Issue - meetings
Pensions Administration Quarterly update- Quarter End June 2019
Meeting: 25/11/2019 - Pension Board (Item 7)
7 Pensions Administration Quarterly update- Quarter End September 2019 PDF 328 KB
Additional documents:
Minutes:
Mr David Stephen-Thompson proposed and Mr John Jones MOVED that the Board take this item in Private Session.
The Board agreed the issues raised within the report, where commercially, legally or personally sensitive and should not be divulged to third parties.
The Board RESOLVED :
That in accordance with the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contained information defined as exempt or confidential in Part 1 of Schedule 12A to the Local Government, Act 1972.
The Pensions Board discussed and AGREED a root and branch exercise was required, to ensure better processes were in place for the administration of the Pension Fund.
The Board AGREED a further briefing, including the remedial action plan and the Pension Regulators response would be provided to the Board in January 2020.
The Board RESOLVED to AGREE:
1. To note the report contents;
2. To note the identified regulatory breaches to be reported to The Pension Regulator;
3. To note that a detailed remediation plan which has the deadlines for all actions, owners and up to date status will be provided to the Board in February.
Meeting: 24/09/2019 - Pensions Committee (Item 7)
7 Pensions Administration Quarterly update- Quarter End June 2019 PDF 321 KB
Additional documents:
Minutes:
The Committee noted a report that provided information relating to the administration of the Fund over the last quarter as well as performance and updates on key issues and initiatives which impact the Pensions administration team. The main points of the discussion is summarised as follows:
The Committee noted that:
· A core part of the role of running the pension fund is the maintenance of scheme membership records that enable scheme benefits to be calculated in addition to dealing with new members joining and members leaving the scheme. This activity is carried out in-house. The team also deals with employer related issues, including new employers and cessation;
· There are a growing number of employers participating within the Scheme mainly due to schools moving to academy status. In addition, the outsourcing of council or school activity that involves the transfer of staff will normally result in a new employer joining the Fund;
As a result of discussions on the report the Committee RESOLVED to note the:
Meeting: 19/09/2019 - Pension Board (Item 5)
5 PENSIONS ADMINISTRATION QUARTERLY UPDATE- QUARTER END JUNE 2019 PDF 319 KB
Additional documents:
- Appendix1 CIPFA Guidie - Pensions Administration, item 5 PDF 609 KB
- Webcast for PENSIONS ADMINISTRATION QUARTERLY UPDATE- QUARTER END JUNE 2019
Minutes:
The Board received a report that provided information relating to the administration of the Fund over the last quarter as well as performance and update on key issues and initiatives which impact upon the Pensions administration team. The main points of the discussion on the report is summarised as follows:
The Board:
· Was pleased to see that a more comprehensive and complete report has now been developed on pensions administration performance and the key issues affecting the service. This is to be welcomed; · Reiterated previous concerns about the monitoring information provided to the Committee and the Board on Pensions administration; · Was reminded that (i) the Pensions Regulator has identified data quality and record keeping as a key area of performance as it impacts directly on member benefits; and (ii) they had previously recommended that the pension’s administration monitoring report should be updated to provide more robust and complete information; · Commented that the report is clear that there are issues to address in order to reduce back logs and develop a more effective service; and · Indicated that it is important that progress is monitored closely and reported to the Board and Committee, and that sufficient resources are made available to achieve this.
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As a result of discussions on this report the Pensions Board RESOLVED to note the report contents.
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