Issue - meetings

Report by the Chairman of the Pension Advisory Board.

The Board is asked to note the updates to the Business Plans of the Board and of the Pensions Committee.

21.1     The Board received a report by the Chairman of the Pension Advisory Board (copy appended to the signed minutes).

21.2     The Chairman introduced the report and highlighted the new format of the report to align with new templates for West Sussex County Council meetings.  The report gave an update on progress of the business plan, and how there had been impact from high level projects such as the Good Governance Project.

21.3     The Board discussed the annual reviews which normally took place in January and how they might proceed this year.  The Board felt the reviews should continue and proposed using Microsoft Teams to complete them virtually.

21.4     Resolved – That the Board notes the updates to the Business Plans of the Board and of the Pensions Committee.

Report by the Director of Finance and Support Services.

The Committee is asked to note the update on the Business Plan and note the risk matrix for the Fund.

31.1     The Committee considered a report by the Director of Finance and Support Services (copy appended to the signed minutes).

31.2     Katharine Eberhart, Director of Finance and Support Services, introduced the report and explained that the external auditors (EY) had progressed the audit well.  The accounts would be presented to the Regulation, Audit and Accounts Committee (RAAC) November meeting.  The lessons learned from the audit would be captured to help with future audit planning.  Cashflow would be impacted as employer contributions reduced by 1%, however the fund was still in a good position with income exceeding expenditure.  The risk register had been updated to reflect that data issues were improving.  The risk for cybercrime had been moved to amber to reflect the current risk.  A new risk had also been added to reflect the impact on administration for upcoming scheme changes.

31.3     The Committee made comments including those that follow.

•     Queried if the new risk for administration scheme changes was already covered by risk number five on resourcing.  – Katharine Eberhart explained that the identified issues were significant enough to warrant a separate risk.

•     Sought confirmation that all audit work had been completed.  – Katherine Eberhart explained that work was being completed and EY were yet to sign off their opinion.  Work was on track for the item at the November RAAC meeting.  It was proposed that clarity was added to the dates in the business plan.

•     Noted the change in risk status for cybercrime and asked if this was in response to any incidents.  – Katherine Eberhart confirmed that had not been any incidents and explained that the change in status represented the current heightened risk.  Amber was the current appropriate status.

•     Queried if Brexit changed impacted risk 10 on political environments.  – Katharine Eberhart explained that most investments were international and so there was not much UK risk exposure.

•     Queried the risk for data issues and asked if the move to Oracle would reduce the risk rating.  – Katharine Eberhart explained that the move to Oracle would not impact the risk as it would not impact data quality.  The risk concerned member information accuracy and the resources required to ensure that a quality services was provided.

31.4     Resolved – that the Committee notes the update on the Business Plan and the risk matrix.