Decision details

The Chair moved to consider Item 5 as the next substantive item.

The Committee considered a report on the introduction of a salary sacrifice 'Shared Cost' scheme for the additional voluntary contributions as part of the Local Government Pension Scheme arrangements.

It was noted that the scheme would be formally presented to the unions in order to determine how the scheme, if approved, should be presented to employees.

Resolved:

(i)  That the commencement of a salary sacrifice shared cost scheme for additional voluntary contributions as part of the Local Government Pension Scheme, as set out in the report, be approved.

(ii)  That the proposed amendments to the current Lancashire County Council Discretionary Statement of Policy, as set out at Appendix 'B', to allow for the implementation of the salary sacrifice shared cost scheme for additional voluntary contributions, be approved.

(iii)  That all existing additional voluntary contribution employees are entered into the new scheme and all new additional voluntary contributors are automatically opted-in, with the option for each employee to opt-out, be approved.