Agenda item

Guaranteed Minimum Pension Reconciliation Exercise Between Pension Fund Records and Her Majesty's Revenue and Customs

Minutes:

The Committee considered a report of the Corporate Director of Resources which informed Members of the requirement for the Pension Fund to carry out an exercise to reconcile its records with those held by HM Revenue and Customs, and to explain the potential costs and consequences associated with this (for copy see file of Minutes).

 

Following questions from Councillor Harker and Councillor Lethbridge, Nick Orton confirmed that examining the evidence to resolve discrepancies could potentially involve considerable administrative work. The timescales for completing the reconciliation exercise would depend upon the work involved in resolving the discrepancies.

 

Resolved:

 

That the content of the report be noted and the Corporate Director of Resources be authorised to commit additional resource to the GMP reconciliation exercise as necessary, which would be charged as a general Pension Fund administration expense.

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