Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the Fifty-seventh Report of the Committee of Public Accounts of Session 2022-23 on AEA Technology Pension Case, HC 1005, published on 14 June 2023, and the Third Report of the Work and Pensions Committee of 2023-24 on Defined benefit pension schemes, HC 144, published on 26 March 2024, whether he plans to provide redress for AEA Technology pension scheme members.

The issues raised by the AEA Technology pension case have been extensively considered, including by Parliamentary committees, in debates in Parliament, and by Government.

AEAT members receive compensation through the Pension Protection Fund, which provides a statutory safety net for members of eligible private sector defined benefit schemes following employer insolvency.

The Government is also introducing prospective increases on compensation payments from the Pension Protection Fund and Financial Assistance Scheme on pensions built up before 6 April 1997. These will be Consumer Price Index-linked (capped at 2.5%) and apply prospectively (i.e. to payments going forward) for members whose former schemes provided for these increases. AEAT members with pre‑1997 accrual will benefit from these increases.