A LOCAL MP has said it is a "victory" for miners across the area to finally get the pensions they deserve.

Last week, the government announced moves to overturn an “historic injustice” involving the pensions of former mineworkers.

Ministers said more than 100,000 former mineworkers will receive £1.5 billion of money kept from their pensions.

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The investment reserve fund was set up using profits from the scheme in 1992, to provide a buffer in case the Mineworkers’ Pension Scheme went into deficit.

This money was due to be returned to government in 2029.

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.

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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 across Ayrshire and beyond get a fairer deal in the years ahead, with next steps set out in the coming months.

Welcoming the news, Lillian Jones, MP for Kilmarnock and Loudoun, said: “It is a national scandal that former miners in Kilmarnock and Loudoun have had to fight for so long for the pension settlement they deserve.

“Yesterday, Labour 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 Kilmarnock and Loudoun.”