Agenda item

Report of the Chamberlain.

The Board considered a report of the Chamberlain offering a range of information on topics relating to the Local Government Pension Scheme.

Annual Allowance

In response to a question from the Chairman, the Corporate Treasurer clarified that any scheme member electing to have their tax paid out of the fund would have their  annual pension reduced at retirement.  The Chairman commented that the letter does not set out by how much a pension will be adjusted and the Acting Pension Manager clarified that the letter presented is a generic letter and that someone affected will receive a personalised letter detailing the possible level of reduction to their pension.

It was noted that 35 people had been written to with high earners the most likely to be impacted.  The Deputy Chamberlain assured the Board that a pro-active approach has been taken to talk to people to ensure they have received and understood the implication fully. 

A member commented on the importance of understanding the implications as to do nothing could lead to a substantial tax bill.  The Chairman acknowledged this and stressed the importance of people understanding this fully when electing which way to pay.

The Deputy Chamberlain concluded this item and commented that it is not always known who will be impacted, with some people having personal wealth that would take them over the threshold. 

Draft Accounts

In response to a question from a Member, the Corporate Treasurer confirmed that draft accounts will be presented to the Board in June. 

RECEIVED