Agenda item

Consideration was given to the report of the Corporate Director, Resources which informed Members of the overall value of the Pension Fund as at 31 December 2014 and of any additional sums available to the Managers for further investment or amounts to be withdrawn from Managers (for copy see file of Minutes).

In response to a question from Councillor Carr, Hilary Appleton, Strategic Finance Manager – Corporate Finance advised that the cash flow figures in respect of payroll reflected payments to all pensioners in the scheme.

Following a query from Councillor Davinson regarding ‘Transfer Values in’ Nick Orton, Team leader Operations and Pensions/Data explained that if an organisation was TUPE transferred then the new body would normally participate in the Pension Fund Scheme. In other cases participation in the Scheme would depend upon the terms of admission for that organisation.

Don McLure, Corporate Director, Resources advised that County Durham Housing Group was an example of an ‘open scheme’ and new employees would be entitled to join the Fund.

Resolved:

That the information given be noted.