Decision details

That the Director of Resources be given delegated authority to respond to the consultation supporting:

(i)         The continuation of a final salary pension scheme under Option A (paragraph 9 of report – effectively a continuation of the current Scheme);

(ii)        The increase in death benefit from 2 to 3 years pay;

(iii)       The introduction of cohabitees’ pensions;

(iv)       The increase in employee contribution rates to between 6-7%;

(v)        A single contribution rate for all employees;

(vi)       The review of ill health retirements;

(vii)      Option C – Treat all accrued service as a benefit payable on retirement under the terms of the current scheme.  Because these benefits have already been funded this is likely to prove cost neutral. 

(viii)     No extension to employer discretions;

(ix)       The overall context of early and flexible retirement;

(x)        The idea that future reviews of the employee contribution rate should only occur when fundamental changes to Scheme benefits are made.

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