UK - Trustees of the British Coal Staff Superannuation Scheme are taking legal advice on how to resolve a dispute over a funding surplus.
The trustees are looking at options within the law to bypass Inland Revenue rules on preventing people having a pension greater than two-thirds of their final salary after inflation.
British Coal Staff Superannuation Scheme’s chief executive David Morgan confirmed: “The trustees are seeking legal advice on how to resolve the situation so that it is fair to our members.”
The scheme has a surplus of £1.1bn, half of which has gone to the Treasury with the other half going to the pension fund members, according to an agreement made in 1994.
Inland Revenue rules prevent the 13% of the miners who made full contributions to the British Coal scheme from receiving any of the surplus on top of a pension that may only amount to £7200 per annum.
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