Agenda item

The Committee considered a report of the Corporate Director of Resources which updated the Committee on the Pension Fund - GMP Rectification (for copy see file of Minutes).

The Head of Pensions (LGPS) explained that finalised data, as set out in the table at paragraph 25 of the report, was comparatively very good, with no pensioner having an estimated reduction greater than £10. 

Resolved:

a)   That the report be noted, and the Committee agree that the Corporate Director of Resources commits the additional resources necessary to bring to a conclusion the GMP Rectification,

b)   That the approach taken by the Fund in reconciling its GMP liabilities, and the setting of a £2 per week reconciliation tolerance be noted,

c)    That the correction of all under / overpaid pensions going forward be agreed, 

d)   That the payment of all arrears that have accrued due to underpayments, with interest paid at 1% above the Bank of England Base Rate be agreed; and,

e)   That the write off of overpayments that have resulted from the GMP Reconciliation be agreed.

Councillor J Shuttleworth left the meeting at 10.46am