Member

161: After Clause 117, insert the following new Clause— “Review: AEA pension scheme(1) The Secretary of State must, within three months of the day on which this Act is passed, commission an independent review into—(a) the pension losses incurred by former employees of AEA Technology who transferred their accrued pension benefits out of the UK Atomic Energy Authority (UKAEA) public service scheme to AEA Technology (AEAT) on privatisation in 1996;(b) the financial losses suffered when AEA Technology went into administration in 2012 and the pension scheme entered the Pension Protection Fund (PPF). (2) The review must examine—(a) the extent and causes of pension losses incurred by affected individuals,(b) the role of Government policy and representations in the transfer of pensions during the privatisation of AEA Technology,(c) the adequacy of safeguards provided at the time of privatisation,(d) potential mechanisms for redress or compensation, and(e) the estimated financial cost of any such mechanisms.(3) The review must provide adequate mechanisms for redress and compensation for affected individuals and their dependents—(a) in line with the Third Report of Session 2023-2024, of the House of Commons Work and Pensions Committee;(b) in line with the Fifty-Seventh Report of Session 2022-23, of the Committee of Public Accounts; or alternative redress and compensation that may be developed through the process outlined under subsection (2).(4) The review must be—(a) conducted by an independent panel appointed by the Secretary of State, with relevant expertise in pensions, public policy, and administrative justice, and(b) transparent and consultative, including engagement with affected pensioners and their representatives.(5) The panel must report its findings and recommendations to the Secretary of State and lay a copy of its final report before Parliament within three months of its establishment.(6) The Secretary of State must, within three months of the publication of the report under subsection (5), lay before both Houses of Parliament a statement setting out the Secretary of State’s response to the report.”Member’s explanatory statement This amendment seeks to require the Secretary of State to commission an independent review into the pension losses incurred by former employees of AEA Technology.