Issue - meetings
PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING
Meeting: 16/10/2017 - Pension Board (Item 12)
PENSIONS COMMITTEE AGENDA MEETING (21.09.2017)
Minutes:
The Board noted the agenda for the meeting which was held on 31 July 2017.
Item 5.6- 2016/17 Pension Fund Annual Report with ISA 260 Report and Review of Fund Managers Internal Control Reports.
· Members were advised that the report had also been considered by the Audit Committee and had received a clean audit opinion. Members requested that the ISA 260 Report be brought to the Board.
Item 5.7 Pensions Contribution Prepayment.
Members had a brief discussion about the recommended pre-payment towards the LGPS TH deficit and the potential economic benefits to the Council. The Actuary has advised that deficit payment for the three year period (2017/2018 to 2019/20) be prepaid in Year 1 (2017/18). This will equate to £43.44m. It is estimated that there will be a saving of £1.56m during the three year period. The amount will contribute towards the Council’s overall savings.
Members agreed that this was a sensible approach and noted that prepayment would be funded from the Council’s investment balances and the deficit contribution will be charged to revenue over the three year period. The pre-payment will increase the value of investments that the Pension Fund can make in the near future by nearly £29m more than previously planned. Members were advised that Auditors had been consulted about the above proposals.
Meeting: 18/09/2017 - Pension Board (Item 11.)
PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING (21.09.2017)
This agenda will be circulated separately to Pension Board Members.
(To Follow)