§ Mr. CousinsTo ask the Secretary of State for Education and Employment who had(a) trusteeship duties and (b) fiduciary duties for the teachers' pension scheme before and after the setting up of the Teachers Pensions Agency. [16918]
§ Mrs. GillanThe teachers' superannuation scheme is an unfunded statutory scheme, which does not have trustees. The Secretary of State is accountable to Parliament for the running of the TSS.
Fiduciary duties for the moneys coming into and out of the scheme rest with the permanent secretary of the relevant Department. During the existence of the Teachers Pensions Agency from 1992 to 1996, the chief executive of the agency was appointed as an additional accounting officer to support the permanent secretary in his role as principal accounting officer for the Department.
§ Mr. CousinsTo ask the Secretary of State for Education and Employment how many early pensions or redundancies were financed by the teachers' pension scheme in(a) schools, (b) further education and sixth form colleges and (c) higher education institutions in each of the past five complete years. [16921]
§ Mrs. GillanThe following table shows the number of premature retirements from the teachers' superannuation scheme for each of the years 1991–92 to 1995–96, for schools—maintained and independent—further education and sixth form colleges, and higher education institutions. Redundancy payments are made by teachers' employers.
recommends that the employers' contribution rate will be 7.2 per cent., if, as my right hon. Friend has decided, the cost of premature retirement is no longer borne by the scheme, and 8.8 per cent. if it continues to be borne by the scheme. The savings to teachers' employers arising from this difference will be £220 million per annum. It is not possible to say whether there will be extra expenditure on social security as a result of the changes. That will depend on the decisions reached by each individual employer, and the personal circumstances of each teacher who leaves employment. The Government intend premature retirement to continue to be available as a management tool, and has provided funding for that purpose.