When a Scheme Employer leaves the Hertfordshire Pension Fund and becomes an exiting employer, this is known as a Cessation Event.
Our approach to exiting employers is set out in the Funding Strategy Statement, specifically ‘Section 7 – What happens when an employer leaves the fund?’
Each Cessation Event is treated on a case-by case basis, and Scheme Employers should familiarise themselves with our Cessation Policy
Responsibilities of ceasing Employers
An employer which is aware that its participation in the fund is likely to come to an end must:
- Advise us, in writing, of the likely ending of its participation (either within the terms of the admission agreement in respect of an admission body (typically at least a 3 month notice period is required) or otherwise as required by the Regulations for all other scheme employers). It should be noted that this includes closed employers where the last employee member is leaving (whether due to retirement, death or otherwise leaving employment).
- Provide any relevant information on the reason for leaving the Fund and, where appropriate, contact information in the case of a take-over, merger or insolvency.
- Provide all other information and data requirements as requested by us which are relevant, including in particular any changes to the membership which could affect the liabilities (e.g. salary increases and early retirements) and an indication of what will happen to current employee members on cessation (e.g. will they transfer to another fund employer, will they cease to accrue benefits within the Fund, etc.).
If you are a Scheme Employer that will likely be exciting the Fund, please contact Hertsfundemployers@hertfordshire.gov.uk.