Pension protection can be achieved by allowing transferring employees to remain as members of the Local Government Pension Scheme (LGPS), although some types of employer can still transfer their staff to a Broadly Equivalent alternative instead. It is recommended that you receive your own legal advice before proceeding.
Admission to the Kent Pension Fund is a formal legal process that takes between 9 and 12 months and must be agreed by the Pension Fund Committee. Find out about the Pension 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 Pension Fund Committee.
The LGPS regulations (Admission bodies) detail which employers the Fund may enter into an admission agreement.
Fund actuary report
You will need a fund actuary report to:
- confirm your employer contribution rate
- confirm the amount of your bond or guarantee.
The cost of the Fund Actuary report is recoverable from you. For associated fees, please email kentpensionfundgovernance@kent.gov.uk
Find out about a fund actuary report
Action to take
When you have received your actuary report you must:
- Complete a fund questionnaire. Your actuary report helps you decide if you have a bond or guarantee. Complete a questionnaire including the provision of a bond (DOCX, 95.0 KB) OR complete a questionnaire including the provision of a guarantee (DOCX, 96.2 KB). To return the questionnaire to us, use the upload form. Please ensure this is uploaded in its original Word format.
- You must maintain a bond during the time in the Fund as security to cover the risk of underfunding, strain costs, unpaid contributions and expenses. Find out about bonds and guarantees
There are deadlines to meet. Read the timetable for admission to the Kent Pension Fund
The Fund will need to see an executed copy of the commercial contract between the employer and the letting authority at an early stage. This can be given in full or redacted to support the answers provided in your questionnaire. Find out about the commercial contract
Admission agreement and bond
The admission agreement and bond are prepared by the Fund’s solicitor. Find out about the required legal documents
There are 3 parties to the admission agreement and it can be open (if subsequent staff transfers are covered by the same commercial contract as the first staff transfer) or closed. Find out about the admission agreement
Financial responsibilities
When an employer joins the Fund, they accept ongoing financial liabilities. Find out what your financial responsibilities are as an employer