To Follow.

Ms Miriam Adams introduced the report on the Risk Register Quarterly Update December 2022. Ms Adams highlighted risks for members to be aware of and those which have been downgraded. There was a discussion about the revised Risk Register ratings and some amendments were made.

Members raised the following comments and questions:

• Members asked about pension provision for those within the scheme that have died and how this is monitored, locally and abroad. Ms Adams detailed how this is monitored and how this is escalated when communications are not answered.
• The effects of the Covid -19 pandemic are still being felt by some employers. How are they being supported and how is this recorded? Ms Adams detailed the policies that are still in place from the pandemic, saying that there are dedicated members of staff who are reviewing these financial concerns. Currently no employer has come forward to say they need additional support due to the pandemic.

RESOLVED:

Members noted the Risk Register.

To Follow.

Ms Miriam Adams, Interim Head of Pensions and Treasury stated the report updated members of the Board and Committee, on the changes to the Fund’s Risk Register and Risk Management Policy as at December 2022. Ms Adams provided an explanation for the risks listed at paragraphs 3.4 to 3.8 and the remedial action taken. She explained the progress that had been made to the risks and referred to the table at paragraph 3.10 which summarised the total risks.

In response to comments and questions the following was noted:

• In reference to paragraph 3.8 and delays to transfers-in, Ms Adams said they had written to 67 scheme members to encourage them to chase their previous schemes to initiate the transfers. She said they gave them 3 months to contact the previous scheme and get a response from them, whilst at the same time chasing for responses themselves.
• In respect to administration and governance risks AG2, paragraph 3.4, Mr Thompson asked for an update regarding the data quality issues that had been spoken about at previous Board meetings. Mr Nisar responded that they were making good progress against the action plan, with payroll staff being trained on how to upload information onto the payroll system. He said some of the underlying issues were deeper and they would take time to resolve.
• Referring to the table at paragraph, Mr Gray asked what was being done to reduce the amber rated risks? Ms Adams said they were working to progress these but some things, such as transfer-ins were not in their control.

The Pensions Board RESOLVED to:

Note the recommendation made to the Pensions Committee for its meeting on 13^th March 2023 that:

The Pensions Committee is recommended to:

1. Note and comment on the detailed Risk Register (Appendix 1)