{"value":{"id":1740956,"memberId":269,"member":null,"memberRole":"Minister of State (Minister for Skills)","uin":"HLWS201","dateMade":"2024-11-12T00:00:00","answeringBodyId":60,"answeringBodyName":"Department for Education","title":"Department for Education Local Government Pension Scheme (LGPS) Guarantee","text":"<p>My Right Honourable Friend, The Secretary of State for Education and Minister for Women and Equalities ( Rt Hon Bridget Phillipson), has made the following statement.</p><p>I am today laying before both Houses a Departmental Minute on the use of a contingent liability by the Department for Education to provide a Local Government Pension Scheme guarantee to Further Education providers operating in the statutory sector.</p><p>The Department for Education Further Education Local Government Pension Scheme (LGPS) Guarantee is a government commitment to fund pension deficits in the event of a closure and where the provider’s reserves are insufficient to fund their own LGPS deficit upon closure.</p><p>We expect LGPS administering authorities to recognise the Crown guarantee provided by the Further Education Guarantee in their funding strategies, setting employer contribution rates and deficit recovery periods.</p><p>A full Departmental Minute has been laid in both Houses providing more detail on this contingent liability.</p>","house":"Lords","noticeNumber":0,"hasAttachments":false,"hasLinkedStatements":true,"linkedStatements":[{"linkedStatementId":1740949,"linkType":"JointStatement","linkDate":"2024-11-12T00:00:00"}],"attachments":[]},"links":[{"rel":"self","href":"/Statements/1740956","method":"GET"}]}