§ Mr. CousinsTo 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. HowellsThe 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.