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
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.
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