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Commission for Racial Equality Pension and Life Assurance Scheme (CREPLAS) wind-up

03 February 2022

Proposing MP
Steve Barclay Con
North East Cambridgeshire
Type
Written Ministerial Statement
Department
Cabinet Office
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At a Glance

Issue Summary

Steve Barclay is notifying Parliament about a contingent liability related to the wind-up of the CREPLAS pension scheme managed by the EHRC.

Action Requested

The minister has laid before Parliament a Departmental Minute giving notice of the Cabinet Office incurring this contingent liability. This liability will be included in departmental and ALB annual reports and accounts in due course.

Key Facts

  • The contingent liability is an indemnity connected to the wind-up of the CREPLAS pension scheme managed by the EHRC.
  • The EHRC is the successor body to the Commission for Racial Equality which set up CREPLAS in 1974.
  • The Scheme has surplus assets of approximately £7.4m, which will be refunded to the Treasury via the EHRC after winding-up is complete.
  • The residual risk borne by EHRC/Treasury under the proposed indemnity is estimated at under £3m.
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