Minutes:
Cllr Kober took members through the paper which set out the proposed priorities and key areas of work for the Board.
On the workforce stream members asked that there be a focus on the new pay structure and spinal points as a result of the increase in minimum wage.
Members also agreed the following Member Champions:
Local Government Finance – Cllrs Claire Kober and John Fuller
EU funding – Cllr Clarence Barrett
Welfare Reform – Cllr Claire Hudson
Skills – Cllr Linda Van de Hende
Pensions – Cllr Roger Phillips
The Chair invited Cllr Phillips to feedback to the Board on his recent meeting with Marcus Jones MP Parliamentary Under Secretary of State (Minister for Local Government) and Richard Harrington MP Parliamentary Under Secretary of State for Pensions.
The LGPS will be the first to consult on transparency of costs. Some preliminary work has already been done and will be at the cutting edge. All funds have submitted proposals on the pooling of their assets, the legal structures for which will need to be in place within 18 months The strategy of how funds are invested will be down to individual LGPS funds and governance structures with will be appointed to oversee the pooled pensions.
Price Waterhouse Cooper has been commissioned to look at options for academies and there is a need to involve the Treasury and Department for Education on in this work. Valuation of pension funds – the employer contributions to pay down the deficit is likely to increase but it will vary across employers and depending on the assumptions made at the last valuation.
Decision:
The Board the priorities, work programme and Member Champion roles for 2016/17.
Supporting documents: