Decision details

To approve the North Yorkshire Pension Fund 2022 Funding Strategy Statement

Under his emergency delegated decision-making powers in the Constitution, the Chief Executive Officer has taken the decision to approve the North Yorkshire Pension Fund 2022 Funding Strategy Statement as identified under Item 7, Appendix 3 of the Pension Fund Committee meeting that was adjourned on 9th September 2022.
PLEASE NOTE that this decision is a non-executive decision and as such is not open to call-in.

Under his delegated decision making powers in the Officers’ Delegation Scheme in the Council’s Constitution, the Chief Executive Officer has power, in cases of emergency, to take any decision which could be taken by the Council, the Executive or a committee.
The approval of the North Yorkshire Pension Fund 2022 Funding Strategy Statement was due to be considered at the meeting of the Pension Fund Committee on 9 September 2022 however the meeting was adjourned in line with the Council’s agreed approach during the national period of mourning following the death of Her Majesty Queen Elizabeth II.
The issue of the approval of the Funding Strategy Statement is time sensitive as it effectively sets the context for the employers’ valuations and their contribution rates. The timescale is urgent to ensure that sufficient time is given to the employers to consider the impact on their respective organisations as part of a consultation process. The decision therefore cannot await the next meeting of the Pension Fund Committee on 25 November 2022.

The Council could choose not to seek a decision under the Chief Executive Officer’s emergency delegated powers however that would impact the timescales of this matter to such an extent that it would jeopardise the Council and the public’s best interests.
A further option is to convene a short notice special meeting of the Pension Fund Committee to deal with this issue alone, however this would need to be a physical meeting for a formal decision to be taken and would not enable the matter to be dealt with as quickly, again putting pressure on the timetable.