Report to:


Pension Board


Date of meeting:


30 May 2023



Chief Finance Officer



Pension Fund Risk Register



To consider the Pension Fund Risk Register



The Pension Board is recommended to review and note the Pension Fund Risk Register.

1.       Background

1.1     Risk management is the practice of identifying, analysing and controlling in the most effective manner all threats to the achievement of the strategic objectives and operational activities of the Pension Fund.  It is not a process for avoiding or eliminating risks.  A certain level of risk is inevitable in achieving the Fund objectives, but it must be controlled.

1.2     Effective risk management is an essential part of any governance framework as it identifies risks and actions required to mitigate their potential impact.  For a pension fund, those risks will come from a range of sources, including the funding position, Local Government Pension Scheme (LGPS) Pooling, General Data Protection Regulation (GDPR), investment performance, membership changes, benefits administration, costs, communications and financial systems. Good information is important to help ensure the complete and effective identification of significant risks and the ability to monitor those risks.

1.3     Since the last meeting of the Pension Board and Pension Committee, officers have continued to review the Risk Register to ensure all appropriate risks and mitigations have been identified.

1.4     It is accepted that whilst mitigations are put in place for identified risks, it will not always be possible for all risk to be eliminated. In these cases, a level of risk is tolerated and kept under review.

2.       Supporting Information

2.1     The Risk Register is included at Appendix 1.


3        Changes to the Risk Register


3.1     Risk A1 has been updated to reflect the use of a skills matrix to help identify where Pensions Administration Officers require training around specific processes and procedures.


4.       Conclusion


4.1     The Pension Board is recommended to review and note the Pension Fund Risk Register.



Chief Finance Officer




Contact Officer:

Sian Kunert, Head of Pensions