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Contact: Carol Johnson 01597 826206
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Apologies To receive apologies for absence. Minutes: Apologies for absence were received from John Byrne, Scheme Member representative and Graham Evans and Nigel Brinn, Employer representatives.
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Declarations of interest To receive any declarations of interest. Minutes: There were no declarations of interest.
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Review of Risk Register PDF 70 KB To review the Risk Register. Additional documents:
Minutes: The Board undertook at “deep dive” of the Governance pillar of the Risk Register.
The Board noted the following or made the following comments [the numbers shown are the Risk Reference numbers]:
GOVERN0001 – a failure of an employer in the Fund to pay contributions to the Fund, especially during challenging economic times, was considered to be a reputational risk. The Pension Fund Manager advised that communications with employers was ongoing. The Chair advised he would raise the issue of ensuring contributions are paid as required by employers at the next Employers’ meeting. The Board recommended that: i. reputational risk should be added as an identified risk and that the Inherent risk should be 8 [currently 6] and ii. reference to the various forms of communication with employers should be included under Controls and Actions.
GOVERN0002 – the Board considered that a reputational risk would occur, if a situation arose where there were insufficient Fund cashflow to meet liabilities as they became due. The Board recommended that reputational risk should be added as an identified risk and that the Inherent risk should be 10 [currently 9].
It was noted that the Board receives quarterly cashflow details at each meeting. The Board agreed to receive an annual snapshot of cashflow. The Pension Fund Manager agreed to email this information to the Board.
GOVERN0003 – the Board noted that this related to key personnel in the Pension Fund Team but could also include risks associated with service providers. GOVERN0010 also referred to key personnel. The Pension Fund Manager agreed to review how these related risks were shown in the Risk Register.
GOVERN0004 – the Board considered that reference should be made to the Wales Pension Partnership [WPP] and reputational risk if fraud ever occurred. The Board recommended that reputational risk should be added as an identified risk and reference should be made to WPP.
The Board noted that the Pension Fund Administration Team and Finance Team are separate sections in the Council which supports internal control. The Board recommended that the clear division of duties between the Pension Fund Administration Team and Finance Team should be included in the Controls and Actions.
GOVERN0005, GOVERN0006 and GOVERN0007 – the Board sought assurance that risks regarding employer contributions were included on the County Council’s Risk Register. The Pension Fund Manager agreed to establish whether this was the case. The Pension Fund Manager advised that communication with employers was increasing and a member of the Pension Administration Team now has a specific role in developing links with employers. 0005, 0006 and 0007 were discussed and further work will be undertaken to look at consolidating the risks and inserting them into the appropriate risk register. The Board considered that covenants should be included in the Governance Risk Register. The Board recommended that: i. reference to the communication with employers and the specific role of an officer in the Team to develop links with employers should be included under Controls and Actions and ii. covenants ... view the full minutes text for item 3. |
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Future Board Meetings 2023 10 February – 10am 12 June – 2pm 11 September – 2pm 20 November – 10am Minutes: The Board noted the 2023 meeting dates: 10 February – 10am 12 June – 2pm 11 September – 2pm 20 November – 10am |