Agenda item

Regulatory Update


The Committee considered a report of the Corporate Director of Resources which briefed the Committee on developments in matters that were both LGPS specific, as well as providing an update on non-LGPS specific matters of interest (for copy see file of Minutes).


In relation to the position with colleges, Councillor J Atkinson asked if they would be treated less favourably in terms of the LGPS.  The Head of Pensions (LGPS) noted that they would be less favourably than academies and mainstream schools as they were backed by the Department for Education (DfE), therefore those Further Education colleges not backed by the DfE had a specific risk.  He added that should Government add a contingency for colleges, then they could be revisited on the same basis as academies.


Councillor C Varty noted she was delighted to hear as regards the updates in relation to Climate Change.  Councillor B Kellett asked for further information in relation to the McCloud judgement.  The Head of Pensions (LGPS) noted that following the judgement in the Hight Court relating to the LGPS protecting older members from 2014 that was found to be age discriminatory against younger members.  He added Pension Funds were still awaiting final regulations in 2023 noting the amount of work involved for the Pensions Team in terms of data collection, that work being ongoing.  He explained that the Team was working with employers and the software provider to go through over 200,000 lines of data to be able to rectify as efficiently as possible.  He emphasised that the position would be corrected and that there would only be ‘winners’ in terms of benefit to scheme members, no ‘losers’.




That the information contained in the report be noted.


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