Issue - meetings
LGPS Update
Meeting: 27/09/2016 - Clwyd Pension Fund Committee (Item 29)
PDF 88 KBTo provide Committee Members with current
issues affecting the management of the LGPS.
Additional documents:
Decision:
That the report be noted.
Minutes:
The Clwyd Pension Fund Actuary, Paul Middleman, drew attention to the following two points:
(i) The potential changes to the Education Sector insolvency arrangements which mainly apply to England. However, the insolvency elements will impact the covenant of educational establishments in Wales so will need to be borne in mind as part of the valuation and ongoing monitoring.
(ii) The proposals to restrict exit payments; which are also devolved to Welsh Government. He noted that payment of immediate unreduced benefits on early retirement may be removed in the future. It was also noted that this is distinct from other policies on limiting exit payments. There is still the intention to introduce the £95,000 and also the clawback provisions for those ex-employees who return to sector employment. The timeline for this is still uncertain.
The Chief Executive stated that Welsh discussions on the latter had gone cold as far as he was aware. He noted that if it is introduced in Wales, it could bring significant issues for the Employers as well as the Fund.
RESOLVED:
That the report be noted.