Budget 26: Full surplus of Mineworkers' Pension Scheme to be paid to members

Surplus transfer commitment

Chancellor John Healey used his Autumn Budget speech on 28 October 2026 to guarantee that every penny of the remaining surplus in the Mineworkers' Pension Scheme will be paid to members. Healey committed the government to the full transfer of the Guarantor's Fund, estimated at around £1.2bn. The Budget documents confirmed that the government is ending the existing 50-50 surplus sharing arrangements in the Mineworkers' Pension Scheme and the British Coal Staff Superannuation Scheme so that members receive 100% of surpluses generated by scheme performance. The pledge follows last-minute concerns from MPs that the government might alter its approach, and builds on previous transfers made under the prior administration.