Agenda item

Report of: Mukhtar Master, Governance and Communications Manager

The Board are invited to review the Governance and Communications Report as presented to the Committee at their meeting on 13 December 2024.  The report includes a log of all regulatory and data breaches.

The Board received the report from the Governance and Communications Manager. The main points highlighted included:

·       General Code of Practice work was continuing to ensure compliance against the new general Code of Practice. The Plan had been updated where some modules had been completed. The amber rated modules still had some small requirements outstanding. These should all be completed by the end of the year.

·       Hymans LGPS National Knowledge Assessment 2024 – There had been 100% participation from the Committee and the Board. The results were good.

·       Mandatory Training – This had been slightly amended so would be presented to the Audit & Governance Committee and then adopted as part of the Constitution. Committee Members and substitutes were required to do the fundamentals course by the end of 31 December 2025. This was the key change and would be adopted in the Constitution.

·       Proposed Government Changes to fund governance as part of the ‘LGPS: Fit for the Future’ Consultation. The contentious point raised was that another independent advisor be on the Committee, but this was not supported by the Committee, and this had been submitted in the response to Central Government.

·       Breaches -The report that went to the Committee covered the period July to September. The two breaches mentioned were the General Code of Practice, this had been reported to the Pensions Regulator and the material breach which had not been reported.

·       Communications – The Annual Employer Forum was on 12 February 2025. This was an online event for employers. It was also good for the Board to know that the Communications Manager had returned from extended leave. It was also confirmed that all Board and Committee Members were up to date with their mandatory training as per the training schedule.

Members asked the following questions:

·       The Chair asked that with respect to the TPR Code, was the review across all the modules. It was confirmed that the review would be across all three elements, mandatory requirements, advisory requirements and best practice. All were being covered, looking at the entirety to show compliance across the Board.

·       It was reported that the Employer Forum Events were really good days to attend, The Pension Geeks was really interesting too. There were very interesting webinars that were worth joining. Officers added that all employers were written to informing them of the event. The events were better attended if online. The Team may look at running an in-person event next year. Could details of the event be sent to Parish Clerks.

ACTION: Pension Geeks details to be sent to Members.

ACTION: Details of Parish Clerks to be sent to Anna Lloyd.

·       It was good to see the General Code of Practice was on track for review but was there an action plan being put together to see how the fund would comply with all the modules? Was work being done with other Funds particularly within the Brunel pool as everyone was facing the same challenges? It was reported that the review was being carried out by looking at all the requirements and looking at the compliance against it and making a determination on whether the Fund was compliant or not. If not, then acting immediately to implement and resolve. This was a living action plan. The aim was to try and be fully compliant. The compliance was formed on what Officers thought. This would be independently challenged and reviewed by Hymans, who had been commissioned for the next year. Working with other Funds was difficult as each one was doing their own way. A recent webinar discussed ongoing work and issues to make all Funds aware. A number of Funds had been reviewed by the Team, and the general consensus was that Officers felt optimised of the Fund’s position. Another review was due soon. There was a lot of cross working and regular meetings with Hymans. The Fund was ahead of other Funds and well positioned in terms of governance.

Resolved: that the Board:

a) Noted the Fund’s update on the Pension Regulator’s General Code of Practice.

b) Noted the results of the Hymans LGPS National Knowledge Assessment 2024.

c) Agreed changes to mandatory training requirements for Committee members.

d) Noted the proposed government proposals for fund governance as part of the ‘Local Government Pension Scheme (England and Wales): Fit for the future’ consultation.

e) Noted the latest quarter’s breaches for the fund.

f) Noted the communications update.