17 July 2026
The MPS Trustees met with Chris McDonald, the Minister for Industry, again on 13 July to further discuss their proposals on surplus sharing.
The meeting was constructive with the Minister and Trustees committing to work on the details over the summer.
As a reminder, in December last year, as part of the Government’s commitment to review what they described as the Scheme’s “unfair surplus sharing arrangements”, the Trustees submitted proposals to the Government asking them to:
- change the MPS rules so the bonus pensions awarded to members in 2024 and in future are protected, and cannot be taken away
- award members a new bonus pension in 2026, using the £1 billion of undistributed surplus currently locked up in the Scheme
- allow 100% of any future surpluses to be used to increase members’ pensions.
The Trustees also asked for a commitment to consider index-linking all bonus pensions as part of discussions around the 2026 valuation.
The Trustees have highlighted that MPS members have not received fair treatment. Members of the British Coal Staff Superannuation Scheme (BCSSS) recently received fully protected bonus pensions, but MPS members did not.
We will keep members updated as soon as there is further news to share.