To confirm the council’s accounting policy, which has informed the preparation of the 2016/17 financial statements, in relation to the pension deficit of previous employees transferred to Hoople Ltd.

The chairman reminded the committee that changes to the accounting policy had been discussed at the meeting of 4 July 2017. The committee had raised concerns on the proposed approach to the presentation of the Local Government Pension Scheme (LGPS) liability of Hoople Ltd. Subsequent to that meeting the council had sought further external advice on this matter and the chief finance officer was now not proposing any change to the policy.

The external auditor clarified that they had not provided advice on this matter.

RESOLVED

that

(a)  the accounting policy in relation to pension deficit valuation for Herefordshire Council and Hoople Ltd, is not changed.