Mutual Fund

Welcome to the Schools Mutual Fund web page, on this page, you will find guidance relating to the Schools Mutual Fund. Please click the headings below to learn more about each topic.

Mutual Fund Scheme 2024/25

• Mutual Fund Calculator 2024/25
• Non-Devon Maintained Schools Online Staffing Form
• Mutual Fund Calculator 2023/24
• Amend Your Existing Mutual Fund Membership
• Join the Mutual Fund Form
• Leave the Mutual Fund Form

Mutual Fund Claim Form

Please ensure that you provide your email address during claim entry and/or make a record of the reference number, as this will be required if you have any queries with your claim at a later date.
Go to Mutual Fund Claim Form

User Notes
Please be careful if using a built-in browser ‘autofill’ option when filling the form as they are known to autocomplete other areas of the form at the same time without the user’s knowledge. Once you have completed the form, please check back and ensure all fields are completed as you expect before submitting the form.

Terms and Conditions of Membership

1. Membership  Eligibility – Any school or academy within or linked to Devon’s authority may join the Mutual Fund.
2. Membership Term – Membership to the fund will be on an annual basis (Memberships run on the financial year 1st April – 31st March) and schools who are non-members will be asked annually whether they wish to join the fund.
3. Billing Period – Central payment schools who join the fund/are current members will receive a charge by the second month of the financial year.
4. Academy School FTE Data – Academy school members/new members must provide FTE (Full Time Equivalent) figures by 31st March each year to allow their premiums to be calculated. Please be aware that Academy schools that do not provide FTE figures by this date may be removed from the Fund. The form can be found here: FTE Staffing Figures Form.
5. Billing – Local payment schools and academies who join the fund/are current members will be billed by the second month of the financial year. Payment is required within 14 days of date of invoice. If payment is not received no claims will be paid.
6. Alternative Insurance Provision – Schools that do not join the fund will either have to enter into a private arrangement with an insurer for the cost of cover or bear the risk of meeting such costs from within their delegated budgets. There will be no facility for such schools to seek reimbursement of relevant costs from the County Council.
7. Claim Deadline – Claims on the fund are to be received by the Education and Learning Team within one calendar month of the end of claim period. Late claims will not be paid other than with the express agreement of the board.
8. Teaching Staff Maternity Cover – Cover for teaching staff maternity absence is not included within the scheme but can be reclaimed from a central Education and Learning budget. This will also be the case for trade union activities, jury service or undertaking duties as members of reserve forces.
9. Cover Amendment – Schools are able to amend their cover options for the upcoming membership year. To do this, please complete the following form by 31st March: Amend your existing mutual fund agreement
10. Cover Renewal – Cover will automatically renew each year. The school must contact the School Mutual Fund Team via the following form if they wish to cancel the renewal for the upcoming membership year. The form is to be completed by 31 March: Leaving the Mutual Fund Form
11. Cancellation/Refunds – Cancellations or refunds are not permitted during the year. If you wish to leave the Mutual Fund, please inform the Mutual Fund Team by 31st March to cancel the automatic renewal for the upcoming financial year. You can inform the team of your intent to leave the scheme by filling in the following form: Leaving the Mutual Fund Form
12. Year end fund balances – will be rolled forward to the next financial year.

Schools currently in the mutual fund will automatically be assumed to be scheme members for the following year unless the school signals by the end of March of the current year that they wish to opt out. Schools wanting to stay part of the scheme but wanting to change the level of insurance bought, are required to complete the online form called  prior to the end of March.

New schools wishing to join the scheme will incur a one off joining fee of 7% on top of the cost of their premium. There will be no joining fee for those schools that are currently members of the fund.

When making a claim, only 50% of the claim will be released in real time, with an adjustment for the balance not being released until the end of the financial year when the full costs are known. If the value of claims exceeds the value of the premiums collected, the claims will be pro-rated to ensure financial balance is achieved. If the value of the claims is significantly less than the premium collected, the Board will consider if a rebate shall be made, or whether the surplus balance is rolled forward to the following financial year.

Benefits of the Fund

Teaching staff

1. The abated rate for staff covering absence sickness and suspensions, consistent with the level of policy to which they have subscribed.
2. The full cost where staff transfer onto half pay after six months absence.
3. Cover for paternity and adoption support leave.
4. Cover the full cost of staff where they are absent during a phased return.

Support staff

1. For schools opting to pay the additional premium applicable to support staff, The abated rate for staff covering absence sickness, consistent with the level of policy to which they have subscribed.
2. The full cost where staff transfer onto half pay after six months absence.
3. Support Staff cover includes all non-teaching staff such as teaching assistants, childcare staff, foreign language assistants, librarians, nursery assistants, workshop and technology technicians, business managers, clerk to governing body, receptionists, kitchen porters and youth workers. The following staff are covered at a pay factor rate of 0.4 and above: caretakers, cleaners, meal time assistants, chefs and cooks
4. The Support Staff Extra optional premium covering only caretakers, cleaners, meal time assistants and chefs/cooks with a pay factor rate of below 0.4 can only be purchased if the school has paid for the premium covering all other support staff. The reimbursement rate for this optional premium is 60% of the daily rate. With effect from 1st April 2024 this cover option is no longer available and has been rolled into the regular support staff option
5. Cover for paternity and adoption support leave.
6. Cover the full cost of staff where they are absent during a phased return.

Absences covered by the fund

The following list provides a summary of absence coverage in the Mutual Fund Scheme, with additional, detailed information on cover provided further below this:

Cover Provided

• Any long-term sickness covered by certificate (including stress)
• Suspension from duties (including gardening leave)
• Full cost of staff transferring to half-pay for 6 months absence
• Phased Return
• Paternity Leave/Adoption Support Leave*

*Paternity and adoption cover for teachers (and support staff, if school chooses to include this optional cover) on the basis of up to 5 days if less than 26 weeks service or 10 days if more than 26 weeks may be claimed from the mutual fund.

Not Covered

• Pre existing conditions *
• Trade union activities
• Jury Service
• Reserve Forces activities
• Maternity leave
• Compassionate leave

* Applies only to schools joining the scheme for the first time or rejoining the scheme after a break of a year or more.
Further detail relating to cover is provided below:

1. Long-term absence in schools dependent on the option level of service bought from the fund. Reimbursement for teaching staff will be at the rate of £136.68 per day. The reimbursement rates for support staff will be £56.10 per day. However, for those schools that have paid the additional premium covering caretakers, cleaners, meal-time assistants and chefs/cooks where the pay factor rate is below 0.4, the reimbursement rate is 60% of the daily rate. With effect from 1st April 2024 this cover option is no longer available and has been rolled into the regular support staff option
2. Phased return claims will be paid the daily reimbursement rate for teachers and support staff for all days that a member of staff is absent during the phased return. However, an independent report from Industrial Medical & Safety Services Ltd confirming that a phased return is necessary will be required.

Mutual Fund FAQ

Please visit the FAQs document via this link: Mutual Fund FAQs

Mutual Fund Contact

Email: Financeschoolsmutualfund-mailbox@devon.gov.uk

Claim Deadlines

Mutual Fund Waiting Times

Primary Schools and Special Schools

Secondary Schools