13 February 2026
The Minister for Industry, Chris McDonald MP, has committed to work with your Trustees on proposals that would improve members' pensions. He has agreed to meet with the Trustees again in the coming months to reach an agreement.
The Minister made this commitment following a meeting with the Trustees on 4 February.
After the meeting with the Minister, the Trustees also met with members of the Labour Coalfield Group of MPs, who pledged their support for the proposals.
What your Trustees are asking for
In December, 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. During the meeting, the Trustees expressed disappointment that the Government had yet to announce the outcome of its review of surplus sharing in the MPS. This review was a manifesto commitment.
Trustees also highlighted that MPS members have not received fair treatment. Members of the British Coal Staff Superannuation Scheme (BCSSS) recently received ‘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.