Issue - meetings

6.1       SK outlined that the report covers a number of items and updates relating to the Governance of the East Sussex Pension Fund (The Fund or ESPF).

Internal Dispute Resolution Procedure (IDRP)

6.2       The report outlines a proposed change to the wording of the Internal Dispute Resolution Procedure (IDRP) to bring it in line with the wording used in the Pensions Act 1995.  The Chair asked how members of the Fund access the IDRP. SK explained that the IDRP is on the website where the policy and the forms to complete can be found. A reference to the IDRP is also made in all documents and correspondence to explain how complaints can be made. The Board agreed to note the change in wording of the IDRP.

Risk Management Policy

6.3       SK outlined that this is a new policy that was developed as a consequence of the review of the risk register. The Chair noted that the new draft consolidated Code of Practice from the Pensions Regulator had followed many governance requirements of the European Union Pension directive, and will as drafted require the Fund to have a risk officer. SK responded that if this is a requirement of the Ministry of Housing, Communities and Local Government (MHCLG) statutory guidance then the Fund will act accordingly. It was clarified that the Pension Committee is the owner of the Risk Management Policy and it is on the agenda of the Pension Committee for it to approve the Policy. The Pension Board had no comments on the Risk Management Policy and agreed to note the Policy.

Regulatory Change

6.4       The Pensions Regulator (TPR) has launched a consultation on proposed changes to combine the codes of practice for private and public pension schemes into a single code. Due to the short timescales for a response the Chair has responded to the consultation on behalf of the Board. The consultation response is contained in appendix 3 of the report. It covers the introduction of new terms (such as ‘Governing Body’) which may be confusing, and the response recommends keeping separate codes of practice for public and private schemes.

6.5       Lynda Walker (LW) asked why the consultation was done at such speed and whether there were any significant changes. The Chair commented that TPR saw this as a consolidation of existing codes and had only held a limited consultation with the pension industry. The Chair’s view is that this was a more fundamental change and hopefully TPR would reconsider. LW commented that she would bring the proposed changes to the attention of the other forums that she is involved with. The Board agreed to note the potential change in TPR expectations.

Financial Hardship Policy

6.6       At present the Fund receives requests to waive fees for financial hardship reasons in respect of requests for information the Fund does not have to provided free of charge. These mainly relate to requests for pension valuations in the case of members divorcing, and the subsequent work involved in Pension Sharing  ...  view the full minutes text for item 22