Agenda item

10.45

This report will present the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting. 

The Committee is RECOMMENDED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate. 

Mukhtar Master, Governance and Communications Manager presented the report of the Executive Director for Resources and Section 151 Officer which presented the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting.  He advised that following a holistic review of the register, no new or emerging risks were identified, however he wished to advise the Committee that a number of initiatives currently taking place within the Council that could potential present risks but cannot be taken into account until they are progressed.

He provided further context to Risk 12: insufficient resources from Committee to deliver responsibilities, which had increased from a green rating to an amber rating due to increased workload as a result of the OCC Transformation project that is underway which would lead to a likely increase in pension estimates, increasing the workload for the fund.

In response to a question from the Local Pension Board regarding Risk 15: insufficient skills and knowledge amongst officers, Mark Smith, Head of Pensions advised that all options for supporting retention and recruitment of staff would be explored as part of the Workforce Strategy, that would include agile working options and benefits as it was recognised that the Council was unable to match the higher salaries paid by the private sector.

In response to a question from the Committee regarding Risk 24: impact of a potential turnover of Pension Fund Committee members as a result of the election, it was agreed by the Committee that the Training Plan would be presented to the June meeting as an information item only, with no changes being made to the agreed policy, and Mark Smith updated the Committee on the proposed training scheduled as part of the new and existing Councillor Induction Programme.  It was also agreed that the date of May 2025 be removed from the risk, as it should relate to any change to the Committee, and not just the election scheduled for May 2025, and this was confirmed as carried out by Mukhtar Master.

The Committee also raised concerns of the rating of Risk 19: failure of pooled vehicle to meet local objectives, and whether this should be increased due to failure of Brunel to meet benchmarking objectives and whether this should be raised to amber to ensure it is highlighted as a potential issue for future Committee members to consider.

In response to concerns raised regarding the impact of staffing changes within Employers of the Scheme, Mark Smith advised that any significant impact of staffing changes to the Fund could be included within the reports to the Committee.

The Committee requested that Officers write to the relevant Minister to highlight their concerns of any changes to government initiatives that would impact the number of staff in Academies and Higher Education establishments able to join the LGPS, for example the creation of subsidiaries.  (ACTION)

The Committee were RESOLVED to note the latest risk register and accept that the risk register covered all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, were appropriate.