Meeting documents

Pension Fund Committee
Friday, 24 February 2006

PF240206-14

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ITEM PF14

PENSION FUND COMMITTEE – 24 FEBRUARY 2006

LOCAL GOVERNMENT PENSION SCHEME REGULATIONS (LGPS) – APPLICATION FOR ADMISSION AS A COMMUNITY ADMISSION BODY

Report by the Head of Finance & Procurement

Introduction

  1. This report details the application from qualifying employers Oxford Inspires, who are seeking admission to the Local Government Pension Scheme as a Community Admission Body. The Committee is asked to approve the application.

    2. Application for Consideration

  2. Oxford Inspires was created in 2002 to prepare Oxford’s bid for the Capital of Culture award. Oxford City Council, Oxfordshire County Council, two universities and the Arts Council underwrote the organisation.

  3. In 2003 several members of staff were hired to carry on the work already started. The newly created team enjoyed a hosting arrangement with Oxford Brookes University, but recent changes have brought this to a close hence this application from Oxford Inspires to become a scheme employer in their own right.

  4. Oxford Inspires is a not for profit organisation. Its aims are to support, encourage and promote cultural and artistic excellence in the development of literary, dramatic and artistic material, which includes supporting and promoting the arts festival; preserving buildings or sites of historic or architectural importance and providing recreational facilities for the public, or those by reason of youth, age, infirmity, or hardship have need of such facilities.

    5. Financial Implications

  5. Details of Oxford Inspires funding have been supplied and are satisfactory in the judgement of the Assistant Head of Finance. Oxford Inspires is aware that reimbursement of costs incurred by the County Council to draw up the agreement is part of the admission agreement.

  6. Oxford Inspires is aware that it will need to put a bond in place in accordance with actuarial advice.

  7. Oxford Inspires is aware of the employer responsibilities of membership to the fund.

    8. RECOMMENDATIONS

  8. The Committee is RECOMMENDED to approve the application of Oxford Inspires subject to its agreeing to the terms of the Admission Agreements and this Committee being informed when the agreement is signed.

SUE SCANE
Head of Finance & Procurement

Background papers: Nil

Contact Officer: Sally Fox, Pensions Services Manager Tel: (01865) 816080

February 2006

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