Decision details

Decision details

Watford Community Housing Pension Proposal

Decision Maker: Cabinet, Council

Decision status: Recommendations approved

Is Key decision?: Yes

Is subject to call in?: No


To recommend the transfer of the Watford Community Housing Pension Fund to Watford Borough Council.


Councillor Watkin introduced the report and explained that it was proposed to remove a risk from Watford Community Housing (WCH) by incorporating staff from WCH into the Watford Borough Council (WBC) pension scheme but still funded by the WCH.


The Head of Finance commented that pension fund actuaries took a long term view of the fund and when the number of people in the fund became very low the fund would close for the organisation and the actuaries would require a payment to meet the liabilities.  The report before Cabinet asked for the agreement to transfer three members of staff to the WBC pension fund.  The fund was presently in surplus and as WBC already guaranteed any deficit for WCH the risk to the council remained unchanged.




That Cabinet:


1.     Recommends to Council that the agreements with Hertfordshire Pension Fund and WCH are entered into.


2.     Delegates minor amendments to the legal agreements to the Director of Finance.

Report author: Joanne Wagstaffe

Publication date: 17/07/2019

Date of decision: 04/07/2019

Decided at meeting: 04/07/2019 - Cabinet

Accompanying Documents:


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