Pension risks, now you see it, now you don’t!
Hi Andrew,
As section 151 officer, I am assuming that it your duty to inform members of any relevant risks and as such I want to bring to your attention to the Pension risk identified at the previous Scrutiny Committee which has been omitted from the One Barnet Highlight report going to tomorrows Budget and Performance Overview and Scrutiny Committee Meeting
The Pension Risk Number CP0010 – ‘The negative affect on the Pension Fund due to loss of payees if bulk transfers on One Barnet take place’
The actions to mitigate the risk were identified as follows:
“Meeting with Actuaries to greater understand the effect Meeting was held with the actuaries (Barnett Waddingham) to discuss the implications of the transfer of employees with either Admitted Body Status (ABS) or use of a Government Actuaries Department (GAD) Passport. Early discussions were held on the potential impact on both employee’s pensions and the affect on the Pension Fund. Key points discussed included the current Government consultation on the Fair Deal Policy: treatment of pensions on compulsory transfer of staff from the public sector, current trends by providers is to opt for ABS over GAD due to cost, the detail of ABS including the provision of a bond, related risks and open and closed schemes.
A paper will be going to the September Pensions Fund Committee on the position of the procurement Projects within the One Barnet Project, requesting approval for an ‘in principle’ decision on the corporate approach to managing the pension implications. Individual projects will still need to present their in individual specifications to the Pension Committee
As the above Pension risk was identified in a public document, please can you explain the reason it has been omitted without any evidence published to substantiate its removal?
I look forward to your comments on this matter.
Best wishes
John Burgess
Branch Secretary.
Barnet UNISON
0208 359 2088