Verbal update by the HR Team Leader – Operations and Data/Pensions
Minutes:
Nick Orton, HR Team Leader Operations and Data/Pensions provided an update in relation to the creation of a local Pension Board which would oversee and assist DCC as scheme manager in its administration of the Pension Fund.
The Officer advised that the Board must comprise of a minimum of four members split equally between representatives from employers in the scheme and scheme members. A report to Council in January 2015 would seek approval to establish the Board with effect from 1 April 2015 when the appointment process would commence.
Members discussed the remit of the Board and Councillor Martin made the comment that the Board may explore the role of Pension Fund Committee in terms of its involvement in the management of the Fund. He suggested that a small Sub-Committee of Pension Fund Committee be established with a view to involving Members in how the Fund was managed.
Councillor Conway concurred with these views and added that as part of the Committee’s governance role he considered that a good understanding of how Fund management decisions were made was necessary.
Resolved:
That the information given be noted and Members’ comments be taken on board.