Issue - meetings

To consider the report of the Cabinet Member for Finance and Change detailing the Budget Matters – Local Government Pension Scheme proposed saving.

DECISION MADE: (CAB 22/23 35961)

On consideration of the report of the Cabinet Member for Finance and Change, Cabinet agreed the following:

 (i) Approve SCC taking the option of the lower contribution rate of

   16.8% in order to generate an annual budget saving to the General

  Fund of around £1.44M.

(ii) Notes the option of an upfront payment to Hampshire Pension Fund

  as outlined in paragraphs 8 and 9 and that a decision will be taken

  by the Executive Director for Finance and Commercialisation, based

  on whether the estimates of the upfront payment discount offered

  benefits the Council more than the cash flow costs of borrowing to

  make the early payment.