MORE than 100,000 former mineworkers will receive £1.5 billion of money kept from their pensions following the privatisation of British Coal in 1994.

Chancellor Rachel Reeves announced on Wednesday that the government will overturn a “historic injustice” by relinquishing any claim on the Mineworkers Pension Scheme (MPS) Investment Reserve Fund.

This means a 32 per cent increase to the annual pensions of 112,000 former mineworkers, an average increase of £29 per week for each member.