Agenda item

The Board is asked to note its action tracker and forward plan.

Declarations of interest:

None

Witnesses:

Sue Grimstead, Operations Manager, Pension Services

Neil Mason, Senior Advisor (Pension Fund), Pensions and Treasury

Alex Moylan, Senior Accountant, Finance, Pension Fund and Treasury

Key points raised during the discussion:

1. The Chairman introduced the item and took the Board through each action in turn. The Board was informed that an update on Key Performance Indicators would form part of the meeting (ref: 8/16). There was an update expected on frozen refunds at the Boards next meeting (ref: 11/16). The Board confirmed that there had been no change to governance structures anticipated as a result of the counsel opinion and it was agreed this item would be removed from the tracker (ref: 13/16). The Board confirmed there were no irregular Freedom Of Information requests in the last quarter (ref:22/16). 

2. Officers confirmed that the draft administration strategy was expected to go to the Surrey Pension Fund Committee in May 2017 (ref:25/16) and that the Board would see a provisional draft of this work as part of the development of the new strategy.

3. The Board was informed that a review of the Additional Voluntary Contributions was currently being considered in collaboration with the London local authorities (ref:26/16). This would enable an efficiency of scale in undertaking the review work. The Board was told that this work would be undertaken during 2017.

4. Officers confirmed they would circulate a copy of the final administering authority discretions with a summary of changes since the Board reviewed it in July 2016 (ref:27/16). The Board was informed it would receive an item on its March meeting on scheme employer authority discretionary statements (28/16). The Board noted that asset allocation would be included in the financial information for the next Board meeting (ref:36/16).

5. The Board was informed that the delay in providing annual benefits statements had been reported to the regulator. The regulator had acknowledged the report, agreed with the Fund view that the breach was not material and noted that there was an improvement plan in place (ref:41/16). Officers agreed to circulate the referral and regulator response to the Board.

6. The Board requested an update on the transfer to online benefit statements to be brought to the next meeting (ref: 41/16).

7. The Board reviewed its action tracker, and it was highlighted that several changes would be made in response to comments concerning the action tracker. The Board also agreed that it would have an item on the future governance arrangements for pooled funds at an appropriate future date. It was proposed that a horizon scanning session be held in March to help identify key areas of interest to assist the new Surrey Local Pension Board in 2017/18.

Actions/ further information to be provided:

• Items for 15 March 2017:
  • an update on frozen refunds
  • Scoping process for the new administration strategy
  • Update on scheme employer authority discretionary statements
  • Financial statement (including asset allocation)
  • Update on the transfer to online statements
  • Horizon scanning for 2017/18
• The agreed administering authority discretions with a summary of changes to be circulated to the Board.
• The referral to the regulator and regulator response to be circulated to the Board.

Resolved:

The Board noted its forward work programme and action tracker.