Issue - meetings

Report by: Mukhtar Master, Governance and Communications Manager

This is the latest risk register as considered by the Pension Fund Committee on 6 June 2025.  The Board are invited to review the report and offer any further views back to the Committee.

Mukhtar Master, Governance and Communications Manager presented the Risk Register report as considered by the Pension Fund Committee at their meeting on 6 June 2025 and invited comments from the Board.  He advised that the report set out any progress on the mitigation actions agreed for those risks not yet at target, and identified any changes to the risks which had arisen since the register was last reviewed.

Following the previous Board meeting where the Board had requested that Risk 18: Failure to Meet Government Requirements on Pooling’ be raised to a red rating, he advised that the risk had been assessed through consultation with fund officers and the Independent Investment Adviser and it was agreed that this should be increased to an amber rating at this time.  He advised that following the Fit for Future Consultation, and the instruction received from central government that Funds part of the Brunel pooling find another pool to move into, this would naturally increase the risk rating and had scored an amber score of 10.

It was noted that none of the other risks on the risk register were deemed as decreasing in their respective risk rating and none were removed from the register, and it was noted that all risks were monitored on a quarterly basis.

In response to a query raised regarding the use of substitute members on the Pension Fund Committee and the level of training required to undertake that role, Mukhtar Master advised that substitutes are allowed if they have completed the Induction training which is offered to all Members of the Council.

It was brought to the attention of the Board that the Brunel Oversight Representative recently appointed from the Committee had not attended the most recent Brunel Oversight Board meeting, and that perhaps a substitute should be considered in the event of non-attendance in the future.

Cllr Peter Stevens, Chair of the Committee advised that he would be happy to be a substitute member on the Brunel Oversight Board and questioned if any other members of the Committee were also able to attend.  The Chair advised that it was usual that only one member per Committee sit as a representative, however due to the training requirements required for this post, this could be any member of the Committee.

It was also brought to the attention of the Board that there was an obligation for the Committee to consult on its Investment Strategy Statement every three years.  It was noted that the current version on the Council website was dated June 2020, and the Board were mindful of its legal duty to carry out this consultation.  Mark Smith, Head of Pensions advised that this Statement would have been reviewed as part of the 2022 Valuation, however, and would be reviewed for the 2025 Valuation and presented to the Committee at its next meeting.

The Board noted the report.

10.45

This report will present the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting. 

The Committee is RECOMMENDED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate. 

Anna Lloyd, Governance and Communications Officer presented the report of the Executive Director of Resources and Section 151 Officer which presented the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting.  

She highlighted that the Governance and Communication Manager had met with Fund Officers and the Independent Financial Adviser following the recommendation of the Local Pension Board that Risk 18: Failure to meet Government Requirements on Pooling be upgraded to a red rag rating, however following discussions it was agreed that this risk would be upgraded to Amber and the details were included within the report.

It was noted that at the time of writing the report there were no other new known emerging risks to assess and mitigate, however since the report was written, the government had issued a response to the Fit for Future Consultation which was currently being reviewed by fund officers.

In response to a question regarding the protection of employee details held within the fund from cyber-attack, Anna Lloyd advised that officers have quarterly meetings with the Cyber Security Team and also complete an annual cycle of third-party supplier requests for cyber security information on their systems.  Mark Smith, Head of Pensions also highlighted that there was an ongoing piece of work regarding this risk and as it uses Council systems, is also included as a risk on the Strategic Risk Register monitored by the Council.

In response to queries regarding Risk 15: Insufficient Skills and Knowledge amongst officers, and issues with recruiting officers to the Fund, Mark Smith advised that there was a national challenge around recruitment and retention of staff that is affecting every Fund.  Officers are looking at training in-house and resourcing opportunities to create career pathways, a number of additional roles have been created but will continue to recruit to Administrator and Senior Administrator level.  On further questioning to how the Council was evaluated against other Funds, especially those within the private sector, Mark Smith advised that he would investigate this further and report back to the Committee.

The Committee was RESOLVED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate.