Issue - meetings

Neil Buxton, Technical Specialist Pensions Fund Policy and Governance advised that this report set out the latest update on the McCloud case.  The appendix referred to a consultation which had been issued on 17 July 2020 and the related papers would be circulated to Board Members, followed by any further commentary or updates from the advisory board or actuaries as received. It was acknowledged that the outcome of the case would potentially have a huge task impact for all Local Authority Pension Funds as it related to approximately 25% of fund members and resourcing would need to be identified to address the impacts.  Meetings on planning for the impacts of McCloud were due to commence following the meeting and it was proposed to update the Board regularly on how that was progressing.

It was also highlighted that the cost cap and limitation of payments to £95,000 had been further delayed.