§ Mr. ByersTo ask the Secretary of State for Education and Employment which company has been awarded the contract to operate the schoolteachers' pension scheme; and what is the value of the contract. [25881]
§ Mr. Robin SquireI announced on 1 April that my right hon. Friend the Secretary of State had decided to let a contract to Capita Managed Services Ltd. The value of the contract is £72.2 million over seven years. That is in cash terms, but subject to adjustment if inflation as measured by the gross domestic product deflator exceeds 3 per cent. in any year.