Liz Firmstone (Service Manager, Finance Transformation) introduced the report which complemented the preceding item. She stated that scheme administrators participating in the Local Government Pension Scheme (LGPS) must formulate, publish, and keep under review a statement of policy on all mandatory discretions which they have the power to exercise in relation to members of the career average revalued earnings (CARE) scheme and earlier schemes. The same action was recommended be taken in respect of non-mandatory discretions. She advised that the purpose of these discretions was to ensure that employers and members are treated fairly and consistently. Consideration had been given to enacting workable, affordable, and reasonable policies.
Councillor Gifford highlighted that attention had been given to the provision of affordable policies. He commented that the measures outlined would expedite a solution in the event of exceptional circumstances.
That the Staff and Pensions Committee:
1. Approves the recommended updates to the Warwickshire Pension Fund discretions policy;
2. Notes the changes to practice implemented within existing discretions, following legal developments and recommendations from the Local Government Association.