Agenda item

Report by: Mark Smith, Head of Pensions

The Board are invited to review the position against the Annual Business Plan for 2024/25 as considered by the Pension Fund Committee at their meeting on 13 December 2024 and to offer any comments to the Committee.

The Head of Pension Funds presented the report to the Board. The main points were the review of the business plan and the recent government consultation. Progress had been made against all of the measures. The governance and communications report would include a section on the National Knowledge assessment. All Members were thanked as there had been 100% completion. At present the Fund remained on target to be fully compliant with the General Code by March 2025. It had been agreed to appoint Hyman’s Robertson to undertake an independent review and scrutinise the work done by Fund Officers. A report would be provided later in the year.

A business planning meeting had taken place on 16 January and Fund Officers were reviewing the outcomes from that meeting and preparing a note for circulation and further comments. This would then be approved at the next Committee in March 2025.

The timelines for the McCloud project remained challenging but were on track. The resources within the Team had been flexed to assist with this work. These were regularly monitored to ensure that the statutory deadline of 31 August 2025 for the annual benefit statements. A modelling exercise had been completed for the initial valuation. Engagement had begun with the target employers, the councils and the university. The initial meeting had taken place with four of the seven largest employers. The progress was on track. Further details of progress and timescales would be provided in the Committee meeting. The actuary would attend the Committee meeting to provide training before and the timescale for discussion around the assumptions to take place in June 2025.

A meeting had taken place to discuss the Chancellors Mansion House speech and the Funds response to it. There was a consensus and that had been submitted.

There were a number of other consultations taking place.

The Fund Officers were currently working through the training plan with the outcomes of the National Knowledge Assessment. This would be on the March Committee agenda to formalise a training plan for the next 12 months.

Members made the following points:

·       It had been noted that the largest item in the budget was the management fees. Members still wanted a breakdown of how much was on each individual asset class to assess if Value for Money was being achieved for the management fees paid. A breakdown of fees against each asset under management for each of the different Brunel portfolios that were held then the Value for Money could be clearly seen. Officers reported that a breakdown of management fees had been circulated but this would be further broken down by portfolio and circulated to the Board before the next meeting.

ACTION: Officers to circulate breakdown of management fees by portfolio by the next meeting.

Resolved: that the Board reviewed the progress made against each of the key service priorities as set out in the report; and agreed any further actions to be taken to address those areas not currently on target to deliver the required objectives.