ITEM PF18
PENSION FUND COMMITTEE – 27 AUGUST 2008
ADMISSION AGREEMENTS
Report by Assistant Chief Executive & Chief Finance Officer
Introduction
1. This report introduces the most recent applications for admission to the fund for transferee admission bodies and seeks Committee approval for their admission.
2. The report also updates the Committee on previous applications.
Oxfordshire Connexions
3. Oxfordshire Connexions has successfully tendered for the new contract from CYPF for the careers service (this contract is currently outsourced to CfBT) which will be effective from 1 September 2008.
4. The newly tendered contract incorporates staff from Oxfordshire County Council, the current provider – CfBT- and other voluntary organisations, a total of some 105 staff. Of these around 50% are already members of the Local Government Pension Scheme (LGPS).
5. Oxfordshire Connexions are seeking an open admission agreement so that staff working on the Oxfordshire contract can benefit from LGPS membership.
Financial Implications
6. The Assistant Head of Finance (Shared Services) has been party to discussions during the contract process regarding setting of employer contribution rates and risk sharing. The actuaries are being asked to provide a standard contribution rate for the period of the contract, with all other issues being covered in the contract.
7. In view of the arrangements made, and in light of the fact that the Council is funding the pension costs through the contract price, the Committee is asked to waive the provision of putting a bond in place for this contract.
Oxfordshire Academy
8. Peers School in Littlemore, Oxford is to change status to the Oxford Academy on 1 September 2008. The sponsors The Oxford Diocesan Board of Education will become a scheme employer from 1 September 2008.
Legal Status
9. The Oxford 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.
10. Under the Regulations all non-teaching staff at the Oxford Academy will be eligible to join the Local Government Pension Scheme. The staff list is not available at the time of writing this report.
Employer Contribution Rates
11. Details of the financial arrangements in setting up the Oxford Academy have yet to be confirmed. An actuarial assessment will take place once the staff listing is confirmed.
Barnardo’s
12. The admission agreement and supporting contractual documents have now been signed.
RECOMMENDATION
13. The Committee is RECOMMENDED to:
(a) Oxfordshire Connexions
(i) approve the application from Oxfordshire Connexions subject to their agreeing to the terms of the Admission Agreements; and
(ii) waive the need to put a bond in place;
(b) note the change of status of Peers School;
(c) note the completion of the Barnardo’s admission.
SUE SCANE Assistant Chief Executive & Chief Finance Officer
Background papers: Nil
Contact Officer: Sally Fox, Tel: (01865) 797111
August 2008
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