Jessica O'ConnorThe Chancellor used the Budget to announce a change to the long-running British Coal Staff Superannuation Scheme, confirming that its Investment Reserve Fund will be handed directly to scheme members.
She told MPs: “I will transfer the Investment Reserve Fund of the British Coal Staff Superannuation Scheme to its members.”
The scheme, established at privatisation, has historically shared surplus arrangements with the Government.
The transfer marks a shift in how those reserves are managed and is intended to ensure members receive the full benefit of the fund.
