Issue - meetings

12.1     The Committee considered a report providing an update on the current regulatory environment, and consultations that could impact the Local Government Pension Scheme.

12.2     The Committee RESOLVED to note the report.

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11.1.      The Board considered a report on the current regulatory environment, and consultations that could impact the LGPS.

11.2.      CA asked what the Section 151 officer’s response was to the Good Governance Review. 

11.3.      IG said that the response had included a recommendation for the development of  guidance for officers, including Section 151 Officer, and Members around conflict of interest and their roles within the pension board and pension committee, and the role of the administrating authority in relation to pension funds, rather than of structural changes to the arrangements.

11.4.      CA asked whether other employers than East Sussex County Council should respond to the Good Governance review consultation.

11.5.       IG said that it is open for all employers and that Board members should encourage the employers to do so. CA said she would raise it with her Section 151 Officer.

11.6.      The Chair commented that it seemed odd that the valuations for LGPS were recommended to go from every three to every four years when the private sector funds were moving to annual valuations.

11.7.      OO explained that the purpose of the Government’s proposal was to align the LGPS scheme valuation with other public sector schemes and allows for outcomes of each valuation to be looked at in parallel, and for Government to make consistent decisions for the public sector as a whole. He said it was a considerable risk to the accuracy of the valuation, as it would increase the chance of receiving information on employers that was very out of date. There may be a need for the administering authority having the option to perform an interim valuation if circumstances require changes to contribution rates.

11.8.      The Board RESOLVED to note the report.