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Former AEA Tech workers lost half their pensions after privatisation; government must act, says MP.
MP Olly Glover has urged the UK government to act on a pension crisis affecting former AEA Technology employees, saying retirees lost about half their expected income after the 1996 privatisation.
Many transferred savings into a new scheme based on government assurances, but less than half the contributions were transferred, leaving it underfunded.
When the company collapsed in 2012, the pension was moved to the Pension Protection Fund, which offers no inflation protection for pre-privatisation benefits.
Glover highlighted widespread frustration among affected workers, noting recent budget changes provide little relief and calling for urgent government action after years of inaction.
Ex trabajadores de AEA Tech perdieron la mitad de sus pensiones después de la privatización; el gobierno debe actuar, dice MP.