7 LOCAL BOARD REPORT PDF 88 KB
Purpose of the report: This report is a summary of administration and governance issues reviewed by the Local Pension Board at its meeting of 17 January 2019 that need to be brought to the attention of the Pension Fund Committee.
Additional documents:
Minutes:
Declarations of interest:
None
Witnesses:
Graham Ellwood, Vice-Chairman, Local Pension Board
Neil Mason, Head of Pensions
Key points raised during the discussion:
Actions/ further information to be provided:
A report with further detail on the identified issues be presented to the next meeting of the Surrey Pension Fund Committee in June 2019.
Resolved:
That the Pension Fund Committee;
1. Noted the report and particularly issues with pensions administration.
2. Approved the following changes to the Fund risk register:
· Amendments to the following risks, chiefly to reflect updates in regards to Border to Coast:
· 1-2, 4-8, 11, 13-15, 17-20, 23-24, 27.
The addition of the following risks:
· Transition of assets to BCPP be included as risk number 29, with a total risk of 40 (Red) and net risk of 10 (Green).
· The HM Treasury and Scheme Advisory Board cost management process has an implied increase in employer contributions be included as risk number 30, with a total risk of 28 (Amber) and net risk of 7 (Green).
· Impact of the Pension Services Manager leaving the council be included as risk of 31, with total inherent risk of 21 (Amber) and Residual risk of 7 (Green).
· Failure to deliver accurate and effective pension administration be included as risk of 32, with total inherent risk of 36 (Red) and Residual risk of 18 (Amber).
3. Concluded that a detailed report from the Local Pension Board be presented at the next meeting of the Surrey Pension Fund Committee in June 2019.
66 LOCAL BOARD REPORT PDF 83 KB
Purpose of the report: This report is a summary of administration and governance issues reviewed by the Local Pension Board at its meeting of 23 October 2018 that need to be brought to the attention of the Pension Fund Committee.
Minutes:
Declarations of interest:
None
Witnesses:
Nick Harrison, Chairman, Local Pension Board
Michael Mann, Pensions Lead Manager
Key points raised during the discussion:
Actions/ further information to be provided:
The Pension Lead Manager to provide more information on non-compliance statistics with annual benefit statements.
The Pension Lead Manager to clarify whether GMP exercise includes transfer members.
Resolved:
The Pension Fund Committee;
a) Approved the recommendations from the Local Pension Board.
b) Concluded there was no reviews as to the compliance of particular cases, projects or processes that the Local Pension Fund Board should undertake.
c) Endorsed requesting a legal opinion on the ramifications of recovering overpaid guaranteed minimum pensions (GMPs).
Approved the addition of a risk for interim / replacement Section 151 Officer, with a moderate risk score of 8 (due to the number of experienced supporting officers in the Finance Management Team).