Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what data they hold on the number of years on the National Insurance records of all UK residents and citizens and what assessment they have made of the potential cost savings that would be incurred by increasing the number of qualifying years for a full state pension from 35 to 48.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The Department holds information on individuals' National Insurance contribution records, including qualifying years relevant to State Pension entitlement. DWP has made no assessment of the savings arising from increasing the number of qualifying years required for a full State Pension from 35 to 48.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what assessment it has made of the savings to the Treasury over the next 10 years of (1) dropping the 2.5 per cent element of the triple lock on pensions, and (2) only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
An assessment of dropping the 2.5% element of the Triple lock on pensions and only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices, would incur disproportionate cost.
The Office for Budget Responsibility assume long-term annual growth rates for the following economic determinants: Consumer Price Index (2.0%), Average Earnings (3.75%) and ‘Triple Lock’ (4.31%).
Source: OBR Long-term economic determinants - March 2026 Economic and Fiscal Outlook
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government, further to the Written Answer by the Minister of State for Social Security and Disability on 17 March (HC119129), which issues were investigated by (1) the Pensions Ombudsman, and (2) the Parliamentary and Health Service Ombudsman, in connection with the AEA Technology pension scheme when it was transferred from the public to private sector.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The Pensions Ombudsman investigated a complaint determined in January 2015 concerning the conduct of the trustee of the AEA Technology Pension Scheme (reference PO-4816 can be found on The Pension Ombudsman website).
In its role as the Pension Protection Fund (PPF) Ombudsman, The Pensions Ombudsman considered two references of reviewable matters concerning the PPF and AEA Technology. Both cases are in the public domain and can be found on The Pensions Ombudsman website. The first (reference PPFO-2915), in June 2014, and the second (reference CAS-53012-H6M5), in December 2021.
The Parliamentary and Health Service Ombudsman investigated complaints about a factsheet produced by the Department for Work and Pensions in response to enquiries from members of the AEA Technology Pension Scheme.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what protections and rights of appeal are available to public sector pension scheme members who suffer avoidable losses due to incomplete Government Actuary department information when transferring accrued rights to the private sector.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
Actuaries providing information in relation to pension transfers are bound to uphold standards and codes of conduct set out by the Institute and Faculty of Actuaries, the professional body for actuaries, and the Financial Reporting Council, the oversight body for the actuarial profession. Both organisations can investigate complaints against individual actuaries (but not organisations) and have established complaints and disciplinary processes.
Where a pension scheme trustee, sponsoring employer or member believes they have suffered a loss as a result of incomplete actuarial information, redress would normally be sought through the courts under professional negligence or breach of contract.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government which regulatory body oversees the actuarial profession in connection with advice to members, trustees and sponsors of Defined Benefit pension schemes and what mechanism there is for compensation for schemes or members who lose out as a result of negligent advice or failure to warn of all material risks to the pension scheme or its members.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The actuarial profession is regulated by the Institute and Faculty of Actuaries (IFoA) which is the relevant professional body. It is possible to raise a concern or complaint relating to an individual member of the IFoA directly to the IFoA.
The Actuaries’ Code is the ethical Code of Conduct to which all IFoA members must adhere. Failure by a member to comply with the ethical requirements set out in the Code may lead to disciplinary proceedings under the IFoA’s Disciplinary Scheme.
The Financial Reporting Council (FRC) is the oversight body for the actuarial profession, and this provides a further route for complaints about professional standards and conduct.
Where a pension scheme trustee, sponsoring employer or member believes they have suffered a loss as a result of negligent actuarial advice, redress would normally be sought through the courts under professional negligence or breach of contract.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what progress they have made in (1) meeting, and (2) addressing the problems facing, the AEA Technology pension scheme members who have lost their final salary inflation uplifts and part of their pensions.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
Minister for Pensions met with Viscount Thurso on 15 June to discuss AEA Technology as per the commitment made during the passage of the Pensions Schemes Act 2026.
We recognise the very real challenges that AEAT pension scheme members have faced given the insolvency of their employer and their entry into the Pension Protection Fund.
The Pension Schemes Act 2026 provides for annual increases on compensation payments from the Pension Protection Fund that relate to pensions built up before 6 April 1997, where schemes provided for this.
AEA Technology pension scheme members with pre-97 accrual will benefit from this change.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what assessment they have made of the consistency of current policy to count the Pension Protection Fund (PPF) reserves towards the Public Sector Net Fiscal Liability with the statutory purposes of the Pensions Act 2004; and whether they have sought legal advice on whether treating PPF assets as part of the public sector balance sheet for fiscal rule purposes is compatible with the statutory framework.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The Office for National Statistics (ONE) is the independent body responsible for economic classification decisions in the UK. Following international statistical guidance, the ONS has classified the PPF as a public pension fund, while the levies to fund the PPF are classified as taxes.
The way the PPF Board’s assets and liabilities are treated within the public finances does not affect the legal separation of the property of the Crown and Board as set out in the Pensions Act 2004.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what representations they have made, if any, to the Office for National Statistics about the classification of Pension Protection Fund assets.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The Office for National Statistics (ONE) is the independent body responsible for economic classification decisions in the UK. Following international statistical guidance, the ONS has classified the PPF as a public pension fund, while the levies to fund the PPF are classified as taxes.
The way the PPF Board’s assets and liabilities are treated within the public finances does not affect the legal separation of the property of the Crown and Board as set out in the Pensions Act 2004.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what communication they have had with the Pension Protection Fund and its board about the levels of surplus or excess reserves and use of these excess assets for enhancing member compensation payments.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The Pension Protection Fund (PPF) is a statutory public corporation, and the Department for Work and Pensions works closely with PPF and its Board across a broad range of topics, including member compensation levels and PPF reserves.
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what assurances and risk warnings were provided to members of the Atomic Energy Authority public sector pension scheme in 1996, before they transferred their accrued public sector pension benefits into the Atomic Energy Authority Technology private sector scheme.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
The Department for Work and Pensions does not hold information on how much funding was transferred to the Atomic Energy Authority Technology private sector pension scheme in 1996 and does not hold all the communications that were provided to members of the Atomic Energy Authority Technology pension scheme in 1996.