Agenda item

Report of the Chamberlain.

Members considered an update report of the Chamberlain regarding the City of London Police Pension Scheme – McCloud Judgement and the following points were made.

·         The Chamberlain noted that the McCloud Judgement was probably the biggest challenge facing the Pension Scheme since the reforms of 2014/15. Whilst the details of the implications arising were not clear at present, it was evident that each member of the scheme would be affected by the judgement is some way, and they would need to make choices regarding the nature of their pension entitlement. The Pensions Team would bring further details to the Board over the coming year as more information was made available.

·         A Member was heard, noting that communication would be required to both Pension Authorities and Members to allow informed decisions to be made over whether potential members opted into the scheme now, or at a later stage. The Police Federation of England and Wales would not be giving financial advice but it would be assisting its members as far as was possible.

·         A Member noted that the Judgement was included within the Risk Register elsewhere on the agenda and added that, whilst the Board was not in a position to give financial advice, it could ensure that the issue was raised consistently with Force Human Resources who in turn could consider whether it would be appropriate to provide scheme members with financial advice, be it independent or otherwise.

·         A Member highlighted the guidance at appendix three within the report as particularly helpful for Members.

·         The Chamberlain agreed to provide a training session for Members once draft legislation was made available.

RESOLVED, that the report be received.