London Borough of Barnet’s pension fund suffered a black hole of almost £2.4m due to missing payments from its outsourcing partner Capita.
According to a report to the council’s pension fund committee, two Capita subsidiaries providing services to the council – Capita RE and Capita CSG – failed to pay due contributions of £1.18m for the year to 31 March 2017, with a further £1.21m due for the following year.
The report said: “The lack of monitoring of contributions has resulted in the failure to pay not being identified until April 2018.”
Capita promised to pay the missing contributions before the meeting.
