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Department for Education Local Government Pension Scheme (LGPS) Guarantee
12 November 2024
Type
Written Ministerial Statement
Department
Department for Education
At a Glance
Issue Summary
The statement addresses a government commitment to fund pension deficits for Further Education providers through the Local Government Pension Scheme Guarantee.
Action Requested
The Department for Education is laying before both Houses a Departmental Minute that outlines the use of a contingent liability to provide a guarantee for Further Education providers in case of closure and insufficient reserves. LGPS administering authorities are expected to recognise this Crown guarantee in their funding strategies.
Key Facts
- The Department for Education has provided an LGPS Guarantee to Further Education providers.
- The guarantee funds pension deficits if the provider’s reserves are insufficient upon closure.
- A full Departmental Minute detailing the contingent liability is laid before both Houses.
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Assessment & feedback
Summary accuracy