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Issue - meetings

Administration and Regulatory Updates

Meeting: 01/11/2019 - Pensions Board (Item 66)

66 Administration and Regulatory Updates pdf icon PDF 137 KB

Report attached.

Contact: Debbie Sharp (01743) 252192

 

Minutes:

66.1  The Board received the report of the Pensions Manager – copy attached to the signed Minutes – which provided Members with the latest administration and regulatory updates affecting the Local Government Pension Scheme. 

66.2  The Pensions Manager drew attention to the update on the exit payments cap consultation (paragraph 5.1 of the report) and explained how this would affect the inclusion of pension strain if an employer were to leave within three months and wished to draw down cash from the scheme.  She also drew attention to the updates on the new Fair Deal and changes to the local valuation cycle and the management of employer risk, set out at paragraphs 5.2 and 5.4 of the report respectively.

66.3  In relation to the McCloud and Sergeant Case, the Pensions Manager reported that this had been covered at both the Employers meeting and the Annual meeting when it was explained what was required and what it would mean for employers.  She confirmed that as transitional protections had been found to be unlawful, something would need to be done to correct this, which may affect the valuation. She further explained that the cost cap could not be fully enacted until the McCloud cost was known but that one would slightly counteract the other.

66.4  The Pensions Manager explained why it had been suggested that funds contact scheme employers to check whether individual member hours history from 1 April 2014 was available in relation to the underpin (the definition of which was ‘within 10 years of normal retirement, employee would be no worse off than previous final salary scheme’).  So the final salary data of leavers was still required in order to calculate core benefits.  In the absence of these records, a best guess of benefit would have to be done.

66.5  A brief discussion ensued in relation to the results of The Pensions Regulator (TPR) deep dive.  It was felt that two meetings per year may not be sufficient and the option of holding three per year was considered by the Board.  Discussion also took place around whether more than the current four Members were required and the necessity for a work plan setting out the items to be considered at each meeting.  It was requested that the Chairman of the Central Fund be invited to at least one meeting per year.

66.6  The Pensions Manager drew attention to the 2019 Scheme return data quality scores and data improvement plan set out in paragraph 8 of the report.  She reported that there had been some improvement in both the common and scheme specific data scores reported to The Pensions Regulator.  The Fund’s Data Improvement Plan was being updated in light of these results and Members of the Board agreed with the suggested priority areas for improvement.

66.7  The Pensions Communications Officer informed Members that the Communications Policy was being updated and she requested that Members feed in their comments and thoughts on what Members/Employers required in terms of communication.  She agreed  ...  view the full minutes text for item 66


Meeting: 03/05/2019 - Pensions Board (Item 57)

57 Administration and Regulatory Updates pdf icon PDF 122 KB

Report attached.

Contact: Debbie Sharp (01743) 252192

 

Additional documents:

Minutes:

57.1  The Board received the report of the Pensions Manager – copy attached to the signed Minutes – which provided Members with the latest administration and regulatory updates affecting the Local Government Pension Scheme. 

57.2  The Pensions Manager draw attention to the consultation on limiting Exit Payments for public sector workers and explained the implications of this.

57.3  In response to a query, the Pensions Manager informed the Board that SCAPE stood for Superannuation Contributions Adjusted for Past Experience.

57.4  RESOLVED:

          That the contents of the report be noted.


Meeting: 16/11/2018 - Pensions Board (Item 36)

36 Administration and Regulatory Updates / Presentation from Pensions Administration team pdf icon PDF 94 KB

Report attached.

Contact: Debbie Sharp (01743) 252192

 

Additional documents:

Minutes:

36.1  The Board received the report of the Pensions Manager – copy attached to the signed Minutes – which provided Members with the latest administration and regulatory updates affecting the Local Government Pension Scheme.  The Pensions Manager and Pensions Communications Officer gave a presentation on the work of the Pensions Administration team, which covered the following areas:

 

·      Legislation to adhere to

·      The Pensions Regulator (TRP) – Scheme Return 2018

·      Cyber Security

·      Training in 2019
Guaranteed Minimum Pension Project

·      Record keeping

·      Communication developments

·      Staff retention

36.2  In relation to legislation, the Pensions Manager wished to ensure that Pension Board Members were aware that it was not just the LGPS regulations that Members should be conversant with and she confirmed that the Board would be informed of any changes to the regulations.

36.3  The Pensions Manager confirmed that the Pension Return for 2018 had been completed on behalf of the Pensions Fund.  The biggest dip in common data was for addresses and it was confirmed that a tracing exercise was being looked at.

36.4  Turning to Cyber Security, the previous server had limited storage and running capacity, so the Pension Fund has moved from an actual server to a virtual server hosted by Shropshire Council.  In response to a query about whether she was aware of any attacks, the Pensions Manager reported that Shropshire Council received a lot of phishing emails, none of which were successful, and she was assured that the server was secure.

36.5  The Pensions Communications Manager explained that the self-assessment matrix based on CIPFA guidance was to be completed in order to decide what training was required for the following year.  Board Members were reminded that training could be included before each Board Meeting.  A brief discussion ensued in relation to members’ term of office and it was confirmed that the appointment panel were happy for the Chairman to continue for a further two years.

36.6  The Pensions Communications Manager confirmed that the dedicated email address for Board Members for member and employer contact was now set up and would be advertised amongst employers and employees and any emails received would be forwarded on to Board Members and reported at future meetings.

36.7  RESOLVED:

          That the contents of the report be noted.


Meeting: 13/04/2018 - Pensions Board (Item 20)

20 Administration and Regulatory Updates pdf icon PDF 95 KB

Report attached, marked 6.

Contact: Debbie Sharp (01743) 252192

 

Additional documents:

Minutes:

20.1  The Board received the report of the Pensions Communication Officer – copy attached to the signed Minutes – which provided Members with the latest administration and regulatory updates affecting the Local Government Pension Scheme. The Pensions Communication Officer took Members through the main points of the report and answered a number of queries.

 

20.2  The Pensions Administration Manager updated the Board in relation to a decision not to award ill health benefit that had been sent to the Pensions Ombudsman.  She went on to explain that training was being provided to employers around how decisions should be reached and how to respond to any medical issues, whether undiagnosed or whether certain treatments had been looked into, also the likelihood of treatment being successful etc.  Employers need to question what the medical examiner was telling them.

 

20.3  In response to a query, the Pensions Communication Manager reported that the Pensions Dashboard was still being worked on. She explained that the dashboard was being rolled out to the private sector first and that it was unclear how it would work in the public sector.  The software providers were currently working on the software.

 

20.4  In response to a query, the Pensions Administration Manager explained that if the £1million lifetime allowance was exceeded, the value of the capital would be tax free up to 25%, but over that there would be an additional tax.

 

20.5  RESOLVED:

         

          That the contents of the report be noted.


 

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