Agenda item

6.1       The Committee considered a report introduced by Michael Burton who drew the Committee’s attention to the following points:

1)    There has been a further consultation on the McCloud remedy and officers are currently working through the questions and the information provided in the draft regulations with a view to provide a response by the end of June 2023. An update will be sent to chairs of Pension Board and Pension Committee along with the McCloud working group.

2)    There have been developments regarding membership of the Pension Board including candidates put forward for the positions previously held by Councillor Illingworth and Councillor Druitt. These positions are likely to be filled by the next round of meetings. There is a new employer representative on the Board, Tim Oliver from the University of Brighton who has taken the position previously held by Stephen Osborn.

6.2       The Committee discussed the alternative approach to cessation calculation methodology, the definition of the term ‘proper advice’ and noted that future breaches on admissions will be included within future reports as requested by the Pension Board.

6.3       The Pension Committee RESOLVED to:

1)    Note the governance updates

2)    Approve the Breaches Policy (appendix 3)

3)    Approve the Governance and Compliance Statement (appendix 5)

4)    Approve the Contribution Policy and Deferred Debt and Debt spreading agreement Policies (appendix 7&8)

5)    Approve the revised Pension Administration Strategy (appendix 9)

6)    Approve the changes to the Funding Strategy Statement on the Cessation Methodology

7)    Approve the change to the Administering Authority Discretions Policy