14 May 2026
The MPS Trustees met with Chris McDonald MP, the Minister for Industry, on 30 April to discuss their proposals on surplus sharing in more detail.
The meeting was constructive but there is significant work to do over the next few months before an acceptable and fair agreement can hopefully be reached. The Minister and his team have committed to making as much time as needed to allow detailed discussions to take place.
As a reminder, in December last year, as part of the Government’s commitment to review what they described as the Scheme’s “unfair surplus sharing arrangements”, the Trustees submitted proposals to the Government asking them to:
- change the MPS rules so the bonus pensions awarded to members in 2024 and in future are protected, and cannot be taken away
- award members a new bonus pension in 2026, using the £1 billion of undistributed surplus currently locked up in the Scheme
- allow 100% of any future surpluses to be used to increase members’ pensions.
The Trustees also asked for a commitment to consider index-linking all bonus pensions as part of discussions around the 2026 valuation.
The Trustees have highlighted that MPS members have not received fair treatment. Members of the British Coal Staff Superannuation Scheme (BCSSS) recently received fully protected bonus pensions, but MPS members did not.
How you can help
If you support the Trustees’ proposals and want your 2024 bonus pension protected by a government guarantee, you may wish to write to the Minister for Industry, copying in your local MP.