Apologies for absence had been received from Cllr Lari and from Cllr Elnaghi for lateness. Co-optees had been advised their attendance was not expected due to the earlier meeting start time. Mike Curtis had submitted his apologies.

Any Member of the Committee, or any other Member participating in the virtual meeting, who has a disclosable pecuniary interest, in a matter to be considered at the meeting is reminded to disclose the interest to the meeting and to leave the meeting while any discussion or vote on the matter takes place.

Members are also reminded that if they have any other significant interest in a matter to be considered at the meeting, whether registered or not, which they feel should be declared in the public interest, such interests should be declared to the meeting. In such circumstances Members should consider whether a member of the public, with knowledge of the relevant facts would reasonably regard the interest as so significant that it is likely to prejudice their consideration or decision making. If the Member considers that to be the case, they should leave the meeting while any discussion or vote on the matter takes place.

Cllr Husband was now in receipt of the councillor pension scheme having previously been a deferred member. Cllrs Mackover and Marshall also declared their membership of the deferred scheme.

These minutes would be submitted for final checking of accuracy to the 1 April 2025 meeting.

The Committee approved the recommendation 10.1 to review the proposed contribution policy.

Phil Triggs confirmed the recommendations in section 10 of the report and for recommendation 10.2, the process had been followed with feedback from the employer consultation reflected in the committee papers.

The Committee noted the need to correct a typing error in the bold font in paragraph 2.5 of Appendix 1. The Committee expressed no other concerns arising from the papers.

Exclusion of the Press and Public

The Chairman indicated that he was minded to resolve to move into exempt (Part B) session at this stage to consider the exempt item of Appendix 6.

The Chairman moved, and Cllr. Husband seconded, this proposal. The Committee concurred and duly:

RESOLVED - that the press and public be excluded as the reports and appendices in this part of the meeting contain information in respect of which a claim for legal professional privilege can be maintained in legal proceedings, and in all the circumstances of each case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

[Notes: Following conclusion of the Part B discussions, the Committee returned to Part A (public) session to take decisions on the Part A agenda items, as recorded below.]

The Chairman emphasised that the Committee would never contemplate a decision that would jeopardise payment of pensions. He reminded the Committee of the Fund’s unusual position compared to other LGPS funds with its significant level of surplus with funding levels of 207% in June 2024 which was likely to have increased. A one-off zero-contribution rate would result in a £9 million reduction in contribution income compared to if the rate was set at 7.5%. Members discussed this change in the cash flow and agreed it would not impair the Pension Fund’s ability to pay pensions and liabilities. The Chairman stated that the funding level from the latest triennial assessment was a conservative estimate. James Brundrett agreed with these comments. All the Members present concurred in the view that a zero rate of contribution would not impair the ability of the Fund to meet its future pensions liabilities.

While the Committee recognised that a zero rate of contribution would have no effect on the ability to pay pensions, the amount saved would be beneficial to the Council’s General Fund and Housing Revenue account and would be used to support local services. It would have a clear, beneficial impact for local residents. Members also noted the intended use of the General fund element of this to support the Grenfell Reserve.

The Chairman emphasised the nil rate contribution was for one year only and therefore would not set a precedent.

[Cllr Elnaghi arrived at 6.18pm.]

James Brundrett advised that the reduction of £9 million from a zero rate to the Fund for one year would not make a material difference to the payment of pensions.

Phil Triggs advised that after one-year 2025/26, the contribution rate would be subject to the results of the  ...  view the full minutes text for item 4.

[Each written report on the public part of the Agenda as detailed above:

(i)                       was made available for public inspection from the date of the Agenda;

(ii)                      incorporates a list of the background papers which (i) disclose any facts or matters on which that report, or any important part of it, is based; and (ii) have been relied upon to a material extent in preparing it. (Relevant documents which contain confidential or exempt information are not listed.); and

may, with the consent of the Chairman and subject to specified reasons, be supported at the meeting by way of oral statement or further written report in the event of special circumstances arising after the despatch of the Agenda.]

The meeting ended at 6.45pm

The exempt Minutes will be circulated separately to the Committee Members.

The exempt Minute will be circulated separately to the Committee Members.