Issue - meetings

69.1     The Committee considered a report on a new version of the East Sussex Pension Fund’s Funding Strategy Statement.

69.2     The Committee RESOLVED to approve the revised Funding Strategy Statement (FSS) as set out in paragraph 3.4 of the report.

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38.1.      The Board considered a report on a revised Funding Strategy Statement (FSS) for the ESPF.

38.2.      The Chair asked whether new employers will be able to negotiate pass-through arrangements with ESPF, or whether they will be offered the fixed contribution rate only. OO said that contractors are likely to want to accept the fixed contribution rate as the ESPF is a well performing fund that is close to 100% funded, meaning employer contribution rates are relatively low.

38.3.      SM observed that a fixed contribution rate would enable contractors to include it in their tender price and prevent any ‘gaming of the system’ by estimating a lower contribution rate in order to claim to be able to provide a service for a lower price.

38.4.      Councillor Brian Redman (BR) asked whether the fixed contribution rate would apply to scheduled bodies, such as academies, which are entitled to join a Local Government Pension Scheme (LGPS), but that could face financial difficulties. OO confirmed it would only apply to services that have be outsourced by academies and admitted bodies such as contractors providing services on behalf of the Council.  Rezia Amin (RA) added that the non-teaching staff of schools converting to academies would be able to join the ESPF regardless of whether or not the academy chose to, and their pensions would not be affected by any financial difficulties the academy may find itself in.

38.5.      The Board RESOLVED to note the report.