Report of the Treasurer – Report to Follow

Contact: James Walton

That Option C, in respect of policy arrangements for the payment of Deficit Recovery Payments as set out in section 7.1.7 of the Treasurers Report be approved.

That the policy under which Compensatory Added Years, Lead Authority Costs and Other Costs are calculated and charged as set out in sections 7.2, 7.3 and 7.4 respectively, of the Treasurers Report be approved.

The Treasurer, James Walton presented the Policy Decisions 2026/27 report and explained that the focus of the report was the deficit recovery payment, which was determined every three years following the triennial actuarial valuation of the pension fund. He outlined the three payment options and added that as the final figures will not be available until November 2025 members were requested to consider the three options (A, B and C) as set out in section 7.1.7 of the report.

In response to questions the Treasurer clarified that although option C does not explicitly mention discussion with other authorities, he assured the Joint Committee that all members would be kept up to date and if any discussion was needed, a meeting would be convened.

It was explained that option C delegated the decision on the deficit recovery payment approach to the Treasurer in consultation with the Chairman adding that once the actuarial valuation figures were available these would be circulated for members to review and choose the preferred payment method.

RESOLVED:

1.    That Option C, in respect of policy arrangements for the payment of Deficit Recovery Payments as set out in section 7.1.7 of the Treasurers Report be approved.

2.    That the policy under which Compensatory Added Years, Lead Authority Costs and Other Costs are calculated and charged as set out in sections 7.2, 7.3 and 7.4 respectively, of the Treasurers Report be approved.