The Warwickshire Fire and Rescue Local Pension Board of the Firefighters' Pension Scheme meeting on Monday 17 June 2024 covered several significant updates and decisions, including a review of the risk register, governance and policy updates, and a detailed pension administration update. Key decisions included the approval of the revised employer contribution rates and the delegation of the scheme manager's functions to the Section 151 officer.

Risk Register

Lisa Eglesfield, Pension Administration Delivery Manager, introduced the updated risk register. The primary update involved the Matthews project, which now includes a revised calculator from the government’s actuarial department. This allows retained officers active at a specific time to buy into their service pension. However, some calculations still need to be done manually due to limitations of the new calculator. Issues related to this are being reported back to the Local Government Association (LGA).

Governance and Policy Update

Lisa Eglesfield provided a governance and policy update. The employer contribution rates of pensionable pay have risen by 8.5% to 37.6%, effective from 1 April 2024 until 31 March 2027. This increase is due to the age discrimination remedy and the Matthews project, both of which increase pension liability. The Council’s Medium Term Financial Strategy has accounted for this, and a top-up grant from the Treasury has been confirmed.

Additionally, pension increase figures were released, showing a rise of 6.7% from the first Monday of the new tax year, and care pension pots will rise by 7.7% from April 1. The lifetime allowance limit has been removed, allowing greater freedoms regarding pension savings, though a tax-free lump sum limit of £268,275 remains.

The terms of reference and the contract conflicts of interest policy have been reviewed and combined into one policy. The next meeting of the Staff and Pensions Committee will consider delegating Warwickshire County Council’s functions as the scheme manager of the Fire Pension Scheme to the Section 151 officer, aligning with the Local Government Pension Scheme and other finance-related functions. Administration of the scheme will remain with the West Yorkshire Pension Fund.

Pension Administration Update

Lisa Eglesfield provided a pension administration update. The Matthews project identified 118 people in scope, with 43 requesting more information and six letters returned undelivered. Calculations for the 43 respondents are underway, with funding expected to be available from the start of the new tax year. Efforts are ongoing to trace the six undelivered letters through the Department of Work and Pensions’ tracing service.

Regarding the McCloud age discrimination remedy, the Warwickshire Pension Fund has supplied necessary data to the West Yorkshire Pension Fund, though further work on contributions is needed. The calculations are being processed using a government actuarial department tool.

Helen Scargill from the West Yorkshire Pension Fund reported on the December monthly update, noting a delay in processing a death in retirement case due to a delay in receiving the managed certificate from the beneficiary. The annual scheme returns are in progress, and the first remediable service statements were released on 22 December. However, handling of immediate choice cases has been paused following instructions from the LGA and FBU.

Forward Plan

Training for new Board members has been arranged through the LGA, with refresher sessions available for existing members. Members were encouraged to contact Lisa Eglesfield for training opportunities, and a training log is maintained. The forward plan was noted.

Any Other Business

There were no additional items of business.

Future Meeting Dates

Members noted the dates of future meetings.