As part of it’s election manifesto launch, Labour pledged to ‘end the injustice’ of the Mineworkers' Pension Scheme.
The party has also committed to reviewing the ‘unfair surplus arrangements’ and returning the investment reserve fund to the scheme's members.
A spokesperson for the party said this was aimed at ‘ensuring the hardworking mineworkers who powered our country receive a fairer pension’.
For decades now, mining campaigners have claimed former miners and their families have been robbed of billions by successive Governments and called for a fair share of the pension pot.
When mineworkers and their families signed up to the pension scheme in 1994, Mick Newton, a former Thorseby miner, said they were told by ministers that ‘no more than £2 billion’ was needed from the pot to guarantee its future.
Their plight was subsequently supported by a Parliamentary Inquiry, but, to date, no action has been taken.
Mick added: “This announcement is a massive step forward for former mineworkers, widows, and mining communities, and we couldn't be more delighted.
"Pensions are savings and deferred wages.
“No Government should profit from occupational or workplace pensions.
“We should remember that mineworkers worked in hazardous life threatening conditions and many lost their lives while trying to earn a living.
“It's been a long, hard, and at times a difficult struggle over the past 30 years, but we are now in sight of the finish line and I'm overwhelmingly thankful for all those that have played a part in this epic struggle.
“I'm so pleased that thousands of former mineworkers, widows, and their families may at long last see justice and benefit from long-awaited improvements to their pensions.
“However, we do need to reflect upon all those who have lost their lives and didn't get to see this historic injustice rectified.
“We look forward to sitting down with MPs in the near future to negotiate a way forward to the benefit of all members of the Mineworkers’ Pension Scheme.
“We need to remember that successive governments have taken our jobs, our health, our communities, and our pensions.”