Key Takeaways
- • West Berkshire Council, currently a member of the Berkshire Pension Fund, would move into the new Ridgeway Council under the proposed local authority reorganisation, which would also include South Oxfordshire and Vale of White Horse District Councils.
- • Pension representative Jeff Ford described West Berkshire as probably the biggest customer of the Berkshire Pension Fund and said the council is likely to want to move to Oxfordshire.
- • Berkshire Pension Fund officials said that if Ridgeway Council joins the Oxfordshire Pension Fund, the impact on the Berkshire fund would be 'significant', affecting cash flow, investments, funding, administration and governance.
- • Officials said it is not yet known which pension fund Ridgeway Council will join, and that no decision has been reached.
- • The Government has reportedly said it intends to consolidate existing reorganisations rather than reduce the number of pension funds further, which officials described as reassuring but still a risk.
Summary
The Maidenhead Advertiser reports that a proposed local authority reorganisation could have a 'significant impact' on the Berkshire Pension Fund. Under the reorganisation, South Oxfordshire and Vale of White Horse District Councils would be combined with West Berkshire Council to form a new unitary authority, Ridgeway Council. West Berkshire Council is currently a participating employer in the Berkshire Pension Fund and would exit it once it becomes part of Ridgeway Council.
At a pension fund meeting, Jeff Ford, a pension representative on the board, said West Berkshire is probably the biggest customer of the Berkshire Pension Fund and that the council is likely to want to move to Oxfordshire. Ms Thistlewood, a fund official, said that it is not yet known which pension fund Ridgeway Council will be assigned to. If it joins the Oxfordshire Pension Fund, she said, the outcome would be a 'significant impact' on the Berkshire fund.
The potential effects span cash flow, investments, funding, administration and governance, and would require a review of the fund's assets and liabilities. Ms Thistlewood said those conversations had not yet taken place, so the scale of the impact cannot yet be quantified.
Mr Ford noted that the reorganisation effectively reduces the number of councils across the country, and raised the possibility that the number of pension funds could also be reduced to mirror the council structure. Ms Thistlewood said the Government has indicated it intends to consolidate previous changes rather than reduce the number of pension funds further. She added that 'there is nothing dramatic on the cards' but acknowledged the risk remains.
At a pension fund meeting, Jeff Ford, a pension representative on the board, said West Berkshire is probably the biggest customer of the Berkshire Pension Fund and that the council is likely to want to move to Oxfordshire. Ms Thistlewood, a fund official, said that it is not yet known which pension fund Ridgeway Council will be assigned to. If it joins the Oxfordshire Pension Fund, she said, the outcome would be a 'significant impact' on the Berkshire fund.
The potential effects span cash flow, investments, funding, administration and governance, and would require a review of the fund's assets and liabilities. Ms Thistlewood said those conversations had not yet taken place, so the scale of the impact cannot yet be quantified.
Mr Ford noted that the reorganisation effectively reduces the number of councils across the country, and raised the possibility that the number of pension funds could also be reduced to mirror the council structure. Ms Thistlewood said the Government has indicated it intends to consolidate previous changes rather than reduce the number of pension funds further. She added that 'there is nothing dramatic on the cards' but acknowledged the risk remains.
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