To note the report.
Minutes:
The Board noted the Legislation and Governance Update.
The Pension Fund Manager highlighted:
2. Scheme Advisory Board Updates
2.2- A response to the Knowledge and Skills Framework survey has been submitted by the Pension Fund Manager including considerations from the Chair. It was felt necessary as it’s the approach taken by the Council.
2.3 -The Scheme Advisory Board have provided McCloud data guidance around missing data if an Employer is no longer available, from this high level data analysis had been undertaken and approximately 30% of the membership history could potentially be in scope, it is not expected to impact a high number of members.
Guidance notes and templates have been shared with all Employers, and some smaller Employers data has been collated and inputted as test portfolios with no concerns.
A query was answered around the resources needed to conduct the review on the 30% membership history and was explained that a structure had been implemented to incorporate what was expected from McCloud and an i-connect tool was used to produce monthly reports.
It was discussed that regular joint Payroll and Pension meetings were ongoing and would look into software tools in both services to help with the exercise.
Affected members receive the McCloud updates through various communication methods including the Member portal and Website.
A communal document template and administration system is used throughout the eight pools in Wales, it was proposed that the upcoming Annual Benefit Statement could be used to alert members to any McCloud changes, which the Pension Fund Manager will relay back to the Pensions Team.
3.2–Due to the high inflationary environment an issue has been identified that some members may break the annual allowance threshold automatically after the re-evaluation, therefore dates would be aligned with the financial year to improve the imbalance (threshold change £40k to £60k).
Government Actuary Department (GAD) Data Requests
Valuation data has been provided to the GAD as requested.
New LGPS Employers in Wales
An amendment had been made to the regulations to include those directly employed by a joint committee and in the future would be able to join the pension scheme of the related authority.
4. The Pensions Regulator (TPR)
4.1 - The Corporate Plan had been published and shows a close working relationship between the Financial Conduct Authority and the Department of Working Pensions in order to help provide consistent communications.
5. Pension Dashboard
The Minister has announced a delay in Pension Dashboards until 31 October 2026, however work had begun in Powys and meetings have been held with Software Providers. Initial outcomes showed good results for data quality, standing at 90+%, which is vital for scheme members to receive accurate information through the Portal.
The Board agreed that a dashboard presentation would be provided at the next meeting by the Pension Board Manager.
The Chair added that the Regulator is waiting for the General Code to be laid before Parliament (which was hoped before Parliament breaks for summer). A link will be provided in his summary regarding the feedback from the Chartered Institute of Public Finance and Accountancy [CIPFA] Isio conference for pension board members.
Supporting documents: