Issue - meetings

The Board are invited to review the latest Administration Report as presented to the Pension Fund Committee on 4 December 2020, including the latest performance statistics for the Service.  The Board are invited to discuss the proposed amendments to the Funding Strategy Statement reflecting the new flexibilities in respect of the dealings between the Administering Authority and Scheme Employer and offer any comments back to the Pension Fund Committee as part of the current consultation process.

The Board was invited to review the latest Administration Report as presented to the Pension Fund Committee on 4 December 2020, including the latest performance statistics for the Service.  The Board was invited to discuss the proposed amendments to the Funding Strategy Statement reflecting the new flexibilities in respect of the dealings between the Administering Authority and Scheme Employer and to offer any comments back to the Pension Fund Committee as part of the current consultation process.

Members generally welcomed the report as encouraging noting that recruitment seemed to be getting a little easier.

There was some discussion around the amount of detailed information provided and whether all of the detail was necessary. For example, it was queried whether all of the annexes around late payments were necessary. Rather it was suggested that what was needed was information on persistent late payers and what was being done about it. Sally Fox, Pension Services Manager, commented that the information provided had increased over time and was that required for the Pension Fund Committee. They were looking at the presentation of the information with a view to refining it going forward. The reporting of statistics was under review and officers were currently looking at how reporting could be improved. Responding to comments from an individual Employer Member Sean Collins undertook to discuss with them labelling outside of the meeting. The Board noted that the level of detail required was ultimately for the Pension Fund Committee and suggested that they be asked to consider the level of detail needed.

Sally Fox responded to individual queries on complaints, McCloud/Sargeant and pension benefit statements. In light of the discussion on McCloud/Sargeant Councillor Bob Johnston noted that he was a member of the Fire Pensions Board.

Responding to a query, the Employer members on the Board confirmed that they received invitations to the Employer Meetings.

Sean Collins, Service Manager Pensions introduced the second part of the report relating to changes to the Funding Strategy Statement, currently out for consultation. He highlighted for the Board the two key areas and noted that Annex 4 did not contain the track changes that set out notes on those areas. The track change version would be circulated to members of the Board.

12:10

Report by the Director of Finance (PF10).

This report updates the Committee on the latest position on administration issues.

The Committee is RECOMMENDED to:

a)             note this report, and

b)            agree the draft changes to the Funding Strategy Statement as set out in Annex 4 as the basis for consultation with scheme employers.

Recommendations Agreed.

The report updated the Committee on the latest position on administration issues.

Members were informed that in relation to staffing, two senior Administrators had been recently appointed with one successful applicant being an internal candidate which meant an internal position needed to be filled.

Paragraphs 5 to 11 of the report summarised data collection. Members were informed that the annual data return was due to be submitted to the Pension Regulator in the next week or so. The current data quality scores were: Common data – 95.5% completeness and accuracy and for specific data 97.8%.

In relation to work in progress, the report covered up to October and included some areas which had fallen out of specification. As at the end of November all matters were now in specification apart from Transfers In, which just missed the specification of 95% by 1%.

In relation to the low level of complaints, Members were provided with the background to the one complaint which had been upheld.

The Committee was informed that in relation to End of Year and Production of Annual Benefit Statements (ABS), 99.59% had been issued to active scheme

members and 99.3% to deferred scheme members.  

Reference was made to annex 4 of the report which provided details of suggested changes to the Funding Strategy Statement which would be sent out for consultation with scheme employers.   

RESOLVED:           That:

(a)           the report be noted; and

(b)           approval be given to the draft changes to the Funding Strategy Statement as set out in Annex 4 of the report as the basis for consultation with scheme employers.