During a debate last week in Parliament, Ed Vaizey championed his local constituents who have been affected by the collapse of the AEA Technology Pension scheme.
Around 3,000 pensioners have been affected. Many have already seen their pensions cut by 10 per cent, and many face a cumulative decline in their pensions of between 30 and 50%.
When AEA Technology was privatised in 1995, employees were advised that the transfer of their public sector pensions to the private company would be risk free. That has not proved to be the case.
After the conclusion of the debate, Ed met with some of his constituents who had been affected in Parliament.
“Many of my constituents were clearly misled in the advice they were given, as they were given cast-iron assurances that their pension would be as secure in a private scheme as it would have been in the accrued Government pension. And none of the risks were flagged to them. The Government needs to have a thoughtful conversation about how this wrong can be made right.”