An historic injustice has been reversed as 270 mineworkers and their families in Torfaen finally have the Investment Reserve from their pension scheme transferred to them, boosting their pensions by an average of 32 per cent.

Nick Thomas-Symonds has joined the Secretary of State for Wales Jo Stevens in paying tribute to the “mineworkers who powered our country” and the campaigners who fought for justice over many years.

It is an issue that Mr Thomas-Symonds, alongside his colleagues who represent coalfield communities, have pushed for under previous Conservative Governments.

Former mineworkers and their families have fought for justice for many years. In a landmark decision, the fund – now worth £1.5 billion – will be handed over to the pension scheme, ensuring former pit workers who powered the country for decades finally get the just rewards from their labour.

When British Coal was privatised in 1994, the government also agreed to take half of any profits generated by the pension scheme, in return for a guarantee that pensions would increase in line with inflation. The scheme has continued to produce strong returns and the government has never paid any funds into it.

Therefore, the government is also delivering on its commitment to review this agreement to ensure former miners and their families get a fairer deal in the years ahead, with next steps set out in the coming months.

270 former mineworkers in Torfaen will receive an immediate uplift in their weekly pension, overturning an historic injustice and ensuring fair payouts for years to come.

Following the announcement in the Autumn Budget, Energy Secretary Ed Miliband confirmed that the move will mean a 32 per cent boost to the annual pensions of 112,000 former mineworkers across the UK – an average increase of £29 per week for each member.

Welcoming the announcement, Nick Thomas-Symonds said: “It is a national scandal that former miners in Torfaen have had to fight for so long for the pension settlement they deserve, and it is something that I have been fighting for since I was first elected as MP.

“I am incredibly proud that this Labour Government has ended this injustice and delivers what is rightfully owed back to mining families. This is a victory for the relentless campaigning of the trustees, members, and coalfield communities here in Torfaen.”

The Secretary of State for Wales, Jo Stevens:

“We owe the mining communities who powered Wales and the whole of Britain a debt of gratitude.

“For decades, it has been a scandal that the government has taken money that could have been passed to the miners and their families.

“Now that scandal ends, and the money is rightfully transferred to Welsh miners.”