Issue - meetings

The Board are invited to review the report on the Governance Review as presented to the Pension Fund Committee on 11 September 2020, which included the results of the National Knowledge Assessment (NKA).  The Board are invited to offer any comments to the Pension Fund Committee about the Governance arrangements in general.  They are also invited to consider their own NKA results, and what further actions they wish to take as a Board to improve their own role in the governance arrangements for the Fund.

The Board were invited to review the report on the Governance Review as presented to the Pension Fund Committee on 11 September 2020, which included the results of the National Knowledge Assessment (NKA).  The Board were invited to offer any comments to the Pension Fund Committee about the Governance arrangements in general and their own NKA results, and what further actions they wished to take as a Board to improve their own role in the governance arrangements for the Fund.

Sean Collins, Pension Services Manager, introduced the contents of the report, stressing that the Pension Fund Committee had taken the outcome seriously. The Chairman was keen to take action and the Committee had asked Hyman Robertson to undertake a review of governance arrangements. Sean added that Hymans would be attending the January meeting of the Board. They would want to talk to representatives of Local Pension Board and it was agreed that the names of Alistair Bastin, Councillor Bob Johnston and Lisa Hughes be put forward.

Sean added that it was intended to produce a monthly newsletter for Pension Fund Committee members that would include a training element in each one. Local Pension Board members would get a copy.

Responding to a query about how concerns could be escalated Sean explained that the Council’s Cabinet had no oversight of the work of the Committee. It was not an executive function and the authority was delegated to the Committee from Council. They arguably had an oversight role and there was also the role of the Pensions Regulator. The Chairman added that in terms of the Council’s leadership the S151 officer attended the Pension Fund Committee. A member noted that this Board was a statutory body and was empowered to speak to the Chief Executive, S151 Officer or Pension Regulator if necessary to fulfil its function.

During discussion on the training element the Board stressed that there should be regular monitoring to see that the training had been effective and skills and knowledge enhanced as a result of it.

11:15

This report responds to the service priority included within the Business Plan for 2020/21 to review the governance of the Fund in light of the increased focus on this issue from the Pension Regulator and the Scheme Advisory Board.  The main report which has been produced by Hymans Robertson also includes the findings from the recent National Knowledge Assessment and proposes a further review of our governance arrangements and a detailed training plan to address the weaknesses identified within the results of the Assessment.

The Committee is RECOMMENDED to:

(a)           note the update provided by Hymans Robertson at Annex 1 and in particular, the results of Oxfordshire’s participation in the National Knowledge Assessment;

(b)          agree to ask Hymans Robertson to undertake the proposed governance review, and to ask Officers to finalise the details of the review with Hymans Robertson including the fee payable; and

(c)           agree the proposed training programme and ask Officers to continue to work with Hymans Robertson to develop appropriate options for each of the subjects to be covered.  Members are asked to provide any preferences for on-line, face-to-face or written training delivery.

Recommendations Agreed, subject to Sean Collins approving the fees in relation to recommendation (b).

The Committee had before it the Governance Review (PF9), which responded to the service priority included within the Business Plan for 2020/21 to review the governance of the Fund in light of the increased focus on this issue from the Pension Regulator and the Scheme Advisory Board.  The main report which had been produced by Hymans Robertson also included the findings from the recent National Knowledge Assessment and proposed a further review of governance arrangements and a detailed training plan to address the weaknesses identified within the results of the Assessment.

According, Mr Ian Colvin, Hymans Robertson had been invited to the Committee to speak to his Report.  Mr Colvin, in introducing the report highlighted the actions going forward to undertake a review of the funds governance arrangements in view of the changing pace of the LGPS and the requirements put on LGPS Funds, to look at the Funds policies and processes and to speak to key officers and members, actions and minutes with a view to carrying out an assessment against the regulator’s expectations so that they could benchmark and provide recommendations going forward.

The second piece of work would focus on the results of the National Knowledge Assessment, to adopt a training plan based on what the National Knowledge assessment had told them, together with issues that individuals had raised as areas on which they needed further training on which would flexible to deal with any changes.

Councillor Charles Mathew questioned what the cost of fees would be.  Mr Collins said he had a figure (which was not substantial) and would agreeing fees with Hymans Robertson prior to going ahead but emphasised that if this work was not carried out, it could cause potential problems with the pension regulator in the future.

Councillor Roz Smith questioned whether the training be coming out of a training budget for the County Council and indicated that her preference for training would be online and face to face training.  The Chairman reported that Pension Fund Budget was separate from the County Council and would be coming from that.  Councillor Lygo stated that he would wish to also see a sounding board developed.

RESOLVED: to (subject to Sean Collins agreeing the fees)

(a)           note the update provided by Hymans Robertson at Annex 1 and, the results of Oxfordshire’s participation in the National Knowledge Assessment;

(b)           agree to ask Hymans Robertson to undertake the proposed governance review, and to ask Officers to finalise the details of the review with Hymans Robertson including the fee payable; and

(c)           agree the proposed training programme and ask Officers to continue to work with Hymans Robertson to develop appropriate options for each of the subjects to be covered.  Members are asked to provide any preferences for on-line, face-to-face or written training delivery.