Issue - meetings

26.1     The Committee considered a report introduced by Sian Kunert who drew the Committee’s attention to the following risks:

1) Risk E2 – Employer Data - has had its post mitigation likelihood reduced, changing the overall risk scoring down to an amber risk.

2) Risk A3 – Production of Statutory Returns - has had its post mitigation likelihood reduced to an amber risk. Reduced risk following last meeting discussion and the exempt risk register.

3) Risk 12: Officers recommend risk I2 – Changes to International Trade - be removed from the register. This was an update from an original Brexit risk, officers will keep the risk on the radar but not presenting as a standalone risk for reporting to the Committee.

4) A new risk has been added, Risk 19: Money purchase AVC – which relates to the Additional Voluntary Contributions (AVC) options available to members and reflects the requirement of the Fund to provide a suitable AVC offering to scheme members. An LGPS fund has an obligation to ensure members have an AVC option so must ensure an appropriate provider. This is not a high risk however it should be brought to the Committee’s attention and more detail will be shared at the next meeting including some data on the uptake of AVC’s amongst pension fund members.

26.2       The Committee discussed the pooling risk in the light of the consultation and the exempt risk register. The consultation refers to failure to comply with guidance and highlights that Pooling is considered to be area which could see invention from the Secretary of State. Officers consider the Fund to be in a similar position to others and that there are formal steps to bring processes in line with the guidance.

26.3       The Committee RESOLVED to review and note the Pension Fund Risk Register.</AI11>