Decision details

The report of the Cabinet Member for Finance and Change detailing the Budget Matters – Local Government Pension Scheme proposed saving

(i) Approve SCC taking the option of the lower contribution rate of

16.8% in order to generate an annual budget saving to the General

Fund of around £1.44M.

(ii) Notes the option of an upfront payment to Hampshire Pension Fund

as outlined in paragraphs 8 and 9 and that a decision will be taken

by the Executive Director for Finance and Commercialisation, based

on whether the estimates of the upfront payment discount offered

benefits the Council more than the cash flow costs of borrowing to

make the early payment.

The council is facing severe financial challenges and this proposal would

contribute towards reducing the forecast budget deficit.

Not to take up the option of the lower contribution and retain the additional

surplus in the Hampshire Pension Fund. This would generate a saving to the

General Fund of around £0.41M instead of the proposed saving of around

£1.44M.

None