Issue - meetings
PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING
Meeting: 18/09/2018 - Pension Board (Item 10)
PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING
To Follow
Minutes:
The Board noted the Agenda for the meeting which was to be held on 18 September 2018.
Item 6.4 Pension Fund Annual Report
Officers advised the Board that their Auditors were going to give an unqualified reply in relation to the Fund’s Annual Report. This would have prevented the Pensions Committee from being able to provide further comments on the Report’s contents. At current, amendment can still be made to the Report. The meeting noted that the Auditors may review how the Accounts have been presented, the value of investments and benefits paid. The Council’s Auditors are Deloitte.
The Chair requested that his name be included in the list of Pensions Board Members for 2017/ 2018.
Members had a brief discussion about Pooled Fund Managers performance and noted that some benchmarks had not been met. This was due to Markets positions. Officers advised that Managers will be continued to be assessed every three years and that some Funds had been removed and transferred to Multi Asset Credit (MAC).
Item 6.5 Pensions Scheme Administration Update
The Board commended the Pensions Team overall improvement in meeting their Performance Indicators (PIs) as set in their Service Standards. Following questions from the Board, Officers advised Members that Annual Benefit Statements were sent to the Reprographics on 31 August 2018. There is uncertainty on whether statements were posted within set time-frames. The Board were advised that Statements may have been posted a few days late.
Members noted that PIs regarding General Inquiries had fallen from 82% in April 2018 to 60% in September 2018. Officer advised that there were a number of staffing issues within the Pensions Administration Teams and that during the latter periods the Annual Benefit Statements were being prepared. The Board was advised that the Pensions Administration was currently undergoing restructure and it is anticipated that the changes will create more permanent full time staff positions. At present the Pensions Administration staff workforce comprises of a mixture of Agency and Permanent staff members. There is also a staff member who is on a secondment and is based in the Team three days of the week. A total of seven full time positions will be created under the proposed restructure.
Officers advised Members that there had a number of enquiries received regarding Benefits, in particular whether they can be accessed earlier than prescribed. The Board noted that some staff members were able to access their benefits early and that individuals are encouraged to seek financial advice before undertaking the above. There have been a few transfers to personal Pensions Schemes; active fund members are required to seek financial advice and sign documents before transfers can be made.
Following further discussion, the Board was advised that training will be provided to staff on Benefits Statements and that the documents will be available online in the forthcoming year. The Board agreed to continue to monitor the performance of the Pensions Administration Team.
RESOLVED
That John Jones’ name is listed in the Pensions Board 2017 / ... view the full minutes text for item 10
Meeting: 13/09/2018 - Pension Board (Item 10)
PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING
To Follow
Minutes:
Meeting adjourned