Ms Miriam Adams, Interim Head of Pensions and Treasury stated the report outlined the Governance Policy and Governance Compliance Statement in accordance with the Local Government Pension Scheme regulations.

Ms Adams said the Governance guidance had been provided in three stages, 1,2, and 3 and the Fund had been pro-active in ensuring compliance with Good Governance 3. Ms Adams said the Business Plan for the LGPS had been agreed at the last meeting in June 2022, with other key strategies also included in the compliance statement.

She referred to the Committee’s terms of reference cited at pages 94-96 and said the Committee needed to think about the stakeholder representation it had on the Committee. Ms Adams said the compliance statement on page 102 onwards showed the Fund was compliant in most areas, save two areas with partial compliance.

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

• The administration policy is mentioned in the statement, providing an overview of how the Fund is managed. The Compliance Statement does not go into too much detail because details are included in the Fund’s Administration Strategy. It does not go into too much detail. The Committee is provided with a regular update on the administration issues and tasks outstanding at each meeting.
• There are two partial compliances. One relating to the membership of the Pensions Committee. Discussion as to how the Committee can comply with this requirement took place.

• ACTION: Ms Adams to identify the sector that has the most admitted bodies as part of the Pension Fund, who could be approached for representation onto the Committee. The admitted bodies should be written to asking for nominations and consequently appointed as per the constitutional requirements and guidance from Democratic Services and/or Chief Executive.

• Referring to the Pensions Dashboard discussed at the March 2022 meeting, Ms Akintunde asked what progress had been made in implementing this. Ms Adams said she was working with the software providers and the current legislative deadline is October/November 2024 for the LGPS. She said at present the project was in its early stage.
• Ms Adams confirmed there was employer representation on the Pensions Board.
• In reference to the other partial compliance, Ms Adams said they had an Employers forum but had not yet held an Annual General Meeting (AGM). Councillor Blake asked if this could be held with the Council AGM. Ms Adams said this ought to be separate as it would require the participation of both Committee and Board members. Ms Adams said she could not commit to a timeframe but would look for a suitable date for this to occur.

The Pensions Committee RESOLVED to:

1. Approve the draft Governance Compliance Policy and Compliance Statement.