Agenda and draft minutes

To note any changes to the membership of the Board

·       Welcome to new Chair – Sean Johns

·       Welcome to new member - Lynn Copley

The Boards recently appointed Chairman, Sean Johns, introduced himself to the other members of the Board and confirmed that his appointment had been ratified by Full Council on 25 February 2025.

The Chairman also welcomed Lynn Copley following her appointment to the Member Rep vacancy. Her appointment would need to be ratified by Full Council on 24 July 2025. The Board members introduced themselves for the benefit of new members. 

The Board also noted the resignations of George Simmonds (Vice-Chair) and Laura Fisher.  Appointments to these vacancies would be sought over the coming months. The Chair on behalf of the Board thanked George and Laura for their support and contributions during their time as Board members.

To note the attendance of any non-members of the Board present.

There were no non-members of the Board in attendance.

To receive any apologies for absence.

There were no apologies.

To confirm as a true and correct record the minutes of the previous meeting held on 11 February 2025.

The Board’s action log is also attached for members’ information.

The Part I (public) minutes of the previous meeting held on 11 February 2025 were considered.

In addition, the Chair reported that the latest Action Log would be circulated to Board members after the meeting and if any questions needed to be raised these could be responded to outside of the meeting.

Resolved:

1.    The Board approved and signed the Part I (public) minutes of the previous meeting held on 11 February 2025 as a true and correct record.

2.    That the Board’s action log be circulated to members and any questions to be responded to outside of the meeting.

To receive any declarations of disclosable interests or dispensations granted by the Standards Committee or monitoring Officer.

There were no declarations of interest.

To receive any announcements through the Chairman.

There were no Chairmans announcements.

The Board welcomes contributions from members of the public.

Statements

If you would like to make a statement at this meeting on any item on this agenda, please register to do so at least 10 minutes prior to the meeting. Up to 3 speakers are permitted to speak for up  ...  view the full agenda text for item 31.

There was no public participation.

To consider the Part 1 (public) minutes of the Wiltshire Pension Fund Committees held on 6 March & 20 March 2025.

The Part I (public) minutes from the last ordinary meetings of the Wiltshire Pension Fund Committee meetings held on 6 March 2025 and 20 March 2025 were considered.

Resolved:

The Board noted the Part I (public) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 6 March 2025 and 20 March 2025.

A report for the Board’s ongoing oversight of:

·       Scheme, Regulatory, Legal and Fund Update

·       Governance updates (including GCOP update)

·       Health Check Dashboard – To 31 March 2025

·       Risk Register

·       Administration KPIs – 1 January 2025 to 30 April 2025

·       Update against the milestones in the KPI Improvement Plan

·       Audit update  ...  view the full agenda text for item 33.

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 – Key events across the Pension Fund
• Scheme, Regulatory, Legal and Fund Update
• Governance updates
• Health Check Dashboard
• Risk Register
• Administration KPIs,
• Audit Update

Officers provided comment and responses to Board questions as follows:

·       Barnett Waddingham scheme update included for members information.

·       The Fund is in a strong position, with a high level of compliance, and the assessment tool provided by Barnett Waddingham highlighted areas where additional work is necessary to achieve full compliance. It is expected that this would be complete by the end of the year.

·       Barnett Waddingham are providing additional governance support during the appointment phase for a new Fund Governance Manager.

·       Significant improvements made to the number of backlog cases cleared, with further improvements expected to the RAG rating from amber to green.

·       Investment returns were slightly down over the previous 3 years, although the Fund has experienced growth during this timeframe, and there were sufficient assets to cover future pension payments.

·       The importance of assessing staff engagement, and measures being undertaken to improve scores over time.

·       Changes in the Investment risks area due to alterations in investment pooling introduced by the government.

·       The importance of monitoring the risks associated with new members of the Pension Fund Committee following the recent Local Elections and potential gap in knowledge and experience.

·       The late submissions from employers and how this is being addressed in the new Administration Strategy.

Resolved:

a)    to note the Fund updates.

b)    to endorse the risk register in Appendix 4 & the summary of risk changes since the last review, as a true and fair view.

c)    to note the update provided in respect of the SWAP KC audit recommendations 2024/25 and the Audit Strategy for 2025/26.

An update by the Investment and Accounting Team Lead concerning the operational accounting arrangements, monitoring of the quarterly budget.

The Board considered the report of Christopher Moore, Pension Fund Accounting and Investment Team Lead, highlighting the significant issues in relation to the Fund’s key financial controls.

The Team Lead reported that the Full Wiltshire Council Accounts for 2019/20 – 2022/23 had now been signed off, although Deloitte raised new issues on the Pension Fund accounts, which have been responded to and published on the Fund’s website.

The Board noted that Control Area 4 – Data controls and integrity of financial information – currently in the amber zone, would soon move to the green zone through improved processes and financial controls.

Resolved:

The Board agreed to use the report to monitor progress against resolving the issues which have been identified.

The Pension Administration Lead will present the updated draft administration strategy and timeline for consultation with employers.

The Board considered the report of James Franklin, The Pensions Administration Lead, which presented an updated Pension Administration Strategy for review by the Board.

The Pensions Administration Lead explained that the Strategy has been updated to reflect the requirements set out in Regulation 59 of the Local Government Pension Scheme Regulations 2013. The Board noted that there was not an absolute requirement to provide a Strategy but if one existed it must follow the requirements detailed in the Regulation.  

The report detailed the main changes to the Strategy, with Barnett Waddingham suggesting formatting and clarity amendments. The report also highlighted that the employer consultation would start on 27 May 2025 with a four week window for employers to respond. A final version would be considered by the Pension Fund Committee for review and approval on 24 July 2025.

The Board assessed the appropriateness of the Strategy and support the approval of the timeline and the draft by the Committee.

Resolved:

That the Pension Administration Strategy be recommended to the Pension Fund Committee for approval.

The Head of Wiltshire Pension Fund will present the updated draft communication strategy.

The Board considered the report of Jennifer Devine - Head of Wiltshire Pension Fund which presented an updated Communications Strategy for review.

The report indicated that the Strategy had been updated to reflect the requirements set out in the Pension Regulator’s General Code of Practice, which came into force on 28 March 2025. The Code outlined what information must be communicated to members as well as the expectations around accuracy, clarity and format of the communications.

The Board assessed the appropriateness of the Strategy and supported its approval to the Pension Fund Committee.

Resolved:

That the Communications Strategy be recommended to the Pension Fund Committee for approval.  

Officers will present the annual low volume performance report covering performance information on breaches, complaints etc.

The Board received a report from James Franklin, Administration Team Lead providing an update on the Fund’s performance measures for 2024/25.

The report indicated that overall, there has been in the incidents recorded reflected in the improved administration performance of the Fund.

The Board commented on the number of Information Commissioner Officer breaches and processes to resolve issues, the number of informal complaints and the reasons for those not resolved in time and the cost to the Fund and employers of responding to complaints.

Resolved:

To note the findings of the low volume performance measures being monitored by officers on behalf of the Fund.

The Head of Wiltshire Pension Fund will present a draft LPB annual report for 2024/25 for approval.

The Board considered the report of Jennifer Devine, Head of Wiltshire Pension Fund, which presented the draft Local Pension Board Annual report for 2024/25.

The Head of Wiltshire Pension Fund reported that there is no statutory requirement to produce an annual report, although it is good practice to produce one detailing the Board’s activities for the year, and the Annual Report would be published on the Council’s website.

The Board welcomed the brevity of the report and noted that details about training received by Board members would be included in the Annual Report for 2025/26. The Board also asked for additional text to be included in the Annual report that referred to the Fund being in a strong position, with a high level of compliance, and the assessment tool helpfully highlighting areas where work is required to achieve full compliance.

Resolved:

To approve the draft Local Pension Board Annual Report subject to the inclusion of the wording detailed below as suggested during the meeting:

‘that the Fund is in a strong position, with a high level of compliance, and the assessment tool helpfully highlighting areas where work is required to achieve full compliance.’

The Pension Administration Lead will present an update on the final issues following the payroll migration, including an update on debt recovery following the duplicate payments issue.

The Board considered a report from James Franklin, Pension Administration Lead which provided an update about the post implementation issues following the Fund’s migration of Pensioner Payroll from SAP to Oracle and then Oracle to Altair.

The Team Lead reported on a number of issues experienced during and following the payroll migration and the current position, as highlighted in the report. Issues associated with the October 2024 payments had been resolved and working as expected.

Resolved:

To note the successful outcome of the migration to the Integrated Payroll System and that a further report be prepared for the next meeting on any outstanding issues.

Any other items of business which, in the opinion of the Chairman, should be considered as a matter of urgency. Urgent items of a confidential nature may be considered under Part II of this agenda.

There were no urgent items. 

The next meeting of the Board will be held on 4 September 2025.

The Board is asked to review its Scheme Year Forward Work Plan which is attached for members’ consideration.

The next ordinary meeting of the Board will be held on 4 September 2025.

The Chairman reported that the Scheme Year Forward Work Plan for the new scheme year would be circulated to Board members after the meeting for information.

Resolved:

The Board noted the date of the next meeting and that the Scheme Year Forward Plan would be circulated after the meeting.

To consider passing the following resolution:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Numbers 19-22 because it is likely that if members of the public were present there would be  ...  view the full agenda text for item 42.

The Board considered the recommendation to exclude the public.

Resolved:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Numbers 19-23 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

To consider the Part 2 (confidential) minutes of the Wiltshire Pension Fund Committee held on 6 March & 20 March 2025.

The Part II (private) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 6 March 2025 and 20 March 2025 were considered.

Resolved:

The Board noted the Part II (private) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 6 March 2025 and 20 March 2025.

An update from officers on the ongoing Brunel governance arrangements.

Jennifer Devine, Head of Wiltshire Fund provided an update on pension reforms to ensure members are aware that the Pension Fund is taking steps to comply with the direction of travel set out by the Government and highlight any concerns to the Pension Committee.

Resolved:

To note the update from the Head of Wiltshire Pension Fund.   

Training item on knowledge and skills requirements, delivered by Barnett Waddingham.

The Board received a presentation from Alison Murray, Senior Pensions Consultant at Barnett Waddingham, which provided information about the knowledge and skills required to be an effective Board member.

The Senior Pensions Consultant commented in particular on:

·       The regulatory requirements for Board members, based on S248A of the Pensions Act 2004

·       Other requirements and guidance

·       Annual Report guidance

·       Fit for the future - consultation proposals

·       WPF’s current position

·       Developing a training strategy

The Board commented on the role of the Board in monitoring the compliance of regulations of the Pension Fund in general, the implications for Board members of Markets in Financial Instruments Directive 2018, the importance of joint training for both Board and Committee members, and training budget usage.  

The Chairman thanked the Senior Pensions Consultant for her very informative presentation.

Resolved:

To note the presentation content.

To confirm the Part 2 (confidential) minutes of the meeting held on 11 February 2025.

The Part II (private) minutes of the previous meeting held on 11 February 2025 were considered.

Resolved:

The Board approved and signed the Part II (private) minutes of the previous meeting held on 11 February 2025 as a true and correct record.

Any other items of business of a confidential nature which, in the opinion of the Chairman,should be considered as a matter of urgency.

There were no urgent items.