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And it would have been rough justice had the Iron not left Gigg Lane with a victory.
They were the dominant team for most of the game and it was hard to believe both clubs were third division play-off semi-final losers last May.
When Peter Beagrie unleashed a magnificent long-range shot after 65 minutes the visitors led 3-1 and looked capable of winning by a wider margin.
However the Shakers, who have now lost their opening three league and cup matches, rallied well, sparked off by Preece's 75th minute strike.
Steve Torpey scored for the first time after 39 minutes after a pull back back from strike partner Paul Hayes, only to see Bury's teenage striker Chris Porter grab a 45th minute equaliser with his first ever senior goal.
But Torpey restored Scunthorpe's lead four minutes later, coming on the blind side of his markers to turn in a shot from midfielder Matty Sparrow, while Beags cut inside to net number three from outside the area in what was the goal of the game.
Torps did have the ball in the back of the net two minutes before time, but his effort was ruled out by the linesman.