1. Local Government Pension Scheme 30 September 2010 PENSION LIAISON OFFICERS’ GROUP (PLOG)

2. Local Government Pension Scheme AGENDA 1.Welcome/Attendance (David Anthony) 2.2010 Valuation - Presentation of Results (Peter Summers – Hyman Robertson) 3. 2010 Valuation – The process from here (David Anthony) 4.Open Forum 5.Future PLOGS

3. Local Government Pension Scheme 1. WELCOME / INTRODUCTIONS David Anthony – Head of Pensions Peter Summers – Fund Actuary (Hymans Robertson) Andy Cunningham – Employer Relationship Manager

4. Local Government Pension Scheme 2. 2010 Valuation - Presentation of Results Our Actuary’s slides are available by email, if you are an employer in Wiltshire Pension Fund. Please contact Andy Cunningham using the details below if you wish to see the slides: T: 01225 713612 E: andrew.cunningham@wiltshire.gov.ukandrew.cunningham@wiltshire.gov.uk

5. Local Government Pension Scheme 3. 2010 VALUATION – THE PROCESS FROM HERE Stabilisation Policy Applies to all employers with tax raising powers WPF comfortable 100% Funding Level achieved over Long Term (24 years) Avoid ‘knee-jerk’ increases in Contribution Rates Set Contribution rates for next 6 years Review every 3 years validity of assumptions in modelling Stable contributions over time Impact: –Freeze current contribution rates until April 2014 –Increase by +1% p.a. from April 2014 for next 3 years

6. Local Government Pension Scheme 3. 2010 VALUATION – THE PROCESS FROM HERE Employers with Non-Tax Raising Powers: Affordability issues of proposed rates Potential for Contribution Relief for next 3 years Employers all different (covenants? contract length? open / closed? maturity? experience?) Assess perceived risk to the Fund (via Employer Stability Review) Categorise employer (1-4)

7. Local Government Pension Scheme 3. 2010 VALUATION – THE PROCESS FROM HERE Employers with Non-Tax Raising Powers: Increase from Total increase over 3 April 2011years Category 1:0% up to 1/3 rd of Full rate Category 2:1/3 rd of Full rate up to 2/3 rds of Full rate Category 3:2/3 rds of Full rate up to Full rate Category 4: Full rate

8. Local Government Pension Scheme 3. 2010 VALUATION – THE PROCESS FROM HERE Employers with Non-Tax Raising Powers: Carry out employer reviews where requested Update employer of category Propose rates to pay from 1 April 2011 – 31 March 2015 Complete process by December 2010 Approved by Committee February 2011 Submit to Secretary of State by March 2011

9. Local Government Pension Scheme 4. OPEN FORUM Any Issues / Questions?

10. Local Government Pension Scheme 5. FUTURE PLOGS Aim is quarterly Number of Topical Issues (Hutton Review, Cost-Sharing, High Earners tax implications, etc.) Target the correct people in organisations (Finance/Admin) Will update you on Future meetings