Written question asked by Jim Cousins (Labour) on Tuesday, 23 June 1998, in the House of Commons. It was due for an answer on Monday, 29 June 1998. It was answered by Kim Howells (Labour) on Monday, 29 June 1998 on behalf of the Department for Education and Employment.

Dept for Education and Employment

Question: To ask the Secretary of State for Education and Employment, what charges are made by the Prudential Insurance Company for the management of the Teachers Pension Scheme; and if he will place the management agreement for that scheme in the Library.

Answer: Mr. Cousins: To ask the Secretary of State for Education and Employment what charges are made by the Prudential Insurance Company for the management of the Teachers Pension Scheme; and if he will place the management agreement for that scheme in the Library. [47596] Dr. Howells: The Teachers' Pension Scheme is a statutory scheme for which the Secretary of State retains responsibility. The administration of the scheme is carried out under contract by Capita Business Services Ltd. The Prudential Insurance Company is the appointed provider of the scheme's Additional Voluntary Contribution (AVC) arrangements. Those arrangements are governed by the Teachers' Superannuation (Additional Voluntary Contributions) Regulations 1994 (SI 1994/2924). No charge is levied by Prudential under these arrangements, although their administration costs are met by a 1 per cent. deduction from the AVC contributions paid by individual teachers.

Secondary information

Type: Written question
Reference: 47596; 315 c100W
Session: 1997-98
Subjects: Administration Costs Workplace pensions Teachers Additional voluntary contributions Prudential Corporation