Agenda item

Report of the Chamberlain

The Board considered a report of the Chamberlain that provided Members with an update on activity of the Police Pension Scheme since the last meeting.

The Chairman queried the first sentence of the second paragraph of the letters in Appendices 2a and 2b, suggesting that it read: “Your deferred pension has been based on length of service and qualifying pensionable pay over the last 12 months of service”.  A Member suggested that a footnote was included for clarity.  The Chamberlain suggested that perhaps the inclusion of an example would be helpful.

A Member queried the mention of the “cost-of-living index” within the letters, and requested confirmation that this was the relevant index to use.  A Member explained that this should reflect the wording of the PMB and agreed to confirm this. (2)

The Chairman explained that he was pleased with the additional paragraph relating to the offering of advice as illustrated within Appendix 3.

The Deputy Chairman asked for clarification of who makes the decision within the Internal Dispute Resolution Procedure (IDRP).  The Pensions Administrator explained that the Corporate Treasurer made this decision, and if it cannot be resolved at this point then it would go to the financial ombudsman.

The Chairman explained that Appendix 4, Risk Register, was too small to read clearly.

The Chairman queried the risk of Pension Fraud moving from Serious to Minor, and the Chamberlain explained that this was the target risk, rather than current risk.

A Member asked whether the heavy reliance on external trainers should be viewed as a risk.  The Chairman explained that they are reliant on having the appropriate level of training.  The Chamberlain explained that there is a Member group that carries out checks on Barnet Waddington to fulfil mitigation, as well as Financial Investment Board oversight.  The Chairman concluded that although they are reliant on external training, the mitigation measure if to ensure that the trainers are competent.

The Deputy Chairman explained that there was a new campaign released by The Pensions Regulator (TPR) to improve standards of governance by making communication more clear and directive.  He explained that this should be circulated to Board Members. (3)

The Chairman queried whether Data Protection Training would be necessary for Board Members.  He asked whether or not this training was run centrally for Corporation Staff, and if it would be considered a risk if Members didn’t make themselves available for training. (4)

In reference to Appendix 5, the Deputy Chairman asked for clarification over “eligible children”.  The Pensions Administrator explained that the child would be eligible until the age of 23, and that child’s parent died, then they may perhaps be eligible for life.

The Deputy Chairman asked whether The Pensions Regulator was due to receive the minutes of the Police Pensions Board.  It was confirmed by the Chairman that the minutes would be provided if necessary under challenge.

RESOLVED – That the report be received.