The Board received a presentation from Rebecca Woodley, Industry Liaison Manager and Andrew Burton, Industry Liaison, The Pensions Regulator. The Pensions Regulator (TPR) regulates the governance and administration of public service pensions schemes, which provide pensions for civil servants, the judiciary, public sector workers, members of the police forces and members of the armed forces. In total 37% of the Pensions Regulator membership comprises of LGPS Scheme.

The TPR regulate compliance with the Governance and Administration. Requirements which were introduced by the Public Service Pensions Act 2013.Their Code of Practise sets out the standards of conduct and practice which members are expected to adhere to. The Regulator mainly engages with scheme managers and Pensions Boards and focuses on investment governance and uses there educate, enable and enforce regulatory approach to help schemes comply and address key issues. The Board during a question and answer session noted the following.

·         TPR 2016 Survey response rate was good and that the overall response had improved when compared to the previous year.

·         That one of the main focus for the TPR for 2017/18 was looking at locally-administered schemes, record-keeping and data quality. The Pensions Board noted that they their Chair was invited to attend the Pensions Committee and that they could refer matters onto the Committee. The Board noted that the above arrangement was not replicated in other Local Authorities.

·         That the Board had requested Indemnity Insurance. Ms Woodley advised that the Local Government Association had raised the issue about Indemnity and commented that she was of the view that Pensions Boards did not need to have a separate Insurance and that the overall responsibility for schemes did not rest on the Boards. The Board held a short discussion about Indemnity and noted that they had a legal requirement and duty to assist in ensuring the well-being of the Pensions Scheme.

·         That there was an increase focus on Pensions Administration in particular payments made to scheme members. The Board noted that an assessment about the quality of their data had been undertaken and that they scored positively and also had an Improvement Plan.

·         That all Schemes are required to undertake an Annual Review of their Data and be able to evidence all improvements made in this area and that only 20% of Pensions Schemes had an Improvement Plan. There are concerns over the rate of improvement. Data improvement will need to be continually monitored.

·         That it was imperative for Schemes to ensure that scheme members data was correct and that the above mentioned receive the correct payments at specified time and that overfunding is avoided. A percentile of 36% of respondents to a TPR Survey reported that delays in benefit payment as one of the top three complaints that are received.

·         That Scheme Members are informed of expectations and works which need to be undertaken. This is hoped to prevent any material breaches. In areas where there are concerns, the TPR will review what systems are in place to address any anomalies. A record  ...  view the full minutes text for item 7