Schedule of fees from 1 April 2019
Fees payable by an employer joining the Kent Pension Fund
The Fund will seek to recover costs incurred during the joining process. These include, but are not limited to actuary fees and legal fees. When commissioning actuarial reports, it must be made clear who is paying for the reports. These actuarial fees and legal fees are payable irrespective of whether the employer joins the Fund.
These fees are subject to change in exceptional circumstances, for example if the actuarial report is required earlier than our standard timescales, if there is a significantly large number of staff involved or the legal process becomes highly complex and/or protracted.
|New employer fees||Cost (£)|
|New employer *||1,243|
|New employer bond *||1,782|
|New academy rate *||1,694|
|New free school *||622|
|Legal fees for new admissions||2,200|
Actuarial fees payable for annual accounting reports (FRS102, IAS19)
Please note that the actuary’s fees for providing the reports are higher for the first year a report is required, and lower in subsequent years. If you require your report earlier than our standard timescale, additional charges may be incurred.
|Accounting report fees||Cost (£)|
|First time report (non-roll forward approach)||1,958|
|First time report (roll forward approach)||979|
|Fee per second and subsequent roll forward report||451|
Fees payable when leaving the Fund
The circumstances in which you become an exiting employer can be due to:
- the commercial contract coming to an end
- the last active member leaves the scheme
- you cease to exist as an employer, or
- you request to terminate your admission agreement (the Fund requires three months’ notice of termination).
At this point the Pension Fund will request a cessation report from the actuary to calculate if there is any deficit (or surplus) due to the Fund and the cost will be recoverable from the employer.
|Cessation work||Cost (£)|
|Actuary fee for a Cessation valuation report*||2,145|
|Legal fees for agreeing termination of admission agreements||available on enquiry|
Fees marked with an asterisk* assume between 5 and 250 members. If fewer than 5 members then a discount of 20% will apply. If more than 250 members, then the fee is increased by 10%.
Fees will be agreed on a case by case basis for an updated report (e.g. for same data with different transfer date or small amends to data).
If the nature of the work changes due to regulatory changes then we will review the level of fee.
Some work may need to be customised to meet any specific requests - any additional fee will be quoted in advance.