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United Kingdom Atomic Energy Authority Pension Transfers (Parliamentary And Health Service Ombudsman Investigation)
21 July 2021
Lead MP
David Johnston
Debate Type
General Debate
Tags
EconomyTaxationEmployment
Other Contributors: 1
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.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
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.
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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Assessment & feedback
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