Agenda item

The Pensions Manager presented his report which provided a status update on the outstanding admissions, cessations and bond agreements/renewals. The report also details the proposal from the LBB Pensions Team for a new admissions policy to the Barnet Pension Fund for approval by the Committee. The report also includes recommendations for approval by the Committee of new admitted bodies and cessations from the Barnet Pension Fund.

The Policy for admissions is to be amended and the new process would be set up on a ‘Pass-through’ basis in which admitted bodies can participate in the Fund and allow certain risks to be shared between the letting authority.

The Committee noted that Paragraph 4.3 in Appendix D should be £44.9million and the percentage should be 5%. The Committee noted that there is ongoing legal action between an ex-admitted body and a school regarding payment of a deficit.

The Chair noted that Appendices E to H of the report could be discussed in more detail in closed session. The committee agreed the decisions could be made without the need for discussion in private session.

RESOLVED

1.    That the Pension Fund Committee noted the progress on outstanding admissions, cessations and bond agreements/renewals.

2.    That the Pension Fund Committee approved the admission into the Barnet Pension Fund of Olive Dining (Holly Park School), Olive Dining (Danegrove School), Nourish Contract Catering Ltd (Whitefield School), LBL After School Club (Manorside School) and Harrison Catering Services (Compton School) as detailed in paragraph 1.5.

3.    That the Pension Fund Committee approved the recommendation by the LBB Pensions Team in relation to the admission of Tenon into the Barnet Pension Fund, as detailed in Appendix F.

4.    That the Pension Fund Committee approved the recommendation by the LBB Pensions Team in relation to the exit credit payments for Caterlink (Totteridge Academy), and Caterlink (Holly Park School) as detailed in Appendices G and H respectively.

5.    That the Pension Fund Committee approved the new draft admissions policy outlined in appendix E with effect from 1 January 2024