Issue - meetings

To note the attached report.

The Committee has been advised of the proposed ‘closed agreement’ admission of Accent Catering Services Ltd into the London Borough of Havering Pension Fund under the provisions of The Local Government Pension Scheme Regulations 2013, Schedule 2, Part 3 and in accordance with the New Fair Deal Guidance.

Accent Catering Services Ltd had won the contract to provide catering services to the Coopers Coburn Academy. This contract was for five years and due to commence on 1 September 2015. The contracts of employment of 7 employees transferred from the Academy to Accent Catering Services Ltd.

The Council’s Actuary had set the level of bond required at £195,000 to cover the level of risk arising from premature termination of the provision of service or assets provided by the body by reason of insolvency, winding up or liquidation. When the admission agreement was formed Accent Catering would be required to pay contribution rates as determined by the Fund Actuary, this was set initially at 29.9% of pensionable pay.

The Committee noted the admission of Accent Catering Services Ltd into the London Borough of Havering Pension Fund as an admitted body to enable 7 members of staff who transferred from Cooper’s Coburn Academy to continue membership of the Local Government Pension Scheme, subject to:

1.    All parties signing up to an Admission Agreement, and

2.    An indemnity or Insurance Bond in an approved form with an authorised insurer or relevant institution, being put in place to protect the pension fund.