Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To consider whether the Council pools with three Orphaned Employers.

RESOLVED: That Council approved that North Hertfordshire District Council (as the relevant Admitted Body) be pooled with the following Orphaned Employers: Letchworth Garden City Town Council, Veolia ES Services team and Hitchin Markets.

REASONS FOR DECISION:

(1)  All of the Orphaned Employers (based on the 2019 valuation) have over 100% funding, which is better than the Council’s funding position. Therefore, it is probably in the Council’s best interest to be pooled with them.

(2)  In the case of Letchworth Garden City Town Council, Hertfordshire County Council (HCC) (as the Hertfordshire LGPS administrator) have legal advice that we are required to be pooled with LGCTC.

Audio Recording – 144 minutes 47 seconds

The Service Director – Resources presented the report entitled ‘Pension Pooling with Orphaned Bodies’ and advised of the following:

·         Where there were no remaining active Local Government Pension Scheme members of a body, these could be taken on by the Council.

·         This report detailed three bodies who had no active members and were therefore Orphaned Employers.

·         The proposals were to pool with Letchworth Garden City Town Council, Veolia ES Services team and Hitchin Market.

N.B. Councillor Terry Hone declared an interest in his capacity as a Hertfordshire County Councillor as a substitute Member of the Hertfordshire County Council Local Government Pension Scheme Local Pension Board and would not vote on this item.

Councillor Ian Albert proposed and Councillor Elizabeth Dennis-Harburg seconded and, following a vote, it was:

RESOLVED: That Council approved that North Hertfordshire District Council (as the relevant Admitted Body) be pooled with the following Orphaned Employers: Letchworth Garden City Town Council, Veolia ES Services team and Hitchin Markets.

REASONS FOR DECISION:

(1)  All of the Orphaned Employers (based on the 2019 valuation) have over 100% funding, which is better than the Council’s funding position. Therefore, it is probably in the Council’s best interest to be pooled with them.

(2)  In the case of Letchworth Garden City Town Council, Hertfordshire County Council (HCC) (as the Hertfordshire LGPS administrator) have legal advice that we are required to be pooled with LGCTC.

N.B. At this point in the meeting Councillor Faye Frost left the Chamber at 21.59 and did not return to the meeting.