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Your Local Government Pension Scheme

Schedule of fees

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 (£)
Actuary fees 
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

Note

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.