To elect a Chairman for the ensuing year.

That Councillor Peter Stoddart be elected Chairman for the ensuing year.

That Councillor Peter Stoddart be elected Chairman for the ensuing year.

To receive apologies for absence.

Apologies were received from Councillors Graham Biggs, Ian Cresswell and Ollie Vickers (Substitute: Councillor Paul Davis).

To appoint a Vice-Chairman for the ensuing year.

That Councillor Roger Evans be appointed Vice-Chairman for the ensuing year.

That Councillor Roger Evans be appointed Vice-Chairman for the ensuing year.

To approve the Minutes of the meeting held on Friday 20^th September 2024.

That the minutes of the meeting held on 20th September 2024 be approved as a correct record.

To receive any questions from the public, notice of which has been given in accordance with Procedure Rule 14. The deadline for this meeting is 12.00 p.m. on Monday 22^nd September 2025.

There were no public questions received.

Members are reminded that they must declare their disclosable pecuniary interests and other registrable or non-registrable interests in any matter being considered at the meeting as set out in Appendix B of the Members’ Code of Conduct and consider if they should leave the room prior to the item being considered. Further advice can be sought from the Monitoring Officer in advance of the meeting.

None received.

Report of the Treasurer – Report to Follow

Contact: James Walton

That the finalised Statement of Accounts 2024/25 be signed by the Chairman and the Treasurer be approved.

That the Annual Governance Statement 2024/25 be approved.

The Treasurer, James Walton presented the report which outlined the Statement of Accounts 2024/25 and the Annual Governance Statement 2024/25. He explained that the Joint Committee was formed after West Mercia Supplies was sold, with the pension liability retained and initially held within West Mercia Energy. Due to the negative impact of the pension deficit on West Mercia Energy’s balance sheet and its business prospects, the liability was separated into a Joint Committee.

Members were advised that the Statement of Accounts for 2024/25 include standard financial statements showing the pension liability, which can fluctuate significantly year-to-year due to actuarial valuations and adjustments.

RESOLVED:

1.    That the finalised Statement of Accounts 2024/25 be approved and signed by the Chairman and the Treasurer.

2.    That the Annual Governance Statement 2024/25 be approved.

Report of the Treasurer – Report to Follow

Contact: James Walton

That the Pension Liability charges for 2025/26 as set out in section 7 of the report below in line with the policy approach as approved by Joint Committee in the Policy decisions 2024/25 report 20th September 2024, be approved.

That the amounts due to be paid by each Member Authority in respect of the Member Authority Liability Charges set out in section8 of the Treasurers Report, and the payment mechanism set out in section 9 of the Treasurers Report be approved.

The Treasurer, James Walton presented the report, detailing the Pension Liability Charges 2025/2026. He explained that the largest element, the deficit recovery payment, was already paid upfront for three years in 2023, so no new payment was required this year. The other costs were outlined and it was noted that the process was designed to be simple, with a single annual invoice and minimal administration.

RESOLVED:

1.    That the Pension Liability charges for 2025/26 as set out in section 7 of the Treasurers Report in line with the policy approach as approved by the Joint Committee in the Policy decisions 2024/25 report 20th September 2024, be approved.

2.    That the amounts due to be paid by each Member Authority in respect of the Member Authority Liability Charges set out in section8 of the Treasurers Report, and the payment mechanism set out in section 9 of the Treasurers Report be approved.

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.

Report of Treasurer – Report to Follow

Contact: James Walton

That the scheme of Delegations attached at Appendix A of the Treasurers Report be approved.

The Treasurer, James Walton presented the report, outlining Scheme of Delegations to Treasurer.

RESOLVED:

That the scheme of Delegations attached at Appendix A of the Treasurers Report be approved.

To agree the date of the next meeting.

The Chairman confirmed that the next meeting would take place in September 2026, date to be confirmed.