Issue - meetings

7.1       The Committee considered a report providing an update on various governance workstreams completed and changes effecting Local Government Pension Schemes (LGPS) and the ESPF specifically.

7.2       The Committee’s discussion included the following key issues:

• The Pensions Administration Team (PAT) will meet again with Prudential at the end of June about the performance of their Additional Voluntary Contribution (AVC) service. The Fund will also be conducting a review of AVC providers in the near future and will come back to the Committee with any recommendations for action.
• As part of the new Risk Management Policy, the Committee should receive more timely updates of emerging risks including via email if the Committee is not due to meet when a risk emerges.

7.3       The Committee RESOLVED to:

1) Approve the change in the wording of the Internal Dispute Resolution (Appendix1);

2) Approve the new Risk Management policy (Appendix 2);

3) Note the potential change in The Pension Regulator (TPR) expectations;

4) Approve the new approach to manage requests for fees to be waived due to financial hardship (Appendix 4);

5) Approve the revised Governance and Compliance Statement (Appendix 6);

6) Note the planned production of an annual report of the Pension Board to the Pension Committee;

7) Note the update on the McCloud Working Group;

8) Note developments on the Scheme Advisory Board Good Governance project;

9) Note the update on Additional Voluntary Contributions (AVC’s) and approve a review of the AVC provider later in the year; and

10) request more timely risk register proposed strategy management updates via email where appropriate.