The Admission of Caterlink Ltd to the London Borough of Havering's Pension Fund
Minutes:
Officers advised that the Bower Park Academy had awarded the contract to provide catering services to Caterlink Ltd. The contract is due to transfer on 1 September 2015 at which time the contracts of employment of the existing staff (5 employees) would transfer from the Council to Caterlink Ltd under the Transfer of Undertakings (Protection of Employment) Regulations.
Caterlink Ltd had applied for Admitted Body Status in order to participate in the Local Government Pension Scheme for the provision of pension benefits for the transferring employees.
The Pension Fund Actuary had assessed the level of indemnity bond required to be £37,000 although the exact arrangements for the bond cover would have to be finalised. When the admission agreement was formed, Caterlink Ltd would be required to pay contribution rates as determined by the Fund Actuary.
The Closed admission of Caterlink Ltd as transferee body into the London Borough of Havering Pension Fund was agreed subject to:
a. All parties signing up to an Admission Agreement; and
b. An Indemnity or Insurance Bond in an approved form with an approved insurer or relevant institution, being put in place to protect the letting authority/pension fund.