Commons Sense

House of Commons · General Debate

United Kingdom Atomic Energy Authority Pension Transfers (Parliamentary And Health Service Ombudsman Investigation)

21 July 2021 · 1 other contributor

Opened by David Johnston Con Wantage

NHS

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

David Johnston raised concerns about united kingdom atomic energy authority pension transfers (parliamentary and health service ombudsman investigation) in the House of Commons. Other MPs contributed to the debate.

Key points

  • The Bill seeks to enable the Parliamentary and Health Service Ombudsman to investigate advice provided by the Secretary of State and Government Actuary on pension transfers from UK Atomic Energy Authority schemes to AEA Technology.
  • In 1996, AEA Technology employees were informed they could transfer their pensions under a time-limited offer with the same benefits, but in 2012, the company's pension scheme was transferred to the Pension Protection Fund, leaving some pensioners worse off.
  • The Government Actuary's Department initially drafted guidance that was modified at AEA Technology's request to encourage pension transfers without fully assessing the associated risks.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

David Johnston Con Wantage

The Bill aims to allow the Parliamentary and Health Service Ombudsman to investigate advice given by the Secretary of State and Government Actuary regarding pension transfers from UK Atomic Energy Authority schemes to AEA Technology. In 1996, when AEA Technology was privatised, employees were told they could transfer their pensions under a time-limited offer with identical benefits. However, in 2012, the company went into pre-pack administration and pensions were transferred to the Pension Protection Fund, leaving many pensioners worse off by up to 50%. The Government Actuary's Department drafted guidance that was altered at AEA Technology's request to encourage transfers without assessing risks. Despite writing to the ombudsman, Members could not obtain redress due to the lack of investigation remit.

Other contributors (1)
  • Eleanor Laing

    Acknowledged the hon. Member for Wantage (David Johnston) for presenting the Bill and commended him for reading out a list of supporters from memory.

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