Wrthi'n llwytho
Does dim crynodeb o'r cyfarfod hwn eto. Caiff un ei ysgrifennu pan fydd y cyngor yn cyhoeddi'r cofnodion. Mae'r agenda a'r papurau isod.
1.1 Apologies were received from Ms. Hayden, Ms. Morely and Mr. Reese
3.1 It was agreed that the minutes were an accurate record of the meeting.
4.1 The Pension Board considered the draft minutes of the Pensions Committee held on 9th June 2025 4.2 The Pension Board agreed to note the draft minutes.
5.1 The Pension Manager outlined the report and provided an update on the administrative services provided by the Pension Fund and highlighted several areas of activity and development throughout the quarter. 5.2 The Pension Manager made the following points: • There had been more registrations for My Pension Online, and it was felt that there would be a further increase once the annual yearly statements were sent out in August. • All employers had submitted their year-end data, and work had been completed 7 weeks earlier than in 2024. • The Triennial Valuation Exercise had been more complex this year due to McCloud. However, the Fund had managed to submit the exercise on time, and this was currently being reviewed by the actuary. • The Chief Information Security Officer would be leaving their position at the end of August. Therefore, the annual tabletop exercise had been brought forward and had been successful. The Chief Information Security Officer had produced a Cyber Preparedness report in preparation for her departure from the role. • There had been an internal audit of the Pension Fund Administration in May 2025 which had since been given full assurance. • There had been good progress made on the Pension Dashboard, and this would go live at the end of October. • There had been several staff changes and progressions that could be seen within paragraph 17 of the report. • The Ministry of Housing, Communities and Local Government has published a consultation on proposed new regulations for the LGPS, Local Government Pension Scheme in England and Wales: Access and Fairness. These could be seen in paragraph 18 of the report. These changes were welcomed by the Greater Gwent Pension Fund. • My Pensions Online was on track to be replaced with Engage. 5.3 Following questions from the Board, the Pension Manager and Head of Pensions made the following points: • The Fund received more contributions in than were being paid out. • Heywood Pension Technologies currently hosted the Pension Fund data via Cloud. This was also backed up across two separate physical sites. • The contact directory within the Business Continuity Plan would be updated but it was noted that a communication could be sent out to ask these contacts to update the Fund if there had been a change in contact details. • There was no direct link between the Internal Audit on the Fund and the Risk Register, however this would have been considered as a part of the audit. There was an additional Governance Audit to be undertaken in the upcoming years that would cover the Risk Register in more detail. • There was a confidence that the Fund would meet the suggested deadline in respect of the Pension Dashboard. However, it had to be acknowledged that the Fund were not directly in control of AVC data. • The suggested Data Cleansing solution would help the Fund reconnect with lost members. • There would still be paper copies of the Annual Pension Statement provided to Fund members on request. 5.4 Members of the Local Pension Board noted the report.
6.1 The Pension Manager outlined the report and provided an update on Officers intention to exercise discretion to extend the deadline for the completion of the McCloud implementation phase to 31 August 2026. 6.2 The full information surrounding the suggested changes could be seen in paragraph 8.2 of the report. The suggested project plan could be seen on page 25. It was noted that all funds officers had spoken to were planning on implementing these discretions. There would be communication with all those affected. 6.3 Following questions from the Board, the Pension Manager made the following points: • This report had been brought to the Board for their views and would then be presented to Pension Committee. It was noted that this was not a decision for Pension Committee to make. • The Fund started to process McCloud cases on 4th of March 2024. If there was backpay due when considering historical cases, there would be added interest paid to the affected member. • The information that was still required in respect of Members who joined after 65 who transferred in remedial service would be collected imminently and shared with the Board. 6.4 Members of the Local Pension Board noted the intention of Fund officers to exercise the McCloud discretion and to share views in relation to the Fund’s approach to publishing Annual Benefit Statements relating to the 2024/25 and 2025/26 financial years, as outlined in this report.
7.1 The Finance and Investment Manager outlined the report and provided an update on how the Pension Fund approached its management of risk. 7.2 There had been only one change in respect of residual risk score in respect of SR7. The likelihood had reduced from 3 to 2. Other updates could be seen in red text within the appendix. 7.3 Following questions from the Board, the Finance and Investment Manager made the following points: · Operational Risks could take longer to make control changes as these were due to outsourcing to other professional companies. · It was agreed that the diverse portfolio being able to both react slowly and quicky when moving assets was a strength and weakness. 7.4 The Local Pension Board: i. Noted the updated Risk Register and the updates implemented during the quarterly review; and ii. Commented on the key risks highlighted as part of this quarter’s risk in theme review and suggest potential areas for consideration as part of next quarter’s review.
8.1 The Finance and Investment Manager outlined the report and provided an update on the proposed enhancements to the Fund’s existing risk management framework, including the Fund’s risk register, as part of the ongoing risk management policy review. If supported, the changes proposed in this report, incorporating feedback received, would be reflected in the next iteration of the Fund’s Risk Management Policy, which is expected to be available for review in Q4 2025. 8.2 There were four key enhancements suggested to the risk management approach: • Refreshed Risk Scoring Matrix and Evaluation Criteria • Reframing of Risk Categories • Further embedding of Key Risk Indicators (KRIs) within the framework • Addition of new components and presentational changes to the Risk Register to make it more impactful and easier to read. 8.3 In addition to this, the two-tier system of Strategic and Operational risks would be removed with a “snapshot” and “look-through” system which would provide a more detailed breakdown of the top 10 risks. 8.4 Following questions from the Board, the Finance and Investment Manager made the following points: • The KRI’s would help in identifying small risks and how these may link to create a greater risk. • This was within the Local Pension Board’s remit to approve. 8.5 The Committee suggested this new risk register be further integrated into audit procedures. 8.6 Members of the Local Pension Board: i. Noted the contents of this report and raise any questions as necessary ii. Commented on the updates made to the Fund’s risk management framework, with particular focus on the integration of Key Risk Indicators and the evolved approach to risk register presentation iii. Provided support to proceed with the enhancements proposed, incorporating feedback received.
9.1 The Head of Pensions outlined the report and provided an update on the report presented to Torfaen County Borough Council for approval. 9.2 This was the same report that had been presented to the Local Pension Board in April. The recommendations within the report had been agreed by Council at their last formal meeting. There was a transition plan included in the report which was now in the early stages of being implemented. 9.3 Following questions from the Board, the Head of Pensions Confirmed the following: · The Inter Authority Agreement is the current legal document that binds the partnership. Under the direction of travel it is expected that this document will evolve into a Shareholder Agreement. · There would be a host of briefings commencing in September to discuss details and plans further prior to the formal “Go Live” approvals by Pensions Committee expected in December. · The Fund had an allocation to cash strategies of up to 5%, however the actual allocation was typically around 1%. Fund specific investments in real asset classes would be redirected into WPP led alternative assets following maturity.
10.1 The Head of Pensions outlined the report and provided an update on the report presented to Torfaen County Borough Council for approval. 10.2 This was the same report that had been presented to the Local Pension Board in April. The recommendations within the report had been agreed by Council at their last formal meeting. There was a transition plan included in the report which was now in the early stages of being implemented. 10.3 Following questions from the Board, the Head of Pensions Confirmed the following: • The Inter Authority Agreement was a legal document. • There would be a formal briefing in September to discuss details and plans further prior to the formal Pensions Committee meeting in September. • The Fund could hold up to 5% in cash reserves, however this was usually actually around 1%. As assets mature this cashflow would be redirected into alternative assets. • There would be appropriate recommendations of scheme holders and employers.
11.1 The Pension Manager outlined the report and provided an update on the training already undertaken by members, for information, and to aid consideration of future training requirements. 11,2 The Pension Manager encouraged the Board to use the LOLA, the LGPS Online Learning Academy as this provided good opportunities for training courses. The Board were reminded to contact the Pension Manager if they wanted any additional training added to the programme for this year. 11.3 Members of the Local Pension Board noted the training update provided in this report.
12.1 The date of the next meeting was noted. 12.2 The Board wished Clive Rogers a long and happy retirement and thanked him for his work on the Local Pension Board.
13.1 The Board agreed to the exclusion of the press and public from the meeting as presentations and meeting papers were not for publication because in accordance with paragraphs 12 and 14 of part 4 of Schedule 12a of the Local Government Act 1972 (as amended by the Access to Information Variation Order Wales 2007), it contained information about a particular individual and information relating to the financial and business affairs of particular persons including the Council and in all the circumstances of the case the public interest in maintaining the exemptions outweighs the public interest in disclosing the information.
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.