Wrthi'n llwytho
Y penderfyniadau fel y mae cofnodion y cyngor yn eu cofnodi. Bydd crynodeb mewn iaith glir yn dilyn pan fydd wedi'i ysgrifennu.
RESOLVED that in accordance with Section 106 [8] Local Government Pension Scheme [LGPS] Regulations 2013 the Board goes into the confidential agenda with the public and press being excluded as some of the information may relate to financial or business affairs of a particular person or organisation.
Apologies were received from: David Powell (Scheme Member Representative).
There were no declarations of interest.
The minutes of the last meeting held on 22 May 2024 were agreed as a correct record. The term had expired for Wayne Thomas and would be removed from the minutes.
The Chair highlighted that: Item 6 – the Chair role had successfully been filled by Dafydd Edwards his first hybrid meeting would be 02 September 2024.
The Board noted the draft minutes of the Pensions and Investment Committee from the 24 June 2024. The Chair highlighted and the Pension Fund Manager confirmed that: • Clarity was provided that after receiving guidance, the Pensions and Investment Sub Committee for Responsible Investment would be deemed to be an additional Committee meeting and a sub committee not required due to the full membership. It was suggested that due to increased demands on Committee and Board members additional meetings were required. • The meeting focused on environmental, social and governance elements and would feature heavily in the upcoming training. • The Committee were also aware of the work undertaken by the Board around Cyber Security.
The Pension Fund Manager provided an update and summary report. The high-level summary report was provided to the Board, and it was explained that: • The general code is presented in a modular format. • The Pension Regulator understood that the modules were a work in progress and that an action plan was needed to demonstrate and evidence progress. • The report provided the outputs that would be presented to the Committee in due course and provided the Board with a progress overview. • Not all sections of the new code were required by the public services pension’s schemes, however good practice would be gained by completing all modules. • The Chair noted that the signposting within the system was helpful, and the regulator had recognised the additional responsibilities connected to pension funds and for the awareness to remain a key focus. • The new Chair of the Board would be provided with all policies and procedures. • The Board were greatly encouraged by the summary and suggested that it could be provided to Committee every three to six months. The Board will be able scrutinise individual modules in more detail as and when appropriate.
The Board received the Operational and Administration report for April and May 2024. The Pension Fund Manager updated the Board that: · Membership had decreased, however the number within the scheme overall had increased. Discrepancies would be checked by the Pension Fund Manager to ensure accuracy. · The 50/50 scheme membership report was also included.
The Board noted the Legislation and Governance Update. The Pension Fund Manager highlighted: 2.0 Scheme Advisory Board updates 2.2 – that new guidance had been received in order to produce the annual report. 2.3 – the funding strategy statement guidance (2016) was to be reviewed and hoped to be received by the end of the calendar year. 2.4 – the gender pensions gap work was being underway to identify and investigate any discrepancies. 2.5 – it was explained that under the career average revaluation introduced in 2014 a mechanism was in place to ensure that the scheme remained affordable and/or to enhance benefits. Changes to the LGPS were not proposed due to the offset of the mechanism in place. It was noted that due to the mechanism the Local Government Pension Scheme had a degree of safeguarding. 2.6 – communications from the Minister to English LGPS administrating authorities regarding consolidation. 2.7 – awaiting good governance update delayed due to the general election. 2.8 – data request received from the Scheme Advisory Board. Regarding those that opt out of the scheme. 2.9 - Scheme Advisory Board have produced the Annual Report 2023/2024, noting that membership increased, and assets had decreased. A positive cashflow position overall including investment income, but schemes are maturing. 2 million pensioners were paid during the year, investment management costs decreased however administration and governance cost had risen. The Local Government Pensions Scheme had an overall funding level of 107%. 3.0 LGPS 3.1 – updated guidance would be considered and incorporated into daily processes. Scheme AVC information communication to members would be considered by the Pension Fund Manager. 3.2 – McCloud standard text had been produced to ensure consistent messaging for scheme members. The Board received assurances that the 2024 Annual Benefit Statement deadline of 31 August 2024 would be achieved. 4.0 The Pension Regulator [TPR] 4.1 – updates around the consideration of automatic enrolment would be circulated to the Board when received. 4.2 – The Corporate Plan had been published. 5.0 Pensions Dashboards Programme [PDP] Revised data standards had been received. Several data quality exercises had been carried out using a traffic light system and satisfactory standards met. It was expressed that data needed to be accurate before being entered into the dashboard. Concerns were raised around the quality and accuracy of data provided by a combination of data providers.
The Board noted the: a. Governance Risk Register b. Administration Risk Register c. Investment Risk Register The Pension Fund Manager noted that report content and formatting would be considered to provide more detail and be useful for the Board. Deep dives had been carried out on each pillar and results were well received by the Committee. Adjusted residual score rating resulting from the deep dives provided a focus for the Board, the Chair indicated that much of the Board’s focus would be on challenging the internal controls set out as mitigating factors. Following review by the Board, the following suggestions and clarifications would be made: ADMIN0004 –the risk was linked back to the dashboard and a more detailed report would be provided. ADMIN 0010 – It was suggested that potential wider consequences needed to be applied to the risk. An exercise had just concluded regarding overseas members and that the Powys Fund also participates in the national fraud initiative. It was explained that a report was required for the Annual Report and would be shared with Board regarding the scale of the risk. The Tell Us Once system is one of many mechanisms used by the Council to receive notification of a deceased member which helps to reduce or eliminate any overpayments. GOVERN0002 – The report did not demonstrate within the risk on how the cashflow would be managed and remain positive, more detail would be added by the Pension Fund Manager. GOVERN0016 – The risk was linked to the discussion regarding independent remuneration for the pension fund. GOVERN0015 – reference to the appointment of the Board Chair would be updated. GOVERN0003 – Checks would be carried out to ensure reference to competitive pay rates was contained within the risk. GOVERN0001 – The risk would be checked to ensure reputational risk details were contained within the risk. INVEST0009 – It was agreed that the next review date would coincide with the next local election. INVEST0012 – A more comprehensive report would be circulated after the meeting to provide more detail.
The Board noted the Wales Pension Partnership (WPP) update. The Pension Fund Manager informed the Board that since the report was produced the WPP had announced that Waystone had been reappointed as operator of the WPP. The Chair provided feedback on the engagement meetings attended and emphasised the helpfulness and noted the experience held within the group. Notes would be circulated to the Board after the meeting.
The Board noted the following in respect of standing items: a. Breaches Register – no new breaches identified report updated to the end of May 2024. b. Audit Reports c. Board Communications Log d. Internal Dispute Resolution Procedure (IDRP)
The Board noted the 2024 meeting dates. 02 September 18 November The Pension Fund Manager expressed thanks on behalf of Powys County Council for all the work and support provided by the Chair as it would be his last meeting.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that in accordance with Section 106 [8] Local Government Pension Scheme [LGPS] Regulations 2013 the Board goes into the confidential agenda with the public and press being excluded as some of the information may relate to financial or business affairs of a particular person or organisation.
RESOLVED that in accordance with Section 106 [8] Local Government Pension Scheme [LGPS] Regulations 2013 the Board goes into the confidential agenda with the public and press being excluded as some of the information may relate to financial or business affairs of a particular person or organisation.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
Caiff datganiadau eu darllen o'r cofnodion unwaith y byddan nhw wedi'u cyhoeddi.
Dyw'r cyngor ddim wedi cofnodi presenoldeb ar gyfer y cyfarfod hwn.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.