Issue - meetings

Briefing note for £95K exit cap regulation change

Meeting: 14/12/2020 - Staff and Pensions Committee (Item 11)

11 Briefing note for £95K exit cap regulation change pdf icon PDF 115 KB

Circulated as briefing note to members before the meeting

Minutes:

Sarah Duxbury (Assistant Director – Governance & Policy) stated that the note was an update of the situation and little had changed.  The exit cap regulations had already come intforce and there had been a consultation on the technical formula for working out people's entitlement in the event of an exit situation where the cap was exceeded by the virtue of the redundancy payment along with the pension actuarial paymentFurther consideration will be given to this as the guidance emerges and individual matters dealt with on a case-by-case basis. 

 

Andrew Felton (Assistant Director – Finance) added that the Council will adopt early advice from government about how the pension regulations will change for employers. It will also create a risk awareness with the two conflicting sets of legislation. 

 

Resolved

That the Staff and Pensions Committee notes the briefing note.