Decision details

11.1     The Committee considered a report by the Director of Finance and Support Services on the Pension Advisory Board draft Business Plan and budget for 2022/23.

11.2     On page 23 of the papers, it was noted that, under Business Planning and Performance, ‘on-to-one’ should read ‘one-to-one’. On page 22, to clarify the reference to the ‘future of CIPFA guidance after their Pensions Panel closure’, the Finance Manger – Pension Fund Governance explained that most of the work will in future be taken on by the Scheme Advisory Board and its guidance.

11.3     Members were reminded that the budget they were being asked to approve comes from the Pension Fund. In response to a query about the variation in the budget versus spend in 2021/22, the Finance Manager commented the spend for 2021/22 had been lower than usual due to restricted travel as a result of the pandemic. The sums included in the budget are provisional and so far, in the time since the Board was established, spend has been lower each year than the provisional budget. She commented that there is likely to be more call on the training budget in 2022/23 as it is a Fund valuation year.

11.4     In response to a query about the possible conflict between the roles of the Pension Advisory Board and the Pensions Committee the Finance Manager explained that the role of the Committee is to decide fund strategy whilst the Board makes sure the strategy complies with regulations and guidance.

11.5     Resolved - That the Business Plan and Budget for the Pension Advisory Board for 2022/23, as attached at Appendix 1 to the report, subject to the minor amendment in minute 11.2 above, be approved.