Note: the deadline for amendments is midnight, Monday 12 June 2017.

To consider a report of Cabinet on the pension fund deficit from the former Greater London Council (report attached, subject to approval by Cabinet).

Report AGREED without division.

Council had before it a report of Cabinet that had been agreed by Cabinet on 13 June 2017. This related to proposals to fund the Council’s liability for part of the pension fund deficit from the former Greater London Council. This was a legal liability that was shared amongst all London Borough Councils. The total estimated liability for Havering was estimated to be £2.132m and it hoped to negotiate a repayment term of up to 30 years, which would be advantageous to the Council.

Payments for 2017/18 would be funded from the corporate risk budget and would be incorporated into the base budget from 2018/19 onwards as part of the budget setting process.

The report was AGREED without division and it was RESOLVED:

That a payment of £2.132m towards the pension fund deficit of the Greater London Council over a period of up to 30 years be approved.