Agenda item

10.55

This report will provide an update on progress against the key priorities set out in the Annual Business Plan for 2022/23.

The Committee is RECOMMENDED to

a) review progress against each of the key service priorities as set out in the report; and

b) agree any further actions to be taken to address those areas not currently on target to deliver the required objectives.

The Committee was provided with an update on progress against the key priorities set out in the Annual Business Plan for 2022/23.

Review and Improve the Scheme’s Data

The Committee was informed that three measures of success were amber:

·       Data of a standard to support delivery of all service KPIs as reflected in quarterly performance reports – There had been limited work undertaken on developing data for the standard service KPIs to be included in the quarterly performance reports

·       No data security breaches reported and Cyber Security Policy is updated (where required) with clear information on roles and responsibilities – There had been two data breaches which were detailed later in the agenda. Members were informed that from analysis undertaken, several gaps in the current approach had been identified, particularly in respect of monitoring compliance with the various policies. 

Develop a holistic approach to technology across Pension Administration Services 

The Committee was informed that three measures of success were amber. Members were informed that insufficient work has been completed on the project to move the risks against completing this project from Amber. 

Progress had been made on the managing of the project and on a time-line which would enable the Committee to make a decision on whether to re-tender the contract or extend the initial arrangements. More work needed to be completed to provide the assurance that the specification could be completed in time to complete the research into what was currently available, and a decision made on the most appropriate way forward. 

A full report would be presented to the December Committee.

Enhanced Delivery of Responsible Investment responsibilities 

The Service Manager for Pensions, Insurance and Money Management reported that there had been delays in the recruitment for the new Responsible Officer, with the need to go through an appeal process in respect of grade set through the Job Evaluation process. 

There were concerns at being able to attract a suitable candidate at the revised grade agreed, but the decision had been made to test the market rather than delay the recruitment process any further.

Reference was made to the work on the engagement policy and improved reporting which was directly tied into the current Climate Change Stocktake exercise being run by Brunel and the Funds in the partnership. 

The one area shown as Amber against this objective related to a successful application in respect of the Stewardship Code.  This work required the successful appointment of the additional resources, and Members were informed that from other Funds who have already completed the process there was a lot of work involved.  It was not possible to confirm the target could be met this financial year.

Deliver improved and consistent service performance to scheme members

The Committee was informed that performance had been improving, however it remained below Service Level Agreement (SLA) targets on a number of measures.  With the successful recruiting of additional staffing, performance standards should be increased and brought back into line with the SLA. Reference was made to the new Governance Office who was now in post.

The measure of success around successful management of scheme changes was currently amber as the publication of the long-awaited consultation on the implementation of the Task Force on Climate related Financial Disclosures (TCFD) template had only just been received. The guidance on pooling in general, and the implementation of the McCloud remedy were still outstanding.   

The measure of success against the engagement policy with scheme members was also amber which reflected the challenges experienced in this area to date, and the need to appoint to the additional communications officer post to take forward the work to review best practice elsewhere and develop a new Policy for Oxfordshire.

RESOLVED – That the Committee reviewed the progress against each of the key service priorities as set out in the report.