Issue - meetings

Report FSD14028

The London Pension Fund Authority (LPFA) had carried out a cessation valuation following the retirement of the one remaining active London Borough of Bromley employee in the Fund.  There were now thirteen former Council employees in receipt of a pension from the fund. Under Local Government Pension Scheme (LGPS) Regulations, an exit payment became payable once a Scheme employer ceased to have active members contributing to the Fund. 

RESOLVED that

(1)  Deficit liabilities continue to be measured using ongoing funding assumptions.

(2)  An initial deficit recovery period of 17 years be agreed.

(3)  A payment plan with no set exit date and a flat rate payment of £40k per annum be approved.

(4)  It is noted that the position will be closely monitored and any request to exit the Fund and trigger a full cessation will be subject to a further report to this Committee.