and surpluses, aiming to safeguard the pensions against market fluctuations while securing a stable income for retirees. Despite the decline of the coal industry, these pension schemes continue to support thousands of former workers and their families, reflecting a commitment to the long-term welfare of those who served in one of Britain’s key industrial sectors.
Have you transferred out of the British Coal Staff pension, British Coal Staff Superannuation Scheme (BCSSS), or the Mineworkers’ Pension Scheme (MPS)?
Formed back in the 1940s when the UK was still very much reliant on coal as a source of energy, British Coal later collapsed during the 90s with a large number of workers in its pension scheme who, to this day, are still benefitting from the highly secure scheme. The BCSSS is one of the largest occupational pension schemes in the UK providing benefits to over 45,000 pensioners. There are very few circumstances where anyone should transfer funds out of a dependable pension with benefits like this.
Transferring from a British Coal pension comes with all sorts of risks. In some instances, individuals were contacted by financial advisors and third parties and given advice to transfer out, even though the scheme has a guaranteed income in retirement. This was not in the best interest of the individual.
When a pension is transferred and the outcome isn’t any better than it would have been if left alone, then this is likely to be a case of a mis-sold pension. If you believe that you have been mis-sold a pension, then we can look into your situation to see if this is the case.
Give us a call today and have an informal and no-obligation chat with one of our experts about how to proceed with your compensation claim. Our fees are very reasonable in comparison to other solicitors (because we don’t buy in data or use call centres) and you only have to pay them once you have received your money redress, and only if you are happy with our service.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
