Oral Answers to Questions

Debate between Layla Moran and Guy Opperman

Monday 13th November 2017 Commons Chamber

[Layla Moran (Oxford West and Abingdon) (LD)]

11. What steps he is taking to assist people affected by the collapse of the AEA Technology pension scheme and its predecessor.

[The Parliamentary Under-Secretary of State for Work and Pensions (Guy Opperman)]

The Government’s position has been out in a parliamentary debate in October 2016, as it was previously in March 2015 by the hon. Lady’s Liberal Democrat colleague Sir Steve Webb. I have great sympathy for those affected, but they are now covered by Pension Protection Fund compensation scheme.

[Layla Moran]

In 1996, the Government Actuary’s Department, in a note sent to AEA Technology staff, failed to clearly outline the risks of transferring their pensions to the new private sector scheme. We regulate financial advice in this country, yet when it is the Government giving the advice not even the parliamentary ombudsman can review it. Surely this is grossly unjust? Why does the Minister not pursue this mis-selling scandal, as the Financial Conduct Authority did with the payment protection insurance one? Is it because the Government would be to blame this time?

[Guy Opperman]

The hon. Lady suggests one thing. I can only refer her to the two parliamentary debates that dealt specifically with this matter; this was set out by her own Lib Dem colleague Sir Steve Webb in March 2015, when he was part of the coalition.