Hundreds of former mineworkers in the North East are set to receive increased retirement payments after the Chancellor confirmed she will release billions of pounds held in a coal industry pension reserve.

During Wednesday’s Budget Rachel Reeves announced the government will return the £2.3bn investment reserve held within the British Coal Staff Superannuation Scheme (BCSSS) back to its members.

The last deep mine in the Durham coalfield closed in 1993 (Image: SUBMIT)

The move follows sustained pressure from MPs who argued former pit staff had been unfairly denied money that was rightfully theirs.

The Chancellor told the Commons: “I will transfer the investment reserve fund of the BCSSS to its members so that the men and women who worked in our coal industry get a fair deal in their r

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