Ms Miriam Adams, Interim Head of Pensions and Treasury stated the Pensions Administration and LGPS Quarterly update provided information relating to the administration and performance of the Fund over the last quarter as well as an update on the key LGPS issues and initiatives which impact the Fund.

She said several new employers had joined the scheme. The majority were from the contract services, cleaning and catering outsourcing, which had been taking place since 2017. Ms Adams referred members to the tables at paragraphs 3.1 and 3.2 and said considerable progress had been made with the backlog of work as well as workflows referred to in paragraph 3.6. Ms Adams said the annual benefit statements had been despatched to most members save for approximately 250 where there was either incomplete or missing data. She said the Pensions Team were continuing to work with employers, referred to in paragraph 3.10 and the senior officers were considering the recommendation made by the external auditor to refer this to the Pensions regulator.

In response to questions and comments from members the following was noted:

• Councillor Blake stated the outstanding tasks list had been significantly reduced and said this progress ought to be recognised by the members of the Pensions Committee.

• ACTION: Committee members wholeheartedly agreed with this statement and asked Ms Adams to express to staff their appreciation of the hard work they had assumed in reducing the number of outstanding tasks.

• In relation to paragraph 3.10, Ms Adams clarified some of the employers were using the Council’s in-house payroll system and therefore it was also the Council itself that was being recommended to be reported to the regulator. Mr Hitesh Jolapara, Interim Divisional Director for Finance, Procurement and Audit stated that the recommendation made by the auditors was noted and it was for the Council to self-report to the regulator.

The Pensions Committee RESOVLED to:

1. Note and comment on the contents of this report and appendix
2. Note the following admissions to the Tower Hamlets Pension Fund:

·       Age UK East London

·       Juniper Ventures Limited

·       Olive Dinning Limited

·       Cyril Jackson Academy, Boleyn Trust Academy and Age UK Limited.

3. Note admission of University School Trust (Multi Academy Trust MAT) is in respect of Cyril Jackson School.
4. Note the exit of Tower Trust Multi Academy Trust and move of Schools managed by the Trust - The Clara Grant Primary School to Boleyn MAT Newham and Stepney Green Mathematics and Computing College to Mulberry Academy Trust (MAT) Tower Hamlets.
5. Note that Clara Grant Primary School although moving under the management of Boleyn Trust Newham have requested to remain in the Tower Hamlets Pension Fund.

Ms Miriam Adams, Interim Head of Pensions and Treasury stated the report provided members with information relating to the administration and performance of the Fund over the last quarter as well as updates on key LGPS issues and initiatives which impact the Fund.

Ms Adams said the Pensions Committee also received the report on a quarterly basis together with comments of the Board. She asked Board members to note the admissions to the Tower Hamlets Pension Fund listed in the recommendations to the Committee and said the Cyril Jackson Academy was being represented by the University School Trust (a Multi Academy Trust - MAT).

Ms Adams explained the Clara Grant Primary School was moving to the Boleyn Trust (MAT) Newham and the Stepney Green Mathematics and Computing College to Mulberry Academy Trust (MAT) Tower Hamlets. She said although the management of Clara Grant Primary School was moving to the Boleyn Trust Newham, the MAT had requested to remain part of the Tower Hamlets Pension Fund. Ms Adams said the actuary had been consulted who agreed to the arrange as the school wasn’t moving physical from its location.

Ms Adams referred Board Members to page 28 of the agenda and said there had been a small increase in membership numbers, from 7,263 at the last quarter to 7,283 for this quarter. Ms Adams referred to the table and the percentage changes for active, deferred, pensioner categories.

In reference to table 3.2 Ms Adams said this showed the number of tasks completed and outstanding as of 30^th June 2021. Ms Adams said this excluded the queries received via the Pensions Administration inbox and calls received from Fund members. She said there had been an increase in the number of calls received with an average of 40 to 50 calls a day. She stated that Covid-19 appeared to have increased awareness with Fund members wanting to find out about their pensions.

Ms Adams said they had made progress with workflows with thirty workflows having been set up on the system and this had helped with consistency. A further six workflows needed to be added with the help of the Pensions software provider. She referred members to the table at paragraph 3.7 and said this set out the performance against CIPFA suggested timelines. Ms Adams explained that some of the missed targets were due to information being awaited from members. For example, deferred members who are close to retirement would be written to with an estimate of their pension. However further action cannot be taken until the estimate is acknowledged and the form is returned. Therefore, there is a time lag in achieving the target. Ms Adams said there were ten cases which required action before June.

Referring to the Annual Benefit Statement, Ms Adams said they missed the deadline of 31^st August to dispatch the statements however statements had been sent out by 3^rd September 2021. She said several active members would not receive their statements due to ongoing payroll  ...  view the full minutes text for item 6