Agenda item

Joint report of the Chamberlain and the Comptroller and City Solicitor.

The Committee considered a joint report of the Chamberlain and Comptroller and City Solicitor which considered the pension arrangements for the staff employed by the London Collective Investment Vehicle (CIV), and considered issues in relation to the admission of these staff to the City of London Corporation’s Local Government Pension Scheme.

Members agreed that the proposals were appropriate, but only so long as there was no additional spending by the Corporation over and above costs to all members of the CIV.

A Member queried whether it would be appropriate for the cost of the external legal fees to be shared by all members of the CIV, rather than being borne by the Corporation. The Chamberlain agreed to investigate whether this would be appropriate.

RESOLVED – That the Committee approves:

a)    that advice is sought from Eversheds LLP in relation to legal issues described in the report;

b)    that the estimated expenditure on external legal fees of up to £6,250 is paid from the Finance Committee’s contingency fund; and

c)    in principle, the proposal to allow CIV employees to access the City Corporation’s pension scheme, so long as legal advice indicates that there will be no additional cost to the Corporation.