Mr Paul Audu, Interim Head of Pensions and Treasury introduced the report stating the Pension Fund was required to have an updated Governance Compliance Statement. He said officers were developing the Statement which would be presented to the Board and the Committee in September 2024.

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

·       Mr Thompson commented that a simplified version of the Compliance Statement ought to be made available to Fund members either on the website or sent with the Annual Benefit Statements. He said this may encourage fund members to attend or highlight issues to the Board and Committee under item 5 of the agenda. 

·       Mr Audu stated the Statement needed to be reviewed and updated periodically to ensure it was up-to-date and complied with TPR regulations.

o   ACTION: Referring to page 226 of the agenda and the composition of the Board, Mr Jones asked for the second paragraph after the three bullet points be amended to state that a representative, one from each side, i.e. employer and employee were required for the Board to be quorate.  Mr Audu said this would be amended prior to the report returning to the Board and Committee. 

o   ACTION: Mr Audu stated the partial compliance on holding an AGM with Fund members was still on the agenda to progress. He said he would revisit this in the Autumn once the Annual Benefit Statements had been despatched. Mr Jones concurred this needed to be progressed soon.

The Pensions Board RESOLVED to:

1.    Note the report and the current TH Pension Fund Governance Compliance Policy including the compliance statement appended at appendix 1, which requires updating.

To follow.

Mr Paul Audu, Interim Head of Pensions and Treasury introduced the report stating the Pension Fund was required to have an updated Governance Compliance Statement. He said officers were developing the Statement which would be presented to the Board and the Committee in September 2024.

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

·       Referring to paragraph 3.5 of the report, members asked why the Statement had not been updated previously. Mr Audu responded saying there was nothing controversial about updating the statement, as it was considered good practice to regularly review and update the Compliance statement, so changes made to the LGPS environment are picked up and refined. He said this was needed so to ensure the document was up to date.

The Pensions Committee RESOLVED to:

1.    Note the report and the current TH Pension Fund Governance Compliance Policy including the compliance statement appended at appendix 1, which requires updating.