13 Standing Items with no updates required PDF 424 KB
i. Breaches Register
ii. Internal Dispute Resolution Procedure [IDRP]
iii. Audit Reports
iv. Board Communications Log
Additional documents:
Minutes:
The Board noted the following:
Breaches – there were no new recorded breaches, but it was noted that 52 members up to the 31 May 2021 have been identified as having frozen refunds. The Pension Fund Manager advised that addresses were being traced on an ongoing basis and some members had been contacted through this work. The Board noted the progress.
The Chair advised that CIPFA had given a presentation on 29 June and one of the pensions funds involved had decided to open bank accounts into which it would pay frozen funds, so discharging their liability. The Pension Fund Manager advised this had previously been discussed at the National LGPS Technical Group, who advised that the best course of action was to retain the refunds within the Pension Funds. The Board confirmed that it was satisfied that frozen funds should remain within the Fund to ensure openness and transparency and that work is ongoing to contact scheme members with frozen funds.
The Board noted that an internal audit was expected before the end of the calendar year.
The Chair referred to Internal Dispute Resolution Procedure [IDRP] advising that the original terms of reference following guidance from the centre implied a role for boards in IDRP. It was noted that when the terms of reference are reviewed the reference to the Board in respect of IDRP is amended to clarify that the Board has no decision making role in the IDRP process but does have a role in reviewing the process and identifying any lessons learnt.
13. Standing Items with no updates required PDF 424 KB
i. Breaches Register
ii. Internal Dispute Resolution Procedure [IDRP]
iii. Audit Reports
iv. Board Communications Log
Additional documents: