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 RESOLVED
 
 KEY DECISION
 

That the Executive:

 

a)    
Approved the implementation of a
Shared Cost Additional Voluntary Contribution pension arrangement
for members of the Local Government Pension Scheme.

 

b)    
Approved that earnings related
payments, such as overtime, pay increases, contractual allowances,
occupational maternity pay, occupational sickness pay, and
redundancy are calculated on the notional salary before applying
the salary sacrifice reduction. Section 4.5 below gives further
details.

 

c)    
Approved the amendment of the
Council's LGPS Discretionary Pension Policy Statement to permit
LGPS staff to participate in a Shared Cost AVC scheme.

 

d)    
Approved partnering with an
external provider to deliver a fully managed service covering
Shared Cost AVCs.

 
 

Reason for Recommendations: The
implementation of a Shared Cost AVC scheme will deliver a new
employee benefit for our LGPS staff as well as improved pension
education and financial well-being. It will improve recruitment and
retention and deliver budget savings for the Council. There is no
cost to implement a scheme and will ensure that our staff have
access to a scheme that is already available at most of the
councils in the UK. The scheme is compliant with HMRC and LGPS
regulations.

 

The Council has the option to
manage the scheme in house but as this carries both resource and
compliance risks this is not a viable option. The use of a fully
managed service provider will also deliver a much wider take up and
is the route other councils use.