Issue - meetings

Vicky Jenks (Pensions Administration Delivery Lead) introduced the report which outlined changes that had been made to early retirement strain cost factors. These factors were used to calculate the cost of allowing somebody to retire early. It had been necessary to revise strain cost factors because of changes to the Superannuation Contributions Adjusted for Past Experience (SCAPE) discount rate which influenced the cost of pension liabilities. The Committee was asked to ratify the proposed changes.

In response to Councillor Hammersley, Andy Felton (Director of Finance) advised that the cost to enable an early retirement was met by the member’s employer. This was because early retirements were usually determined by the employer – for example, when redundancies were made. 

Councillor Kettle moved that the recommendation be accepted and was seconded by Councillor Millar. This was supported unanimously by the Committee.

Resolved:

That the Staff and Pensions Committee notes the information provided in the report and ratifies the revision of the Early Retirement Strain Cost Loading Factor for the Warwickshire Pension Fund.