Agenda and minutes
PDF 305 KBVenue: Woodhatch Place, 11 Cockshot Hill, Reigate, Surrey ,RH2 8EF
Contact: Angela Guest Email: angela.guest@surreycc.gov.uk
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Additional documents: Minutes: An apology was received from Siobhan Kennedy. Trevor Willington joined the meeting remotely.
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MINUTES FROM THE PREVIOUS MEETING: 26 MAY 2022
To agree the minutes as a true record of the meeting. Additional documents: Minutes: The minutes were agreed as an accurate record of the meeting. |
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DECLARATIONS OF INTEREST
To receive any declarations of disclosable pecuniary interests from Members in respect of any item to be considered at the meeting.
Notes: · In line with the Relevant Authorities (Disclosable Pecuniary Interests) Regulations 2012, declarations may relate to the interest of the member, or the member’s spouse or civil partner, or a person with whom the member is living as husband or wife, or a person with whom the member is living as if they were civil partners and the member is aware they have the interest. · Members need only disclose interests not currently listed on the Register of Disclosable Pecuniary Interests. · Members must notify the Monitoring Officer of any interests disclosed at the meeting so they may be added to the Register. · Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest.
Additional documents: Minutes: There were none.
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QUESTIONS AND PETITIONS
Due to the Covid-19 pandemic all questions and petitions received will be responded to in writing and will be contained within the minutes of the meeting.
To receive any questions or petitions.
Notes:
1. The deadline for Member’s questions is 12.00pm four working days before the meeting (). 2. The deadline for public questions is seven days before the meeting () 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received. Additional documents: Minutes: There were none. |
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ACTION TRACKER AND WORKPLAN
The Board is asked to review its forward plan and action tracker.
Additional documents: Minutes: Recommendations:
1. It was noted that:- 2. The workplan was noted and an entry to be made on the issue of high inflation with its associated impacts and risks.
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SUMMARY OF THE PENSION FUND COMMITTEE MEETING OF 17 JUNE 2022
This report provides the Local Pension Board (the Board) with a summary of any Surrey Pension Fund Committee (the Committee) meetings held since the last meeting of the Board.
Additional documents: Minutes: Speakers: Nick Harrison, Chairman of Surrey Pension Fund Committee Neil Mason, LGPS Senior Officer
Key points raised during the discussion: 1. In response to a Member query about the different governance arrangements, the Pension Fund Committee and the Local Pension Board were explained and in particular the arrangements for appointment of the Chair. 2. The LGPS Senior Officer explained that it was too early to provide real clarification on levelling up projects proposed by the Government in relation to the LGPS. He reported that the definition of ‘local’ is not expected to be by reference to specific council regions, but on a national basis. He offered to share with Members a joint letter sent by the Joint Committee and Officer’s Operations Group Chairs of Border to Coast to the Government on this issue. 3. The LGPS Senior Officer confirmed that the Committee had approved the recommendation of this Board to add a risk on 13G. There was also to be a consultation on the Responsible Investment Policy. 4. The LGPS Senior Officer explained that the investment and funding report had been revamped to improve its readability and would send the paper to Board Members for information.
Actions/ further information to be provided: That the Investment & Funding report be sent to Board Members for information.
Recommendations:
That the report be noted.
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RISK REGISTER UPDATE 2022/23 QUARTER 1
This report considers changes made to the risk register for the Surrey Pension Team in Quarter 1 of 2022/23.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Paul Titcomb, Head of Accounting and Governance
Key points raised during the discussion: 1. The Head of Accounting & Governance introduced the report which had received a change in layout and design. He explained the heat map as well as the summary table and the three key changes as provided in the submitted report. 2. The Board were happy with the changes to the layout/design of the report. 3. A Member asked what intelligence and information was being gained from other organisations/areas, such as health, regarding cyber security. The Head of Accounting & Governance explained that as members of various associations news was received through this route on cyber security and risks were recognised. 4. In relation to the new risk, number 16 on the register, it was asked if there was a Gant chart to show progress and points for consolidation. The LGPS Senior Officer stated that information would be provided to the Board and that Unit 4 be invited to a future meeting.
Actions/ further information to be provided:
1. That Unit 4 be invited to a future meeting to discuss Risk ID 16. Recommendations:
That the report be noted.
[The Board agreed to change the agenda order and to take the Cyber Security item next.]
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UPDATE ON CYBER SECURITY AND BUSINESS CONTINUITY
This report considers the recent work done on cyber security and business continuity arrangements for the Surrey Pension Team.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Paul Titcomb, Head of Accounting and Governance
Key points raised during the discussion: 1. The Head of Accounting & Governance introduced the submitted report explaining that there had been a light-touch review following events in Ukraine. 2. There was some discussion around the difference between cyber security and business continuity and not getting the two confused. It was requested that the report be clearer on these two aspects. 3. The LGPS Senior Officer confirmed that a more comprehensive review of cyber security is scheduled in the Accounting & Governance team.
Actions/ further information to be provided: None.
Recommendations:
That the report be noted.
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ADMINISTRATION PERFORMANCE REPORT AND UPDATE - 1 APRIL 2022 TO 30 JUNE 2022
The Board has previously requested to be kept updated on progress relating to a number of key administration projects and planned improvements which may have an impact on members of the pension fund and the purpose of this report is to provide an update on the current status and progress against any specific target dates. Additional documents: Minutes: Speakers: Tom Lewis, Systems & Data Senior Manager Neil Mason, Assistant Director - LGPS Senior Officer
Key points raised during the discussion: 1. The Systems & Data Senior Manager presented highlights of the report that included: · KPI information and how it was presented is being reviewed. The Board would be kept updated on progress. · The Internal Dispute Resolution process was explained 2. It was noted that the Helpdesk was being transitioned into the Pension Team. The Systems & Data Senior Manager presenting highlights of the report that included the following headlines: · Data Cleansing – the Fund actuary, Hymans, were happy with work undertaken so far. In response to a Member query regarding when valuation results would be available it was reported that more information would be available after a meeting with the actuary due to be held on 24 August. · Pension Increase 2022 – all payments due had been processed.
Actions/ further information to be provided: That a blank ABS statement template be attached as an annex to the next report.
Recommendations:
That the report be noted.
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TRANSFORMATION PROGRAMME UPDATE
This report provides the Surrey Local Pension Board with an update on the Transformation Programme.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer
Key points raised during the discussion: 1. The LGPS Senior Officer informed the Board that there were two key posts filled with interim staff at the moment and work was underway to fill these with permanent staff. 2. In response to a Member query regarding deadlines the LGPS Senior Officer stated that future reports would contain timescale deadlines where possible.
Actions/ further information to be provided: None.
Recommendations:
That the report be noted.
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PROGRESS UPDATE OF 2021/22 INTERNAL AUDIT PLAN
This report considers the completed audits in the 2021/22 Internal Audit Plan and the progress made on agreed actions since the previous update provided to the Board meeting on 26 May 2022.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Elaine Laycock, Audit Manager Paul Titcomb, Head of Accounting and Governance
Key points raised during the discussion: 1. The LGPS Senior Officer stated that there were three draft reports on administration from Audit that were being considered and would be brought to the November Board meeting with management responses. 2. A Member queried whether the audits were probity or efficiency audits and whether there were things that could be done better or were there serious gaps in control mechanisms. The Audit Manager confirmed that the audit reports were a mixture of both, and the general rule of audit was to help the council achieve its objectives. A Member asked about the recharges to scheme employers and had that happened. The Head of Accounting and Governance stated that they were due to be completed at the end of this month but would have to confirm that following this meeting. 3. A Member asked if the data quality and protection breach was significant or not. The LGPS Senior Officer explained that the breach had not been classified as ‘material’ and therefore not ‘reportable to the Pensions Regulator. The Audit Manager explained further that the seriousness was associated with the severity level. As the information did not go outside the council it was considered a low severity level.
Actions/ further information to be provided: None.
Recommendations:
That the report be noted.
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This report provides an update to the 2022 triennial valuation including a report from the Fund actuary, Hymans Robertson.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer
Key points raised during the discussion: 1. The LGPS Senior Officer provided a precis of the submitted report including a proposed increase to the discount rate. Inflation had also been taken into account. He also reported that officers were considering the short term impact of what could be a significant rise in pensionable pay inflation. 2. There was some discussion around the assumptions made and that the actuary was looking long term assumptions.
Actions/ further information to be provided: None.
Recommendations:
That the report be noted.
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SURREY LOCAL PENSION BOARD ANNUAL REPORT 2021/22
This report summarises activities of the Local Pension Board during 2021/22.
Additional documents: Minutes: Speakers: Paul Titcomb, Head of Accounting and Governance
Key points raised during the discussion: 1. The Chairman stated that the Board Annual Report submitted was the final report to be included in the Pension Fund Annual Report. 2. The Head of Accounting & Governance requested that Members inform him of any errors or omissions from the report, outside of the meeting.
Actions/ further information to be provided: None.
Recommendations:
That the report be noted.</AI12> <AI13>
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LGPS - RECENT DEVELOPMENTS
This report considers recent developments in the LGPS.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer
Key points raised during the discussion: 1. The LGPS Senior Officer explained that Board Members received a weekly update and encouraged Members to take note of the website of the LGPS Advisory Board.
Actions/ further information to be provided: None.
Recommendations:
That the report be noted.
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DATE OF THE NEXT MEETING
The next meeting is scheduled for 11 November 2022. Additional documents: Minutes: It was noted that the next Board meeting was scheduled for 11 November 2022.
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