Since 1994, pensioners split any surplus funds 50:50 with the government. The report recommends that the Government is only entitled to a share of surpluses if the Scheme falls into deficit, and that the current arrangements deserved to be reviewed for a better outcome for pensioners. The Committee report also recommends the Government returns the £1.2bn it is due to receive from the Investment Reserve back to miners.

Despite an election pledge to change the scheme, the Government has not yet changed the scheme.

As the cost of living squeezes households, implementing these changes could help save pensioners from desperate poverty.

The Government must implement the recommendations of the BEIS Parliamentary Select Committee.