AN MP has called on Government to pay former point of Ayre miners their fair share from the pension scheme.

The Mineworkers’ Pension Scheme (MPS) is one of the largest pension schemes in the UK, providing benefits for almost 178,000 Scheme members.

David Hanson, MP for Delyn, spoke during an Adjournment Debate in the House of Commons on the pension scheme and called on UK Government to give former workers what they are owed.

He said: "The attitude towards people who used to work in the Point of Ayr colliery is despicable. The people who toiled in one of the hardest jobs that has ever existed deserve a comfortable retirement.

"For the UK Government to pocket £4.4bn of equity that has been accrued through the pension scheme and give none, not a single penny, back to the miners who are on the scheme flies in the face of justice."

In 1994, the Trustees were able to secure a Government Guarantee which means that their benefits are secure. Since then, the Guarantee has allowed the Trustees to take an investment approach that has helped generate bonuses to increase scheme holders benefits.

During the 1994 privatisation discussions, arrangements were put in place whereby the Government guaranteed that the members of the MPS would always receive the benefits they had earned to that date and that, in future, those benefits would rise annually in line with inflation. These arrangements included the provision that 50 per cent of any surplus in the fund at future valuations would be used to increase members’ benefits with the other 50 per cent being paid to the Government.

Over the years, the Guarantee has enabled the Trustees to adopt an investment strategy that targeted high returns. The investments have generally been successful in generating excellent returns which has resulted in surpluses at some of the actuarial valuations.

These surpluses have allowed the Trustees to award extra benefits to members, usually in the form of bonus pensions. As a result, the typical member’s pension today is around 33 per cent higher in real terms than it would have been had they received only their actual earned pension up to privatisation. The high investment returns have also benefited the Government, via their 50 per cent share of surpluses which are paid out over a ten year period.

However, the UK Government has been skimming off the returns that have been made from the scheme and not giving them back to our miners. Currently, a retired miner can earn £59 benefit from the scheme, whilst the UK Government is gaining £4.4bn.

Mr Hanson added: "The Government tried to argued that skimming off this money was fair as it was used to fund other public spending requirements for pensioners. However, the Minister wasn’t so keen to talk about them trying to scrap the free TV licence for over 75s or their attempts to undermine the free bus and train pass for pensioners.

"The Government are doing wrong by some of the hardest working people I know and they need to do the right thing and give miners their fair share."