6 Review of Compliance with TPR Code 14 PDF 679 KB
a) Updates made with regards to compliance of the TPR Code of Practice 14
b) Single Code
Minutes:
The Pension Fund Manager advised that the document had been updated in line with the comments at the previous meeting.
The Board reviewed the following sections and noted the following [numbers
refer to the Compliance indicator]:
Managing Risks [104 – 120]
114 – a high level review had been completed on employers’ covenants and assessment of risks. Further assessment had been undertaken in respect of a number of employers. The Pensions & Investment Committee would consider a report at its meeting the next day and the report would then be circulated to the Board. The Pension Fund Manager advised that the aim was to reduce the risk to other employers in the fund should an employer cease to exist. The level of bonds in place would be reviewed to ensure they were at the appropriate level. The Pension Fund Manager advised that the review had been reflected in the Funding Strategy Statement and an employer policy had also been developed, which would be considered later on the agenda. In response to a question the Pension Fund Manager advised that if it was found that a bond should increase this would be negotiated with the employer and actuary. The Board was assured and pleased with the progress being made.
115 – the Investment Strategy was being reviewed. The Committee was considering the investments in the WPP and the Pensions Fund risk exposure and whether this was still appropriate. The Board was reassured of the review of processes being undertaken.
Maintaining contributions [147 – 169]
The Pensions Fund Manager advised that the Pensions Team was working through the year end process, making sure contributions were posted to members records and working with employers to ensure details were correct. The Board was assured that the issuing of the Annual Benefits Statements to members was on target to be completed by 31 August 2021.
Reporting breaches of law [244 – 270] – In response to questions the Pension Fund Manager advised that he would review the breaches policy to ensure that the fast-track reporting of breaches was clear. He also advised that it was timely to review the policy as a whole and report back to the Board.
In respect of the introduction of a Single Code by The Pension Regulator [TPR] the Chair advised that the consultation had now closed. It was noted that the Regulator was looking to bring together 15 codes into one. A fundamental issue which needed clarification was the definition of a governing body, as one would normally expect that to be the pensions committee but there are different views on this issue. The Board noted that the Scheme Advisory Board [SAB] was liaising with the Regulator to assist with this.
6. Review of Compliance with TPR Code 14 PDF 679 KB
a) Updates made with regards to compliance of the TPR Code of Practice 14
b) Single Code