Mr Paul Audu, Interim Head of Pensions and Treasury presented the Admissions policy report. He said the LGPS regulations set out the types of employers that can join the Fund and this was set out in paragraph 3.1 of the report. He said it was recommended the admissions policy be reviewed once every three years and as such officers would be reviewing the policy in consultation with the Fund Actuary. He said that the updated policy would be presented to the Committee and Board in September 2024.

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

·       Referring to the 10 outstanding cases referred to in paragraph 3.11, Mr Jones asked if these were due to missing agreements. Mr Audu said they were legacy cases that had not been completed. He said he was working with the Actuary and legal advisers to ensure the completion of the process. Mr Jones said the Board would monitor the progress of the 10 outstanding cases.

·       Members of the Board noted that the Compliance Statement would be returning in September.

o   ACTION: The Board asked for this report and others from this meeting be added to the Board workplan (Item 8) for September.

The Pensions Board RESOLVED to:

1.    Note the current TH Pension Fund Admissions Policy included in the report at Appendix 1;

2.    Note the current TH Pension Fund’s standard Admission Agreement template included in the report at Appendix 2; and

3.    Note that officers have identified 10 outstanding legacy Admission Agreements with employers and are working in collaboration with the employers, TH legal and procurement services, and the Fund Actuary to resolve any issues and complete them if possible.

To follow.

Mr Paul Audu, Interim Head of Pensions and Treasury presented the Admissions policy report. He said the LGPS regulations set out the types of employers that can join the Fund and this was set out in paragraph 3.1 of the report. He said it was recommended the admission policy be reviewed once every three years and as such officers would be reviewing the policy in consultation with the Fund Actuary. He said that the updated policy would be presented to the Committee and Board in September 2024.

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

·       Referring to paragraph 3.11 of the report and the 10 outstanding legacy cases of unfinished employer admissions, members asked what had been done to resolve this. Mr Audu stated active steps were being taken to rectify this, by engaging with stakeholders and prospective external employers who wanted to join the scheme.

·       Mr Audu clarified that the admissions policy would come into effect once this had been approved by the Board and Committee.

·       In answer to what had been done to mitigate risk so new employers joining the scheme were not a liability to the scheme, Mr Audu said any prospective employer needed to apply to the scheme and were required to meet the criteria. He said the Actuary and Council lawyers were involved in the process and would provide the advice needed before an employer is admitted into the scheme.

The Pensions Committee RESOLVED to:

1.    Note the current TH Pension Fund Admissions Policy included in the report at Appendix 1;

2.    Note the current TH Pension Fund’s standard Admission Agreement template included in the report at Appendix 2; and

3.    Note that officers have identified 10 outstanding legacy Admission Agreements with employers and are working in collaboration with the employers, TH legal and procurement services, and the Fund Actuary to resolve any issues and complete them if possible.