Agenda item

A report for the Board’s ongoing oversight of:

·       Scheme, Regulatory, Legal and Fund Update

·       Risk Register

·       TPR General Code of Practice update

·       Business Plan update

·       Administration KPI update – 1 January 2024 to 31 March 2024

a)              McCloud and Dashboard update

·       Audit update 2024/25

a)      SWAP Audit KPI actions.

·       Training Plan 2024/25

The Board considered the report of Jennifer Devine - Head of Wiltshire Pension Fund which provided information highlighting key issues and developments to enable the Board to fulfil its monitoring role.

The report detailed updates in the following areas:

• Headlines
• Scheme, Regulatory, Legal and Fund Update
• TPR General Code of Practice Update
• Risk Register
• Administration KPI update – 1 January 2024 to 31 March 2024.

1)    McCloud and Dashboard Update

• Audit Update

1)    SWAP audit KPI actions 2023/24

• Training Plan 2024/25

The Fund Governance Manager commented on a new corporate approach to risk management. He indicated that the Pension Fund’s risk register has a more operationally focused using a red, amber and green risk rating approach, whereas the new corporate register is adopting a 5 categories approach. It was suggested that officers prepare a detailed report highlighted the differences between the current risk register in operation within the Fund and the new corporate risk management system.

In response to questions on the current risk register changes reported within the meeting pack, officers explained that the reason for the Fund Governance risk rating change from amber to red was in part due to the protracted procurement of the Fund’s strategic procurements of actuarial and investment management consulting services.  It was noted that 2 of the 3 contracts had now been agreed.

Officers confirmed that they could supply KPI reporting for each quarterly report in respect of the KPI Improvement plan progress as requested by the Board. Officers were confident that the backlog would be managed appropriately, and figures would start to improve. Officers will report further about the onboarding process to i-connect at the next meeting.

Officers confirmed that the SWAP KPI audit actions would be completed by the new deadline set of 30 June. In addition, officers would be able to suggest appropriate training for members with 4 training courses a year being the optimum number. Virtual attendance would also be available.  

Resolved:

a)    to note the Fund updates

b)    to endorse the risk register in Appendix 2 & the summary of risk changes since the last review, as a true and fair view of the risks currently being experienced by the Fund and to recommend that endorsement to the Committee:

c)    To note the progress concerning the KPI audit recommendations

d)    For officers to update members at each quarterly meeting in relation to progress against the KPI Improvement Plan 

e)    For Board members to approve and adopt the training plan for 2024/25 for themselves and for the Board to recommend that this training plan be approved by the Pensions Committee

f)     To agree that officers produce a paper detailing the current risk management system in operation within the Fund, the new ‘corporate’ risk management system, the perceived issues if the Fund is required to fully adopt this new process, and the desired way forward favoured by officers, in the context of the legal standing of the Fund. The report, which should include recommendations on the way forward, should be submitted for decision to the next appropriate meeting of the Wiltshire Pension Fund Committee.