Mr Paul Audu, Interim Head of Pensions and Treasury presented the Pension Fund Risk Register as at 30^th June 2024 report. He referred to the risks listed at paragraph 3.3 onwards and explained what action had been taken to mitigate them.

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

• Referring to the table commencing on page 211, Members asked why some of the risks showed zero in terms of progress made. Mr Audu responded stating that the risks were being monitored and he hoped with the ‘data cleanse’ exercise, referred to earlier and the recruit of new staff, he’d be able to show the progress made in the next report to the Committee.
• Referring to risk HRP0021, members asked how the risk was measured. Mr Audu said there was dialogue between the LCIV and Officers as well as by other means. They continued to engage with the LCIV in relation to underperformance. Mr Colin Robertson, Independent Adviser, referred to his comments on the LCIV in his report and suggested that it would be beneficial for Officers to meet with external advisers in preparing proposals for changes to the Risk Register.
• Mr Audu explained the risk register was formulated using JCAD software and said they were continuing to look to improve the information obtained from it.

• ACTION: Mr Abdulrazak Kassim, Director of Finance, Procurement and Audit said the reports on the  performance of the investment managers prepared by Mercer and the Independent Adviser should accompany the Risk Register.

The Pensions Committee RESOLVED to

1. Note the detailed Risk Register appended to this report (Appendix 1) and request that future reports on the Risk Register be accompanied by the reports on the  performance of the investment managers prepared by Mercer and the Independent Adviser. 

Mr Paul Audu, Interim Head of Pensions and Treasury presented the Pension Fund Risk Register as at 30^th June 2024 report. He referred to the risks listed at paragraph 3.3 onwards and explained what action had been taken to mitigate against them.

The Pension Board RESOLVED to NOTE and AGREE the recommendations being made to the Pensions Committee for its meeting of 30^th September that:

The Pensions Committee is recommended to:

1. Note the detailed Risk Register appended to this report (Appendix 1).