Ill health captive insurance arrangement

Ill Heath Captive Insurance Arrangement

With effect from 1 October 2014, for certain employers in the fund, following discussions with the Fund Actuary and after considering potential alternative insurance arrangements, a captive insurance arrangement was established by South Yorkshire Pension Authority to cover ill health retirement costs.

For details of how this captive arrangement operates please refer to the Funding Strategy Statement .

Those employers (both existing and new) determined by the authority as being eligible for the arrangement are as follows:

  Academies and former Grant maintained Schools

  Admitted Bodies formerly known and Community Admission Bodies

  Designating / Resolution Bodies

  Transferee Admission Bodies

  Other scheduled bodies meeting certain criteria at the inception of the arrangement

  All other bodies with less than 100 members

For all other employers who do not form part of the captive arrangement, then any costs associated with ill-health retirements will emerge as part of subsequent actuarial assessments.