Agenda item

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).

The Head of Pensions (LGPS) noted the most significant current issue was the LGPS Consultation from Government, which had its own separate agenda item.  In terms of McCloud, he noted that the results would only be as good as the data used to calculate changes and explained that there had been a lot of very hard work to ensure that data was rectified.  He noted that data for the national dashboard would require a cleanse to be ready for October 2026.

Councillor B Kellet asked as regards he Government White Paper on Levelling Up, noting a requirement of five percent of Fund Assets to be in the ‘local area’.  The Head of Pensions (LGPS) noted that their definition of ‘local’ was defined as anywhere in the UK, and noted the coming BCPP UK Opportunities Fund, with further information to be given at the Annual Meeting in November.  He noted while the Government set its Levelling Up ambition as UK-wide, the Committee could decide to look to address geographic inequalities with a more local focus, for example the existing North-East Investment Fund, noting Durham’s investment in this was one of four examples of best practice cited in the consultation.

Councillor J Atkinson asked as regards the Annual Report and moves to simplify, and whether there were cost implications in making the changes.  The Head of Pensions (LGPS) noted he shared the view of the SAB that the format was unwieldy and while at the moment the report is formatted as such to meet requirements, he would welcome any work from the SAB in terms of streamlining the Annual Report format.

Councillor M Porter noted at paragraph 43 of the report the reference to Academy Schools and asked if the process of schools moving to academy status had put a strain on the Durham LGPS.  The Head of Pensions (LGPS) noted it had required some work, as initially all schools were maintained and had one rate for Durham, and one rate for Darlington.  However, he noted once a school became an academy they became and employer with their own rate and valuation.  He added it had increased work.  The Head of Pensions (LGPS) noted that when outsourcing functions, only those previously transferred via TUPE had been guaranteed, now Government were putting aside funding to guarantee to support their participation in the LGPS.

Resolved:

That the information contained in the report be noted.

Councillor J Shuttleworth left the meeting at 10.55am