Issue - meetings

38.1     The Committee considered a report by the Chief Finance Officer introduced by Susan Greenwood, Head of Pensions.

38.2     The following points were highlighted to the Committee:

1)    Further guidance and detail are anticipated regarding governance changes required to comply with the Government’s ‘Fit for the Future’ consultation and future regulations.

2)    In consultation with the Pension Board and Pension Committee, officers have submitted the Fund’s response to the Government’s Access and Fairness consultation.

3)    The Governance and Compliance statement at Appendix 2 of the report includes minor updates following review and comments from the Pension Board.

38.3     The Committee discussed the primary governance reforms including a requirement to take part in an independent governance review every 3 years and appointing an independent adviser (non-voting) to the Pension Committee and noted that the role of ‘Senior LGPS Officer’ is likely to fulfilled by either the current Section 151 officer or Head of Pensions.

38.4     The Committee discussed the proposed changes to inheritance tax and how that may affect workload for the pension administration team.

38.5     The Committee RESOLVED to:

1) Note the legal and regulatory changes together as set out in the report; and

2) Approve the updated Governance and Compliance Statement as set out in Appendix 2 of the report.