Issue - meetings
Pension Fund Policies - Discretionary Policy Statement, Pension Fund Cessation Policy and Administration Strategy Statement
Meeting: 15/06/2018 - Pension Committee (Item 11)
11 Annual Review of the Pension Fund Policies 
PDF 133 KB
Additional documents:
- Appendix 1 - Statutory and non statutory - Admin Auth Discretions, item 11
PDF 208 KB
- Appendix 2 - Administration Strategy Statement 2018, item 11
PDF 179 KB
- Appendix 3 -ESPF Policy on Cessation, item 11
PDF 223 KB
Minutes:
11.1 The Committee considered a report on the annual review of the Pension Fund Polices.
11.2 The Committee RESOLVED to:
1 note the Discretionary Pension Policy Statements and Administration Strategy Statement; and
2) Approve the Policy for Employers Leaving the Fund (Cessation Policy).
Meeting: 08/05/2018 - Pension Board (Item 72)
Additional documents:
- Appendix 1 - Statutory and non statutory - Admin Auth Discretions, item 72
PDF 208 KB
- Appendix 2 - Administration Strategy Statement 2018, item 72
PDF 179 KB
- Appendix 3 -ESPF Policy on Cessation, item 72
PDF 223 KB
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72.1. The Board considered three recently updated pension fund policies.
72.2. OO confirmed that the Board had seen previous iterations of two of the policies but not the Pension Fund Cessation Policy.
72.3. The Chair requested that in future updated policies include tracked changes so that the Board can see clearly what is being changed.
72.4. BR asked in relation to the Pension Fund Cessation Policy why the new policy replaced previous policies on employer termination from 1 April 2017, i.e., a year ago. WN explained that this back dated from the publication date of the most recent triennial evaluation, which would have effected employer’s share of the Fund – the issue that the policy deals with.
72.5. The Chair observed that it could be controversial that employers leaving the fund whilst in surplus would not be entitled to payments but it is correct for the cessation policy to seek payment where the employer was in deficit. OO said that the purpose of the policy is to protect the Fund. Where a leaving employer has a deficit the Fund’s actuary would become involved to make sure employers leave the fund amicably. He said that any notification of a cessation would be reported to the Pension Committee for decision as it may involve the transfer of assets or cash out of the Fund.
72.6. The Board RESOLVED to note the report.