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V26-1159 : PENSION FUND - 1998 REVALUATION

The report of the Director of Central Services reminded members that the impact of the 1998 Revaluation of the Pension Fund on the contracts operated by Waveney Contract Services was the concern of this Committee. The results of the Revaluation had been reported to the Policy and Resources Committee on 7 January 1999, and the detailed calculations were contained within that report.

The revaluation had added £120,000 per year to the trading accounts. Options for coping with the extra costs would be looked at over coming months, but opportunities had already presented themselves and were outlined. Any shortfall between these savings and the added cost would be found by making small savings across a wide range of budgets.

RESOLVED

That the impact of the increase in Pension Fund contributions be noted and the action being taken to offset that impact be approved.


Volume 26 Minute 1159

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