Agenda item

The paper outlines how Surrey County Council (SCC) Pension fund complies with the Pensions Regulator’s (TPR) Code of Practice 14 in Annex 2, which sets out of the requirements and expected standards for the governance associated with the administration of public sector pension schemes.

Witnesses:

Ayaz Malik, Pensions Accountant Advisor

Neil Mason, Strategic Finance Manager

Key points raised during the discussion:

1.    The Pensions Accountant Advisor introduced the report and explained to the Board that it outlined how the Council’s pension fund complied with the Pensions Regulator’s Code of Practice 14. The officer went on to say that the fund complies with most of the areas and that it was highlighted in the report where further actions were required.

2.    Referring to the Item 11 about the pensions regulator’s toolkit on page 114, the Pensions Accountant Advisor informed the Board that a reminder was sent out to members who were yet to complete it. The Strategic Finance Manager mentioned that Pension Fund Committee members were to be encouraged to complete induction training, although it is not a statutory requirement for the Committee members.

3.    The Chairman requested that Item 27 on page 119, which referred to an “independent chair”, was altered to say that he is an elected councillor – albeit not a member of the ruling party and one with pension experience.

4.    In response to a question about Item 30 on page 120, the Pensions Accountant Advisor told the Board that it had been found that some policies had not been updated on the website and that officers would ensure that the Surrey Pension Fund website was up to date going forward.

5.    The Board were informed that Item 38 on page 121, which was concerned with monitoring controls, was labelled as “partially” due to internal audit currently undertaking a report on the matter.

6.    The Pensions Accountant Advisor told Members of the Board that the Pensions Finance department were working on a communications strategy so that the information provided to employers is completed in a timely manner, and that they were working on making sure all the information is converted electronically and put on the system. The Chairman then asked for the relevant item to be amended so that the ongoing project was noted.

7.    The Chairman queried why Item 60 on page 129 was only labelled as “partially” and was told by the Pensions Accountant Advisor that the large majority of contributions were received on a timely basis but with nearly 300 employers it was often required for officers to chase some employers. It was thus suggested that the procedures were to be reviewed and policies more strictly enforced moving forward. The Strategic Finance Manager informed the Board that iConnect would be a helpful contribution to this.

8.    The Pensions Accountant Advisor was commended for a thorough piece of work.

9.    It was agreed that moving forward the compliance checklist would be scheduled for review on an annual basis but for the items labelled as “partially” to be looked at by the Board in six months’ time.

Actions/further information to be provided:

1.    Members are to complete the pensions regulator’s toolkit.

2.    Item 27 to be amended where it refers to “an independent chair” to reflect the fact that the Chairman is an elected councillor.

3.    Officers are to ensure that the Surrey Pension Fund website is updated.

4.    Officers are to update the relevant item so that the ongoing communications strategy is noted.

5.    The compliance checklist is to be reviewed on annual basis and the items labelled as “partially” are to be looked at by the Board in six months’ time.

Resolved:

The Board noted the content of the report.