To receive apologies for absence.

No apologies were received.

Members are reminded that they should declare any interests which may lead to conflicts of interest in the subject area or any specific agenda item of this meeting.  A conflict of interest is defined as a financial or other interest which is likely to prejudice a person’s exercise of functions as a member of the Pension Board. It does not include a financial or other interest arising merely by virtue of that person being a member of the LGPS.

No conflicts of interest were declared.

The Minutes of the meeting held on 14 October 2022 are attached for confirmation.

Contact:  Michelle Dulson (01743) 257719

RESOLVED:

That the Minutes of the meetings held on 14 October 2022 be approved and signed by the Chairman as a correct record.

To receive any questions from the public, notice of which has been given in accordance with Procedure Rule 14.  The deadline for this meeting is 5pm on Monday 13 February 2023.

No public questions had been received.

Report attached.

Contact: Debbie Sharp (01743) 252192

The Board received the report of the Pensions Administration Manager – copy attached to the signed Minutes – which provided Members with the latest administration and regulatory updates affecting the Local Government Pensions Scheme since the Administration report provided to Pensions Board on 14 October 2022 and Pensions Committee on 2 December 2022.

The Communications and Governance Team Leader introduced and amplified the report.  She updated the Board on the number of scheme members registered for ‘My Pension Online’ and highlighted the key communications activities that had been planned. She drew attention to the update on the fund’s McCloud project, and, in response to a query she informed the Board that although a significant amount of work had been undertaken, there was still a lot of work to do and although they thought they knew what the remedy would look like, it may well be different once the legislation was released.  They had been working with the actuary, Mercers, to analyse the data and find any gaps however they could not look at the rectification side until the legislation was available.  The Communications and Governance Team Leader confirmed that each employers’ 2022 valuation results included assumptions in relation to the McCloud remedy.

A query was raised as to the size of the McCloud remedy in terms of costs to the fund.  It was confirmed that this had been costed for each employer in the fund and it was agreed for this information to be produced for the next meeting of the Board. In response to a query, it was confirmed that the ‘In Touch’ magazine was still being produced twice yearly, in the Spring and Autumn and that the latest edition was due out in April. 

A brief discussion ensued around ‘My Pensions Online’ and Members expressed surprise at how low the take up was for active members.  The Communications and Governance Team Leader stated that actually Shropshire’s take up was anecdotally considered quite high compared to others, however 52% of members did not look at their pensions benefits online.  Members were informed of their right to register to view their benefits online and planning was taking place for some workplace activities to encourage take up along with a letter being sent out with the Annual Benefit statements to all active members stating whether they were registered or not and how to register if they hadn’t already done so.  It was suggested that employers be asked to encourage their active members to use ‘My Pensions Online’ and it was confirmed that this would be part of the communications plan.

The Communications and Governance Team Leader updated the Board in relation to the Pensions Dashboard and provided feedback on the Employers meeting held online when members heard from the scheme actuary and had the opportunity to book a one to one with the actuary to discuss their 2022 valuation results.  A brief discussion ensued in relation to the frozen refund project and the Communications and Governance Team Leader reported that from  ...  view the full minutes text for item 41.

 For Board Members to raise any questions following the recent Pensions Committee meeting.

Please click on the link below to access the reports considered by the Pensions Committee at its last meeting on 2 December 2022:

Agenda for Pensions Committee on Friday, 2nd December, 2022, 10.00 am — Shropshire Council

The reports considered by the Pensions Committee at its meeting on 2 December 2022 had been received by the Board who had no comments to make other than to praise the Climate risk reduction paper. 

The next meeting of the Pensions Board will be held at 10.00am on the 28 April 2023. 

Future meetings will be held on:

7 July 2023; 13 October 2023; 26 January 2024; and 26 April 2024.

The Chairman reported that the date of the next meeting of the Pensions Board as reported on the Agenda was 28 April 2023 however as a number of apologies had been received the meeting was currently being rearranged and was likely to be held on Tuesday 9 May 2023 at 10.00am.

To RESOLVE that in accordance with the provision of Schedule 12A of the Local Government Act 1972, Section 5 of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations and Paragraphs 3 of the Council’s Access to Information Rules, the public and press be excluded during consideration of the following items.

          RESOLVED:

That in accordance with the provision of Schedule 12A of the Local Government Act 1972, Section 5 of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations and Paragraphs 3 of the Council’s Access to Information Rules, the public and press be excluded during consideration of the following items.

The Exempt Minutes of the meeting held on the 14 October 2022 are attached for confirmation.

Contact Michelle Dulson (01743) 257719

          RESOLVED:

That the Exempt Minutes of the meeting held on 14 October 2022 be approved and signed by the Chairman as a correct record.

Report attached.

Contact: Peter Chadderton 07990 086399

The Board received the exempt report of the Pensions Investment and Responsible Investment Manager – copy attached to the signed Exempt Minutes – which provided an update on the general economic conditions for the 9 months to December 2022 and gave an unaudited indication of the impact on the pensions fund investments.

          RESOLVED:

          That the contents of the report be noted.

For Board Members to raise any questions following the recent Pensions Committee meeting.

Please click on the link below to access the reports considered by the Pensions Committee at its last meeting on 2 December 2022.

Agenda for Pensions Committee on Friday, 2nd December, 2022, 10.00 am — Shropshire Council

          The exempt reports considered by the Pensions Committee at its meeting on 2 December 2022 had been received by the Board who had no comments to make. 

Report attached.

Contact: Rebecca Clough (01743) 254457

      The Board received the report of the Communications and Governance Team Leader – copy attached to the signed Exempt Minutes – which provided an update on the Breaches of LGPS regulations recorded for the quarter ending 31 December 2022 affecting the Shropshire County Pension Fund.  Updates on all other governance issues were also included within the report.

          RESOLVED:

          That the contents of the report be noted.