Issue - meetings

Liz Firmstone (Head of Finance Transformation and Transactions) introduced the report which confirmed the findings of the most recent review of Pension Fund policies and provided details of regulatory developments in the pensions arena.

Liz Firmstone highlighted that the General Election had been called following publication of the report. The Economic Activity of Public Bodies (Overseas Matters) Bill had entered Committee Stage after its second reading in the House of Lords on 20 February 2024. However, the process had not been completed prior to the dissolution of Parliament. Therefore, the Bill would need to be restarted from its first reading if it was to go ahead.

Lisa Eglesfield (Pensions Administration Service Manager) advised that the circumstances of the fire pension scheme age discrimination remedy had also changed since publication of the report. His Majesty's Revenue and Customs (HMRC) had raised specific concerns relating to payment of interest. This had led to cases being allocated red, amber, and green ratings in anticipation of additional guidance being issued by HMRC.

In response to Councillor Hammersley, Lisa Eglesfield advised that the Fund was communicating with individuals whose pensions were affected by the fire pension scheme age discrimination remedy to ensure that they were kept up to date of progress and latest information.

Liz Firmstone highlighted that Warwickshire Pension Fund had navigated issues associated with the McCloud remedy effectively and was well-placed to respond to obstacles and challenges as they arose.

There was discussion of commentary within the report relating to the Spring Budget of 6 March 2024 that “the Government will work with the LGPS to consider the role they could play in unlocking investment in new children’s homes.” This initiative had not translated into any concrete plans. However, it would be an area of interest to the Pension Fund Investment Sub-Committee were this to change.

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

Resolved:

That the Staff and Pensions Committee notes the updates contained within the Report.