Meeting documents

Pension Fund Committee
Friday, 27 May 2005

PF270505-13

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ITEM PF13

PENSION FUND COMMITTEE – 27 MAY 2005

LOCAL GOVERNMENT PENSION SCHEME REGULATIONS (LGPS) – APPLICATIONS FOR ADMISSION AS COMMUNITY BODIES

Report by Head of Finance & Procurement

Introduction

  1. This report introduces to the Committee an application from qualifying employers Oxfordshire Youth Arts Partnership (OYAP) seeking admission to the Local Government Pension Fund. This application is as a Community Admission Body.

    2. Application for Consideration – Oxfordshire Youth Arts Partnership

  2. OYAP has enjoyed a "hosting arrangement with the Vale of White Horse District Council which has provided premises, ICT, legal, financial and management support. As a consequence of the organisation’s success key stakeholders became aware that a review of OYAP’s structure and legal basis was required. An OYAP Board meeting has voted to move the organisation to become an Independent charitable organisation.

  3. With this application OYAP will provide pension arrangements within the LGPS for 4 employees, who are currently members of the scheme through their employment at Vale White Horse District Council. The Trustees have been informed of the responsibilities of an employer within Oxfordshire’s fund including the requirement to prepare, review and publish a policy about its use of discretionary powers. These requirements would all be included in the proposed admission agreement.

    4. Financial Implications

  4. OYAP has been supplied with information about admission agreement costs and the employer financial responsibilities of membership. They have been informed that the current employer contribution rate is linked to the full valuation of the pension fund and that the small employers are currently grouped together for valuation purposes. Details of their funding have been supplied and are satisfactory in the judgement of the Assistant Head of Finance. OYAP is aware that reimbursement of costs incurred by the County Council to draw up the agreement is part of the admission agreement.

    5. RECOMMENDATIONS

  5. The Committee is RECOMMENDED to approve the application of OYAP subject to their agreeing to the terms of the Admission Agreements, and this Committee being informed when the agreement has been signed.

SUE SCANE
Head of Finance & Procurement

Background Papers: Nil

Contact Officer: Sally Fox Tel: 01865 816080

May 2005

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