Issue - meetings
The Pensions Regulator Compliance Checklist For Tower Hamlets Pension Fund
Meeting: 12/03/2018 - Pension Board (Item 8)
8 The Pensions Regulator Compliance Checklist For Tower Hamlets Pension Fund PDF 104 KB
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Minutes:
Bola Tobun, Investment and Treasury Manager presented a report which provided an update on the Compliance Checklist for the London Borough of Tower Hamlets Pension Fund. From 1 April 2015 the Pensions Regulator (TPR) assumed responsibility for public service pension schemes and put in place codes of practice for public service pension schemes covering a number of areas relating to the management of schemes. The Code of Practice for Public Service Pension Schemes came into force from 1 April 2015 and all schemes must now consider whether they comply with the Code.
Members were advised that further work needed to be carried out in relation to liabilities and also in Section H, Providing Information to Members, and Section I, Internal Disputes. There are a number of items requiring attention in Section H; the principal concern relates to the dispatch of the Annual Benefits Statements. In Section I, the main concern is the Internal Dispute Resolution Procedure (IDRP) and in particular the requirement for the IDRP to be kept undated and it having all the required and additional helpful information.
Members were advised that a couple of areas had been identified as needing improvement and these were indicated in red in the committee report. There are 3 areas which have been coded in red and 17 areas which have been identified as being partially met. A report will be presented at the next Board and will detail what actions are being taken and the Officers responsible for them. It is envisaged that programmes such as I Connect and Member Self Programme will help to address the above concerns.
The Board noted that attendance at training and membership on the Pensions Board and Pensions Committee needed to be included in their Risk Register. Members were reminded that the membership on both the Pensions Board and Pension Committee would be affected by the local elections. There will be bespoke training for both members of the Board and Committee in the next Municipal Year.
Members noted that Party Group Leaders will be encouraged to appoint members to the Pensions Board and Pensions Committee that have experience or awareness of financial management. The Board noted the importance of the performance of the Pensions Committee and its direct correlation on the LBTH Pensions Fund.
The Board requested that their meetings during the next Municipal Year are held during the day.
RESOLVED
1. That a report be provided at the next Pensions Board which gives an update on Section H, Providing Information to Members, and Section I, Internal Disputes of The Pensions Regulator Compliance Checklist For Tower Hamlets Pension Fund and also areas which have been coded in green and amber on the Checklist. The report should also include an ‘action column’; and
2. To note the Code of Compliance Checklist and the further work which is required and being undertaken