ITEM PF18
PENSION FUND COMMITTEE – 14 SEPTEMBER 2007
ADMISSION AGREEMENTS
Report by Head of Finance & Procurement
Introduction
1. This report is to inform Committee that following the decision to replace Drayton School in Banbury with the North Oxfordshire Academy, the sponsors The United Learning Trust (ULT) will become a scheme employer from 1 September 2007.
Legal Status
2. The North Oxfordshire Academy is a body as defined in Chapter 32 of the Education Act 2002 and would be a fund employer as defined in Schedule 2 of the Local Government Pension Scheme Regulations.
3. Under the Regulations all non-teaching staff at the North Oxfordshire Academy will be eligible to join the Local Government Pension Scheme. The staff list totals 58 non-teaching staff of which 36 are currently scheme members.
Employer Contribution Rates
4. Details of the financial arrangements in setting up the North Oxfordshire Academy have yet to be confirmed. In the interim the Actuaries have confirmed that the North Oxfordshire Academy will pay the same employer contribution rate as Oxfordshire County Council. Any adjustment to this will be made in the valuation and operated from April 2008.
RECOMMENDATION
5. The Committee is RECOMMENDED to note the report.
SUE SCANE Head of Finance & Procurement
Background papers: Nil
Contact Officer: Sally Fox Tel: 01865 797111
September 2007
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