Commission for Racial Equality Pension and Life Assurance Scheme (CREPLAS) wind-up: departmental minute
Published 10 February 2022
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Cabinet Office: departmental minute
Commission for Racial Equality Pension and Life Assurance Scheme (CREPLAS) wind-up
It is normal practice, when a government department proposes to undertake a contingent liability in excess of £300,000 for which there is no specific statutory authority, for the Minister concerned to present a departmental Minute to parliament giving particulars of the liability created and explaining the circumstances; and to refrain from incurring the liability until fourteen parliamentary sitting days after the issue of the Minute, except in cases of special urgency.
The Chancellor of the Duchy of Lancaster has today made a Written Ministerial Statement in the House of Commons, setting out the details of a contingent liability Cabinet Office has entered into. Baroness Scott has repeated this statement in the House of Lords.
As the written statement explains, the contingent liability takes the form of an indemnity entered into in connection with the wind-up of the Commission for Racial Equality Pension & Life Assurance Scheme (CREPLAS).
The indemnity protects the Trustees in the event of any successful claim that is not covered by the private insurance. This has been estimated at under £3m, and is acceptable to HM Treasury.
If the liability is called, provision for any payment will be sought through the normal Supply procedure.
The Treasury has approved the proposal in principle. If, during the period of fourteen parliamentary sitting days beginning on the date on which this Minute was laid before parliament, a member signifies an objection by giving notice of a Parliamentary Question or by otherwise raising the matter in parliament, final approval to proceed with incurring the liability will be withheld pending an examination of the objection.