The Warwickshire Fire and Rescue Local Pension Board of the Firefighters' Pension Scheme met to discuss updates on the risk register, governance and policy changes, and pension administration. Key decisions included the approval of a revised employer contribution rate and the delegation of scheme management functions.

Risk Register

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

Governance and Policy Update

Lisa Eglesfield presented the Governance and Policy Update. Employer contribution rates of pensionable pay have been revised, increasing 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 will be issued by the Treasury.

The pension increase figures were also discussed, with a 6.7% rise from the first Monday of the new tax year and a 7.7% rise in care pension pots from April 1. Additionally, the lifetime allowance limit has been removed, allowing greater freedom regarding pension savings, although the tax-free lump sum limit remains at £268,275.

The terms of reference and 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 it with the Local Government Pension Scheme and other finance-related functions. Administration will remain with the West Yorkshire Pension Fund.

Forward Plan

Training for new Board members has been arranged through the LGA, with refresher sessions available for existing members. Links to the training programmes will be circulated along with the minutes of the meeting. A training log for members is maintained.

Pension Administration Update

Lisa Eglesfield provided an update on the Fire Pensions Administration. Of the 118 people identified for the Matthews project, 43 have requested more information, six letters were returned, and the rest have not responded. Calculations for the 43 respondents are underway, with funding expected to be available by the start of the new tax year. Further reminders will be sent to non-respondents, and attempts will be made to trace the six people no longer at their listed addresses.

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

Helen Scargill from the West Yorkshire Pension Fund introduced the December monthly report. There was one case of a delay in obtaining a managed certificate from a beneficiary, affecting the Key Performance Indicator (KPI) timeframe. The Chair suggested refining some KPIs for clarity. The annual scheme returns are being completed, and the first remediable service statements were released on 22 December. However, handling of immediate choice cases is paused pending further instructions from the LGA and FBU.

Any Other Business

There were no additional items of business.

Future Meeting Dates

Members noted the dates of future meetings.