Agenda item

Consideration was given to the report of the Interim Corporate Director Resources which informed Members of the overall value of the Pension Fund as at 31 March 2016, and of any sums available to the Managers for further investment or amounts to be withdrawn from Managers (for copy see file of Minutes).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, Nick Orton advised that membership numbers were not expected to reduce significantly in the short term because of Government Policy and the recent introduction of auto-enrolment.

Following a further question from Councillor Carr regarding the pension deficit and a proposed increase in employer contributions, Nick Orton advised that scheme employers were aware that rates were expected to increase and would be formally notified following the receipt of the interim valuation from the Actuary.

Paul Darby added that the impact of a forecasted increase in the Pension Fund deficit had been built into the Council’s Medium Term Financial Plan.

Resolved:

That the information contained in the report be noted.