Agenda item

Pension Scheme Update

Report of the Chamberlain.

Minutes:

The Board received a report of the Chamberlain that provided information on a range of topics relating to the Local Government Pension Scheme.

 

The Chamberlain advised that annual pension statements are in the process of being prepared for issue on 31st August.  It was confirmed that the 31st August deadline is a statutory deadline and it is always a time of year that presents workload challenges for the team.

 

In response to a question from a Member, it was acknowledged that additional resources will not be needed and that the deadline will be met.

 

Risk Register

The Chamberlain updated Members in relation to the risk register highlighting changes to the risk level for item 1 and 5 as agreed at the last meeting and advising of the decision to add insolvency at item 6.  It was confirmed the LGPS risk register will now be logged on the City Corporation’s central risk management system.

 

A Member referred to Data Protection and changes to legislation that will come in to force in March 2018 regarding storage of personal information.  Changes will be introduced that will require a seven step process to be complied with for audit purposes.   It was agreed this information will be circulated to the Board.

 

The Deputy Chamberlain advised that Data Protection is on the Strategic Risk Register, but that reference could be made to this on the LGPS Risk Register.

 

The Chairman acknowledged that Data Protection is a strategic risk, but that this Board should see it at a local level.  It was agreed that that the Board will receive a report on data protection to map against comments regarding changes to legislation

 

In response to a question from a Member, the Chamberlain confirmed that it is the Board that determines the level of risk attached to each item on the risk register and that it had previously been determined that inappropriate investment was considered unlikely.  It is for the Board to decide if this has now changed.

 

It was agreed that risk 3 inappropriate investment will remain as unlikely.

 

 

 

 

 

 

 

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