Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on 8 July 2003.

PRESENT:

Councillors: J Waddington (Chairman); Mrs S.M. Glasspool DL; P.R.C Hutcheson; A.R. Ludlow; WH Wheeler.

Pensioners' representative: Mr E.W. Hughes.

Independent consultant: Mr. H. Cole.

74 DECLARATIONS OF INTEREST

    Members were mindful that, where they believed they had a personal or prejudicial interest in any matter to be considered at the meeting, they should, normally at the time of the debate, declare their interest and, having regard to the circumstances described in paragraphs 9, 10, 11 and 12 of the County Council's Code of Conduct, consider whether to leave the meeting whilst the matter was discussed.

75 CHAIRMAN'S COMMUNICATIONS

    No Chairman's communications were received.

76 DEPUTATIONS

    No deputations were received.

77 MINUTES

    The Minutes of the meeting held on 22 May 2003 were confirmed as a correct record and signed by the Chairman.

    Matters arising thereon:

    Government Green Paper on Pensions and Local Government Pension Scheme Consultation Papers - Update (Minute 62)

    The County Treasurer reported that the Government had not yet issued its response following these consultations.

    The Fund's Actuarial Position - Update (Minute 63)

    It was reported that a letter had been sent by the Chairman and County Treasurer to all County Council employees, all other employers for them to distribute to their employees and all pensioners reassuring them about the Fund's position and their benefits. A number of positive responses had been received, expressing thanks for the reassurance.

    Pensions for Councillors - Minute 66

    It was reported that the Independent Remuneration Panel had recommended to the Standards Committee that all county councillors be entitled to membership of the Local Government Pension Scheme and that basic and special responsibility allowances be pensionable, backdated to May 2003.

    Property - Minute 70

    The County Treasurer reported progress on the marketing of the Bracknell office and the public inquiry at Stafford retail warehouse.

78 TEST VALLEY BOROUGH COUNCIL DEATH IN SERVICE GRATUITY SCHEME

    The Panel considered a report of the County Treasurer (Item 5 in the Minute Book) concerning a proposed scheme of delegation between the County Council and Test Valley Borough Council. The scheme would enable the Borough Council to exercise some of the County Council's powers as a pension fund administering authority so that the Borough Council could appoint an insurance company to accept additional voluntary contributions (AVCs) to provide life cover for over 400 Borough Council employees who contribute to the Local Government Pension Scheme.

    RESOLVED:

    That it be a recommendation to the County Council:

    That pursuant to Section 101(1)(b) of the Local Government Act 1972, Test Valley Borough Council be authorised to exercise the functions of the County Council under Regulation 63, 69 and 70 of the Local Government Pension Scheme to enable it to operate a shared cost additional voluntary contribution scheme with an insurance company of its choice for death in service gratuities.

79 FUTURE MEETINGS - PROPOSED ARRANGEMENTS

    The Panel considered a report of the County Treasurer (Item 6 in the Minute Book) on arrangements for future meetings of the Panel, including their frequency and location and the need to provide sufficient time for discussions with each fund manager. The Panel also discussed past difficulties caused by clashes between the Panel and other meetings, and problems of access to the Castle Room.

    RESOLVED:

    (i) That the Panel meet Deutsche, Schroders and SGAM twice a year in May and November, in Winchester, allowing an hour for discussions with each manager, with the meeting starting at 10:00 am.

    (ii) That the Panel meet Savills in May each year, in Winchester.

    (iii) That all other business be dealt with at a separate meeting in November in Winchester and at the May meeting with Savills.

    (iv) That the dates of these meetings in 2003 and 2004 be set as a matter of urgency, avoiding clashes with other meetings as far as possible.

    (v) That an alternative location to the Castle Room be investigated to permit attendance by all members of the Panel.

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