Issue - meetings
Pensions Committee Work Plan, Pension Fund Business Plan and Budget for 2019/20
Meeting: 16/03/2020 - Pension Board (Item 7)
7 Pension Fund Administration Strategy PDF 274 KB
Special circumstances justifying urgent consideration
This report was not available for publication by the statutory publication deadline because additional information was required. It is presented for consideration at this meeting as it is not possible to defer until the next meeting. It should also be noted that the report title was made available as part of the original meeting agenda.
Additional documents:
Minutes:
Ms Miriam Adams, interim Pensions and Investments Manager stated the revised Pensions Administration Strategy (PAS) was a service level agreement between the administering authority and the scheme employers. She said it was considered good practice to review the strategy, which she hoped to do with the Employers Forum on the 17th March 2020.
In answer to questions from Board Members the following was noted:
· The strategy was ambitious and clearly set out the direction of travel the Pension Fund should be taking, however there was some concern how this was to be achieved given the current issues with resourcing within the Pensions Team.
· Ms Adams confirmed there would be a consultation process with Employers and the Pensions Committee would be informed of the responses received.
The Board RESOLVED to:
1. Note the contents of the revised Pensions Administration Strategy;
2. Note the target the Fund aims to achieve once remediation is fully implemented;
3. Recommend that the Pensions Committee approve the revised Pensions Administration Strategy, subject to consultation with stakeholders;
4. Recommend that the Pensions Committee approve the proposed administration objectives set out in 3.4 below; and
5. Recommend that the Pensions Committee approve that the Pensions Administration Strategy is published as required by the LGPS Regulations.
Meeting: 13/03/2019 - Pensions Committee (Item 6)
Pensions Committee Work Plan, Pension Fund Business Plan and Budget for 2019/20
Minutes:
The Committee indicated that it was interested in understanding the variance of £300,000 and asked for an update.
Actions:
- The Investment & Treasury Manager to update Committee on the £300,000 variance.
- To have a draft investment strategy statement prepared by June, but to have a version to approve in September after the actuarial report.