Mineworkers’ Pension Scheme
The Mineworkers’ Pension Scheme (MPS) is a critical pension fund established to provide retirement benefits to employees of the British coal mining industry. This defined benefit scheme delivers pensions based on the final salary and years of service of its members, aiming to ensure financial security for miners after their retirement. The MPS is particularly notable for its historical significance and the role it has played in supporting generations of coal miners and their families. The fund is managed through a partnership arrangement between the government and the trustees representing the scheme members. This partnership ensures that both investment risks and benefits are shared, aiming to preserve the fund’s sustainability while providing fair pension benefits. Over the years, the MPS has had to navigate various challenges, including the decline of the coal industry and changes in pension regulations. Despite these challenges, it remains a vital source of support for many former miners, reflecting the enduring legacy of the mining community in the UK.
