Issue - meetings

Report by the Chairman of the Pension Advisory Board.

The Board is asked to agree the performance report for 2020/21 and that the Pensions Committee and Governance Committee be informed.  The Board is also asked to note the Pensions Committee’s business plan update report.

38.1     The Board received a Business Plan Update from the Chairman of the Pension Advisory Board (copy appended to the signed minutes).

38.2     The Chairman introduced the report on the Board’s performance that provided a review of the Board’s key actions over the past year (2020/21).  The review was set against the backdrop of the ongoing pandemic and its impact on the Pensions Advisory Board’s processes and national initiatives.

38.3     The Board’s attention was drawn to the Pensions Committee Business Plan Update Report which noted the risk position as well as progress made against their action plans.  The pandemic had also impacted on the Pensions Committee’s operations. Rachel Wood explained that this was the penultimate review, by the Committee, of their 2020/21 plan which would be presented to the Pensions Committee meeting in March with a revised plan for 2021/22, setting objectives for the forthcoming year.

38.4     Resolved – That the Board;

(1)    Agrees the performance report for 2020/21, and that the Pensions Committee and Governance Committee be informed.

(2)    Notes the Pensions Committee business plan update report.

Report by the Director of Finance and Support Services.

The Committee is asked to consider the recommendation within the report.

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

54.2     Katharine Eberhart, Director of Finance and Support Services, introduced the report highlighting the updates provided in the summary of the report.  Ms Eberhart stated that several of the highlighted areas are for discussion at separate agenda items.  In addition, Ms Eberhart stated that the objective ‘Competition & Markets Authority’ was rated red and a review was to be completed by 31 December 2020.  It was explained that this was running behind schedule, but the review was due to be complete by the end of this week.

54.3     Ms Eberhart referred the Committee to the item on the risk register relating to poor quality data resulting in error and misstatement.  It was confirmed that significant progress had been made in this area and the rating would likely turn to green in the spring.

54.4     It was confirmed that the training on ACCESS governance had been scheduled to align with the Pension Advisory Board meeting in February.  The date and information would be circulated to Committee members after the meeting.

54.5     Resolved that:

1)   The update on the Business Plan is noted

2)   The risk matrix for the Fund is noted.