Decision - Local Government Pension Scheme 2014 - Employer Discretions

That it be agreed to maintain its current pension discretions as set out at paragraphs 2.1.1- 2.1.7 and apply these to the Local Government Pension Scheme Regulations 2013.  Specifically these are:-

(i)               The council continues its current practice not to fund in whole or in part, any purchase of additional pension benefits via Additional Regular Contributions (ARCs) or Purchase of Added Years or Additional Pension Contributions (APCs) as set out at section 4.1 of the report.

(ii)             The council maintains its policy that any actuarial reduction due to early payment of benefits due to flexible retirement is absorbed by the individual member unless they have been placed at risk of redundancy as set out at paragraph 4.2.10

(iii)            The council maintains its policy, to support applications for Voluntary Early Retirement made on compassionate grounds and, where agreed, to waive any actuarial reduction as set out at section 4.3 of the report.  In all other applications for voluntary retirement, the actuarial reduction will be absorbed by the individual member.

(iv)            The council maintains its policy not to award any additional pension as detailed in section 4.4.

(v)             The council continues to assess and apply rebanding of pension contributions on an annual basis as at 1^st April regardless of material changes throughout the financial year as detailed in section 4.5.

(vi)            The council does not switch on the 85 year rule for employees who voluntarily retire between the ages of 55-60 and continues with its current policy to only consider this as an exception on compassionate grounds.

That the Policy & Resources Committee agree that the council’s pension policy is updated in accordance with the new scheme and delegations.