Agenda item

Areport the enable the Committee’s ongoing oversight of:

·        Scheme, Regulatory, Legal and Fund Update

·        Administration KPI update – 1 September to 30 November 2022

·        Risk Register

·        Fund Audits

a)     Audit review 2022/23

b)     Commissioning of the audit strategy 2023/24

·        Good Governance Review

·        Training update

Jennifer Devine, Head of Wiltshire Pension Fund, presented the Headlines and Monitoring report. The report included consideration of the risk register, key performance indicators, and other updates to enable the Committee to monitor relevant aspects of the Fund. Andy Brown, the Treasurer to the Fund, and Corporate Director, Resources, and Deputy Chief Executive, was also in attendance.

The Committee discussed the report in detail. Queries were raised regarding reporting from AON, who had been commissioned by the Fund to provide advice regarding the McCloud judgement as explained in the report and pensions dashboards, and preparatory changes that would need to be made as a result. It was explained that the Fund officers’ response to the Aon reports was included in the papers, and that progress reports should come into the Fund quarterly.

There was discussion of key performance indicators and seeking assurance action plans were in place to address the red rated risks. It was confirmed risk PEN011 as detailed in the report had mapped into a new risk on overall resourcing, and would remain amber rated at present. An update was received on the new risk register reporting arrangements, including migration of previous risks into the new formatting, focusing where possible on strategic risks, and changes of staffing within the Fund.

Scheduled and proposed audits were highlighted, with the Committee requesting an audit on key financial controls begin earlier than September 2023 if possible. There was also an update on transition arrangements to the new payroll system, the date of which was being reviewed and which could impact on the timing of some of the planned audits. In respect of the ongoing pensioner payroll reconciliation project, Hymans had been appointed to work through the backlog of cases, aiming to complete the work in September 2023.

At the conclusion of discussion, it was,

Resolved:

1)      To approve the changes to the Risk Register recommended by officers and the Board

2)      To approve the commissioning of proposed audits for the scheme year 2023/24.