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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.
Assessment & feedback
Summary accuracy

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