Martin Griffiths (Technical Specialist, Pension Fund Policy and Governance) introduced this report which provided a summary of recently reviewed Pension Fund policies and provided an update on regulatory developments in the pensions arena.
Martin Griffiths highlighted that, since publication of the report, the Government had issued new guidance regarding payment of Special Severance Payments. The guidance advised that careful consideration be given before these making these payments to ensure value for money and adherence to best practice. This information had been passed on to employers within the Fund.
Andy Felton (Assistant Director, Finance) reported that he had recently approved the Council’s annual submission to central government for redundancies and early retirements. Unlike some other local authorities, the Council had not proposed any special arrangements in relation to Special Severance Payments. He did not anticipate any difficulties.
Martin Griffiths advised that the Fund was required to provide, maintain, and publish a Communications Policy in accordance with regulations. This Policy determined how the Fund would communicate with stakeholders and had recently been reviewed by officers who recommended minor amendments associated with the move to agile working, the launch of the Fund’s new website, and details of the Member Self Service platform. These amendments were set out in appendix 1 of the report. He sought members’ approval for the proposed changes.
The Chair proposed that the Committee adopt the changes to the Communications Policy outlined within the report and was seconded by Councillor Millar. Members voted unanimously to adopt the updated Communications Policy.
That the Committee:
1. Endorses the report.
2. Approves the revised Communications Policy outlined within the report.