Pension protection can be achieved by allowing transferring employees to remain members of the Local Government Pension Scheme (LGPS) although some types of employer can still transfer their staff to a broadly equivalent alternative instead. Commercial company or charity (Admission bodies) should obtain their own legal advice before proceeding.
Admission to the Kent Pension Fund (the Fund) is a formal legal process that takes between 9 to 12 months and one that must be agreed by the Fund's Superannuation Fund Committee. View further information about the Superannuation Fund Committee.
The Fund actuary fees and legal costs are recovered from the letting authority and/or the commercial company or charity (admission body) in accordance with the decision of the Superannuation Fund Committee.
The LGPS Regulations detail the employers with whom the Fund may enter in to an admission agreement. View information about The LGPS regulations (Admission bodies).
You will need a report from the Fund actuary to certify your employer contribution rate. View information about the Actuary report including what you need to do and how much it will cost.
Admission bodies need to complete a questionnaire to join the Fund. View information about the Fund questionnaire.
The Fund will need to see a draft copy of the commercial contract between the employer and the letting authority at an early stage. View information about the commercial contract and what you need to do.
The admission agreement and bond are prepared by the Fund’s solicitor. View information about the required legal documents.
There are 3 parties to the admission agreement and it can be open or closed. View information about the Admission agreement.
The Admission body needs a bond as security for the Fund to cover the risk of underfunding. The Admission body must maintain the bond during its participation in the Fund. View information about the Bond.
When an employer joins the Fund they accept ongoing financial liabilities. View information about your employer financial responsibilities.
Some employers must show their pension liability in their annual accounts. View information about accounting liabilities (Admission and Resolution bodies).
The admission agreement may come to an end for various reasons and there may be a cost to the employer. View information about exit liabilities (Admission bodies).