Issue - meetings

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

61.2     The following points were highlighted to the Committee:

1)    There are 4 key legislation changes arising from the Government’s consultation on pension scheme improvements: Normal Minimum Pension Age, pension access for councillors and mayors, academies in the LGPS and New Fair Deal.

2)    An updated Pension Administration Strategy has been drafted following an annual review however it is anticipated further updates will be required in relation the governance changes expected following the Government’s ‘Fit for the Future’ consultation.

3)    The Pension Administration Strategy has been updated following comments from the Pension Board and following approval by the Committee, will be consulted on with employers.

4)    Training and development opportunities continue to be offered to Pension Board and Pension Committee Members. While Pension Board Members have a legal duty to develop and maintain appropriate knowledge and understanding of pension matters, it is encouraged that Pension Committee Members as decision-makers also engage with the training offer.

5)    To assess the knowledge and understanding of pension matters, a self-assessment questionnaire was circulated to both Pension Board and Pension Committee Members and 7 of the 11 self-assessments are yet to be returned to officers who will review to assess future training needs.

6)    Future training opportunities are outlined at paragraph 4.7 of the report and both Pension Board and Pension Committee members are encouraged to attend upcoming sessions.

61.3     The Committee discussed the updates in the Pension Administration Strategy noting the strengthening of the Fund’s position in terms of i-Connect being the default for employer submission of data.

61.4     The Committee requested that the opening section of the Pension Administration Strategy is reviewed ahead of going out to consultation to ensure that it provides sufficient clarity in terms of the purpose of the document.

61.5     The Committee RESOLVED to:

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

2) approve the updated Pension Administration Strategy as set out in Appendix 2 of the report prior to the launch of consultation with employers; and

3) note the updates in relation to Pension Board Member training.