Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps she is taking to help people affected by the collapse of the AEA Technology pension scheme.

On 7 July 2016 the AEA Technology (AEAT) pension scheme transferred to the Pension Protection Fund (PPF).

The PPF is the statutory compensation scheme. It provides compensation to members of eligible defined benefit pension schemes where the sponsoring employer has become insolvent and the scheme is unable to secure its pension liabilities at least at PPF compensation levels.

AEAT scheme members who are over their scheme’s normal pension age (NPA) at the date that their employer became insolvent would receive 100 per cent of their accrued scheme benefits, as calculated at the date of employer insolvency. Those members under NPA at the date that the employer became insolvent would receive PPF compensation paid at 90 per cent of accrued scheme benefits, as calculated at the date of employer insolvency.