Issue - meetings

A report from the Chief Finance Officer and a presentation from the Pensions Manager which presents an updated Administering Authority Discretions Policy for the Wiltshire Pension Fund.

The Employer Relationship Manager outlined changes to the existing Administering Authority Discretions policy. The changes update the previous policy approved by this Committee on 28 February 2007 and had been drafted to cover all of the Administering Authority’s discretions as detailed in the Local Government Pension Scheme (Administration) Regulations 2008, Clause 5, part 1.

It was explained that the policy provided guidelines for Pension Fund staff, confirmation of their responsibilities and transparency in processes undertaken.

A number of slides were circulated (attached to these minutes), outlining the changes in detail.

Clarification was sought regarding the following:

• 121 and 122A (2)(c): Inward Transfers – It was confirmed that transfers in and out of the Wiltshire Pension Fund scheme were valued using actuarial factors.

• The Head of Pensions confirmed he was satisfied that employees and employers would only be able to transfer the appropriate amount in and out of the scheme.

• The abolishment of the default retirement age, would have little effect on the scheme: for its purposes the retirement age remained at 65.

Resolved:

To approve the updated Discretions Policy Statement