Minutes:
N Orton, Payroll and Pensions Manager advised that Durham Valuation Service, a ‘scheme employer’ within the Fund had no active members and a small number of pensioners and deferred Members. Following a restructure and change to its delivery model, the Valuation Service would not be admitting any further employees into the Fund.
The Valuation Service had asked to pay a one-off settlement to cover all future liabilities within the Fund and following consultation with the Fund Actuary a figure was agreed for payment before the financial year end.
This represented a favourable outcome for the Fund as it provided certainty of income.The assumptions used by the Actuary in determining the final figure were prudent and so likely to mean that the amount paid in would cover all future payments due from the Fund to Valuation Tribunal Service members.
Resolved:
That the Corporate Director, Resources, acting under delegated powers, be authorised to accept the full and final settlement figure from the Valuation Tribunal Service.