Issue - meetings

Report of Head of Finance

Summary

This report sets out an overview of the current position on the funding of the pension scheme, the potential implications arising from the triennial review of the pension fund and a review of local discretions on the scheme.

Recommendations

The Executive is recommended to:

(1)               Note the contents of the report.

(2)               Ask officers to provide an analysis of the financing options available to the

Council once the 2010 valuation is finalised including the impact on the Medium Term Financial Strategy.

(3)               Approve the changes to local pension discretions as detailed in Appendix 1.

Agreed.

The Head of Finance and Head of People and Improvement submitted a report which set out an overview of the current position on the funding of the pension scheme, the potential implications arising from the triennial review of the pension fund and a review of local discretions on the scheme.

Resolved

(1)               That the contents of the report be noted.

(2)               That officers be asked to provide an analysis of the financing options available to the Council once the 2010 valuation is finalised including the impact on the Medium Term Financial Strategy.

(3)               That the changes to local pension discretions be approved.

Reasons - The pension fund triennial valuation is due to be conducted in March 2010. The likelihood is that this will require an increased employer’s contribution rate, which the Council will need to fund. The pension regulations require the Council to formulate, publish and keep under review its policies in respect of certain areas of the pension scheme where it may exercise its local discretion.