Issue - meetings

12.1     The Committee considered a report providing a general update  on matters related to the Committee activities.

12.2     The Chair of the Pension Board updated the Committee on the Board’s concerns about the GMP reconciliation process including the contract arrangements, level of risk to the Fund, and final cost of the process. In regards to the Breaches Log, he expressed concern about Churchill’s breach for not paying over pension contributions for some of its members. He also warned the Committee about the potential  risk of breaching regulations in regards to the 11 data sets the Pensions Regulator requires all pension funds to hold.  The Chair of the Pension Board informed the Committee that the Board would consider future reports on the GMP reconciliation process.

12.2     The Committee RESOLVED to:

1)  note the report;

2) request a report on the GMP reconciliation process being carried out by the  JLT;

3) request a progress report on data cleansing; and

4) request that an officer from Business Operations attend future meetings of the Board and Committee.