M
Member
Speaking in the House of Lords on 23 February 2026
Debate
Pension Schemes BillContribution
In addition to the GAD note issued in November 1996, the Treasury seemingly retained around half of the pension value transferred in 1997. The new private company failed in 2012 and entered the PPF in 2016. Since most of the pensioners’ contributions were before 1997, they have received no inflation increase for that time, reducing their pensions to about 50% of what they had paid for.
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