The Assistant Director – Resources presented the Q3 Corporate Performance report for 2023/24.

Members asked for further clarification around point 4.43 of the report in relation to the HMRC late payment interest overspend of £7k.

The Assistant Director – Resources responded that this was a result of dealing with the backlog of complex pension saving statement and tax issues. These are penalty charges which as the delay in payment was due to the Authority were being borne by the Authority and not the scheme member. 

The Assistant Director – Pensions further added that the work on the backlogs was outsourced, and this is due to be completed in late March and a process has been put in place moving forward to ensure we are able to prevent late payment charges in the future.

Members further probed around whether the Authority would need to pay this charge in future if Lifetime Allowances were being stopped.

The Assistant Director – Pensions responded that the Scheme Pays Rules also apply to the Annual Allowance which remains in place although it has been increased to £60k, which means that far fewer members are likely to be affected.

RESOLVED: Members noted, commented on, and accepted the report.