Chair's Announcements
a) Training
i) Feedback from CIPFA Barnett Waddingham event in Cardiff
ii) Triennial Valuation
b) The Pension Regulator public service pension schemes governance and administration survey
Minutes:
The Chair reported the following:
a) Training – the Cohort Review stressed that mandatory training was key to good governance. Board members were encouraged to complete The Pension Regulator [TPR] Toolkit.
(i) Mick Hutchinson had attended the Chartered Institute Public Finance and Accountancy [CIPFA] Barnett Waddingham training
(ii) Triennial Valuation – all Board members had completed this training. The Board was satisfied with the quality and timeliness of the data submitted to the actuary for the triennial valuation.
It was noted that the 2020 Stewardship Code had been published and this would be distributed to the Board.
b) TPR public service pension schemes governance and administration survey – The Board Chair and Pension Fund Manager had independently completed the survey and had then discussed their draft responses. The combined response had been emailed to the Board for comment and it had confirmed that it was satisfied with the response. The Board noted the following comments on some questions in the survey:
· cyber security question - breaches and attacks were different issues and questions on each should be included, rather than the current question covering both issues.
· the number of fund employers submitting information electronically – a question regarding the percentage of scheme members’ information shared electronically should be asked instead. In smaller Funds, such as the Powys Fund, there are only a small number of fund employers and if there is one change it would disproportionally affect the former figure.
Chair's Announcements
a) Training
i) Feedback from CIPFA Barnett Waddingham event in Cardiff
ii) Triennial Valuation
b) The Pension Regulator public service pension schemes governance and administration survey