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ITEM PF19
PENSION
FUND COMMITTEE – 25 AUGUST 2006
LOCAL GOVERNMENT
PENSION SCHEME REGULATIONS (LGPS) – APPLICATION FOR ADMISSION AS A TRANSFEREE
ADMISSION BODY
Report by
Head of Finance & Procurement
Introduction
- This report seeks
retrospective approval for the admission of SOLL VALE to the Oxfordshire
Pension Fund. A number of delays in finalising the admission agreement
with SOLL VALE meant that the officers subsequently omitted to obtain
appropriate Committee approval to this arrangement.
Application
for Consideration
- Vale of White
Horse District Council, in September 2004, outsourced its leisure centre
services. The successful contractor was SOLL Leisure, a company which
already has an admission agreement with the Oxfordshire Pension Fund
(admission was in 1998 following the outsourcing of South Oxfordshire’s
leisure services). For the purposes of this contract another company
(SOLL VALE) was set up.
- This outsourcing
affected 20 members of staff, who have continued contributing to the
Local Government Pension Scheme.
Financial
Implications
- Details of SOLL
Leisure accounts have been supplied and were judged satisfactory by
the Assistant Head of Finance. SOLL Leisure is aware that reimbursement
of costs incurred by the County Council to draw up the agreement is
part of the admission arrangement. It is also aware of the employer
responsibilities arising from membership of the fund.
- Members will note
that the September 2004 outsourcing pre-dates this Committee’s policy
of requiring a bond to be put in place by the contractor. The absence
of such a bond implies that the Vale of White Horse District Council
will act as guarantor of the company’s performance in terms of meeting
the pension liabilities of the transferring staff.
RECOMMENDATION
- The Committee
is RECOMMENDED to approve the retrospective application of SOLL Vale
subject to its agreeing to the terms of the Admission Agreement and
this Committee being informed when the agreement is signed.
SUE
SCANE
Head of Finance
& Procurement
Background
Papers: Nil
Contact Officer: Sally Fox, Pensions Administration Manager Tel. (01865)
816080
August
2006
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