Agenda item

Consideration was given to the report of the Corporate Director, Resources which informed Members of the implications to the Pension Fund of the creation of County Durham Housing Group (for copy see file of Minutes).

Nick Orton, Payroll and Pensions Manager, sought approval from Members ‘in principle’ for the admission of four new employers to the Pension Fund on the basis of an ongoing ‘Open’ scheme and advised of the implications for the Pension Fund.

Don McLure, Corporate Director, Resources advised that Trade Union colleagues were aware of the report and that new employees would have access to the information and the option to join the Pension Scheme.

Resolved:

That the participation of the four new admission bodies in the Pension Fund on an ‘Open’ scheme basis be approved in principle, provided that:

(i)            The necessary admission agreements are prepared and executed – these will include a requirement for the new employers to meet all their obligations under the regulations governing the Scheme;

(ii)          an appropriate assessment is carried out regarding the requirement for a guarantee bond to protect the Pension Fund from any potential future costs associated with the participation of the new admission bodies.