14 CfBT Advice & Guidance - Pension Liabilities
Cabinet Member: Finance & Property
Forward Plan Ref: 2010/218
Contact: Sean Collins, Assistant Head of Shared Services Tel: (01865) 797190
Report by Chairman of the Pension Fund Committee on behalf of the Committee (CA 13).
(The information contained in the report is exempt in that it falls within the following prescribed category:
3 – information relating to the financial or business affairs of any particular person (including the authority holding that information)
It is considered that in this case the public interest in maintaining the exemption outweighs the public interest in disclosing the information in that disclosure would be detrimental to the activities of the charitable organisations and their ability to provide effective services to the public.
This report on behalf of the Pension Fund Committee asks the Cabinet to consider accepting the transfer of responsibility for funding the past service pension deficit in respect of former staff of CfBT (Advice & Guidance). This follows the Council decision not to renew the connexions service contract with CfBT (Advice & Guidance) following a tender exercise, combined with the current Pension regulations which prohibit transferring the past service pension liability on to the new provider. The Pension Fund Actuary has advised that due to the relative size of the pension deficits of the County Council and CfBT (Advice & Guidance), that a transfer in respect of these staff will have no impact on the County's employer contribution rate.
The Cabinet is RECOMMENDED to accept the transfer of responsibility for the past service pension liabilities in respect of the former members of CfBT (Advice & Guidance) employed in respect of the careers/connexions service.
Minutes:
EXEMPT ITEM
At this point Cabinet RESOLVED to exclude the public for the consideration of the report at Agenda Item 13 by passing a resolution in relation to that item in the following terms:
"that the public be excluded during the consideration of this matter since it is likely that if they were present during that discussion there would be a disclosure of "exempt" information as described in Part I of Schedule 12A to the Local Government Act, 1972 and specified below the item in the Agenda".
(The information contained in the report is exempt in that it falls within the following prescribed category:
3 – information relating to the financial or business affairs of any particular person (including the authority holding that information)
It is considered that in this case the public interest in maintaining the exemption outweighs the public interest in disclosing the information in that disclosure would be detrimental to the activities of the charitable organisations and their ability to provide effective services to the public.
The discussion on this item was taken in private session but for ease of reference the public information and public decision is set out below.
This report on behalf of the Pension Fund Committee asked the Cabinet to consider accepting the transfer of responsibility for funding the past service pension deficit in respect of former staff of CfBT (Advice & Guidance). This followed the Council decision not to renew the connexions service contract with CfBT (Advice & Guidance) following a tender exercise, combined with the current Pension regulations which prohibited transferring the past service pension liability on to the new provider. The Pension Fund Actuary had advised that due to the relative size of the pension deficits of the County Council and CfBT (Advice & Guidance), that a transfer in respect of these staff would have no impact on the County's employer contribution rate.
The CabinetRESOLVED to accept the transfer of responsibility for the past service pension liabilities in respect of the former members of CfBT (Advice & Guidance) employed in respect of the careers/connexions service.