Isle of Wight Council LGPS - Employer Cessation Policy

1.1.         The purpose of the Employer Cessation Policy is to set out the Isle of Wight Council’s approach, in its role as the administering authority of the Isle of Wight Council Local Government Pension Scheme (“LGPS”, “the Scheme”, “the Fund”), to dealing with circumstances where an employer of the LGPS leaves the Scheme and becomes an exiting employer (“known as a cessation event”).

The administering authority’s aims and objectives related to this policy are as follows:

• To confirm the approach for the treatment and valuation of liabilities for employers leaving the Fund.
• To provide information about how the Fund may apply its discretionary powers when managing employer cessations.
• To outline the responsibilities of (and flexibilities for) exiting employers, the administering authority, the actuary and, where relevant, the original ceding scheme employer (usually a letting authority).