Agenda item

Report of the Chamberlain.

The Board considered a report of the Chamberlain providing information relating to the draft Pension Statement of Account.

The Chamberlain highlighted the good position the pension fund is in this year as a result of very good performance in the stock market.  The fund remains on target to meet its 17 year deficit reduction plan.  It was commented that this position can change again next year and is dependent on stock market performance. 

It was highlighted that people coming in to the scheme are critical in receiving contributions to draw down otherwise it can become critical to payment of pensions.

In response to a question from a Member, it was confirmed that employee contribution levels are set by government with the employer contribution set by Finance Committee.  Employee contribution levels are tiered dependent on salary.  If Government considers there is a gap in the fund then levels can be changed.

The Chairman referred to Finance Committee’s decision to keep to the original 17 year reduction target, which is to be welcomed by this Committee.

The Chamberlain advised that this report is advance sight of what has gone to the auditors.  Regular meetings take place with the auditors so the figures are not expected to change, but some of the wording might before it is presented to Audit & Risk Management Committee and Finance Committee in July.  It was confirmed an annual report will come to the next meeting of this Board.

The Chairman asked that a report is presented at the next meeting on omitted bodies and liability, with some having entered in to bonds to secure liabilities and some not.