Agenda item

Pension Fund Update Report

To receive a report by Jo Ray (Pension Fund Manager) which updates the Board on Pension Fund matters including any current issues)

Minutes:

The Board gave consideration to a report from Jo Ray, Pension Fund Manager, which provided an update on current Pension Fund matters and current issues.

 

Attached to the report at Appendix A was a copy of the TPR Checklist Dashboard; and Appendix B provided a copy of the Breaches Register for the Board's consideration. 

 

Claire Machej, Accounting, Investment & Governance Manager presented the report to the Board.

 

The Board was reminded that each quarter, an update was given relating to the latest work of the Local Authority Pension Fund Forum had been engaged with.  The Board was advised of some of the work that had been undertaken, which included:-

 

·         Engagement with 21 companies on issues ranging from climate change resilience to human rights and due diligence process implementation;

·         The Forum had published two reports at the beginning of the year on Share Buybacks and a second on Precarious Work;

·         The Forum had been engaged with companies over cybersecurity management.  The Board was advised that in this quarter they had engaged with Lloyds Banking Group with regards to the 2017 cyberattack; and

·         The Forum had also liaised with several companies from the transport sector on their approach to climate risk and their role in a tightening regulatory tax environment.

 

It was reported that in relation to the TPR Checklist Dashboard, no areas had changed since the last quarter.  The report highlighted the areas that were not fully completed and/or compliant.  One particular area that was highlighted to the Board was 'B12 – Knowledge and Understanding – Have the Pension Board members completed the pension regulator's toolkit'.  The Board expressed some concern that the Pension Fund Manager had still not received certificates from all Pension Committee members. 

 

The Board agreed that the Pension Fund Manager should have a look into having Punter Southall, a company who offered toolkit training to provide two half-day training sessions; to which all members of the Pensions Committee and Pensions Board should be invited to attend.  It was felt that this would then act as an annual refresher course for all members.

 

The Board was advised that information relating to the Breaches Reporting Policy was included within the report pack at agenda item seven.  The Board was advised further that there had been two further breaches added to the Breaches Register since the last meeting of the Pensions Board.

 

These were:

 

·         Late payment of contributions – It was highlighted that there was a separate report at agenda item ten, which provide the Board with an update of all breaches over the financial year 2017/18; and

·         Late receipt of member information – It was reported that the issue related to LCCs payroll provider, Serco, regarding their outstanding data submissions, particularly in respect of leavers.  The Board was advised that LCC had reported themselves to the Pensions Regulator on 10 April 2018; and that an update would be received by the Board at agenda item nine.

 

The Board was also advised that information relating to the Risk Register would be considered as part of agenda item seven; and that an update on the progress of the Asset Pooling Project would be received in the report presented at agenda item six.

 

RESOLVED

 

1.    That the Pension Fund Update report be noted.

 

2.    That the Pension Fund Manager look into the possibility of Punter Southall providing two half-day training sessions for members of the Pension Committee and the Pension Board.

Supporting documents:

 

 
 
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