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Posted by: John Brace | 28th June 2011

Pension Committee 27/6/2011 – Part 11 – Public Accounts Committee

The officer introduced the report and appendix stating it was for information. It was reviewing the major chances in 2007/2008 on public sector pension schemes. The LGPS had been impacted in most ways. Looking at the unfunded schemes such as teachers and the NHS many points equally applied. 4.2 included the normal retirement ages and the cost sharing arrangements. 4.4 had comments on the findings of the committee.

The savings to taxpayers over fifty years were detailed including cost sharing which hadn’t been implemented since the 2007/2008 review. There were fewer changes to the scheme, but there were differences between the local government scheme and unfunded schemes. The Chair said he was grateful for the painstaking work and noted the report.

Report 21 was on Castle Chambers. Peter asked for approval for the tender and for acceptance of the second lowest tender. There was a time pressure due to a potential tenant who wantd the refurbishment and internal alterations. Using the same contractor for both and not using the lowest cost would prevent it being a vacant space. There were minimal additional costs.

The Chair pointed out appendix 32. Cllr Harry smith asked if this element should be recovered from the occupier. The answer given was that the current occupier was in administration. The second lowest tender was accepted.

The committee then thanked the press and public for their attendance and considered the remaining items in closed session.

These were
23. INVESTMENT MONITORING WORKING PARTY MINUTES (Pages
159 – 172)
24. MANAGEMENT OF PRIVATE EQUITY (Pages 173 – 176)
25. SOUTHERN ELECTRIC CONTRACTING (Pages 177 – 180)
26. ACTUARIAL TENDERS (Pages 181 – 184)
27. INVESTMENT ADVISOR TENDERS (REPORT) (Pages 185 – 188)
28. INVESTMENT ADVISOR TENDERS (APPENDIX) (Pages 189 – 192)
29. BALFOUR BEATTY WORKPLACE (Pages 193 – 196)
30. BOND REVIEW (Pages 197 – 202)
31. PEOPLES CENTRE (Pages 203 – 206)
32. CASTLE CHAMBERS (Pages 207 – 208)
33. ANY OTHER URGENT BUSINESS APPROVED BY THE CHAIR


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