Received a report from the Corporate Director of Resources setting out the discretions within the Local Government Pension Scheme (LGPS) Regulations 2007 and 2008 that the London Borough of Barking and Dagenham, as the employer, is required to agree as part of its pension policy.
Agreed, in order for the Council to fulfil its statutory responsibilities to formulate, publish and keep under review a policy statement in relation to the exercise of a number of discretions under the Local Government Pension Scheme, to:
(i) The discretionary policies as detailed in section 2 of the report; and
(ii) The approval process for discretions as set out in section 3 of the report, including the creation of a panel consisting of the Corporate Director of Resources, Divisional Director of Corporate Finance and Divisional Director of Legal and Democratic Services to determine all cases that are not cost neutral.
(*The Chair agreed that this item could be considered as a matter of urgency under the provisions of Section 100B(4)(b) of the Local Government Act 1972).