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 significant current issues related to GMP Rectification and the Government’s recent LGPS investment Consultation some elements of which would be discussed further in the private part of the meeting.  He noted the large amount of work that had been required in terms of getting data and records in line for GMP Rectification, and explained as regards the positive outcome for the Durham Fund, with a single complaint received from the total population of rectified pensioners.

Councillor B Kellett asked for an update in McCloud.  The Head of Pensions (LGPS) noted the issue was ongoing, with the Local Pension Board receiving regular updates on the matter.  He noted the work ongoing in terms of the Universal Pensions Management system (UPM) and highlighted that unlike GMP Rectification, there was only ‘winners’ in terms of McCloud, however, he suspected there would be very few pensioners positively impacted.

The Chair noted in respect of government direction on pooling that from the most recent Joint Committee Meeting that Durham in particular, and Border to Coast generally, appeared to be ahead of the game in terms of asset pooling and thanked the Head of Pensions (LGPS) and his team, along with the external support from advisors.

Resolved:

That the information contained in the report be noted.