Agenda item

A report for the Board’s ongoing oversight of:

·       Scheme, Regulatory, Legal and Fund Update

·       Valuation timetable summary

·       Health Check Dashboard – To 31 December 2024

·       Risk Register

·       Administration KPIs – 1 October 2024 to 31 December 2024

a)    Strategic projects update – PASA, McCloud & Pension Dashboard

·       Audit update – Progress against 24/25 and strategy for 25/26

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
• Valuation timetable
• Health Check Dashboard
• Risk Register
• Administration KPIs,
• Audit Update – KC actions update

Officers provided comment and responses to Board questions as follows:

·       Consultation on the changes to the audit process and any benefits arising from this

·       Confirmation that the January 2025 and February 2025 actions detailed in the Valuation Timetable have been scheduled  

·       No changes for the Pension Fund Health Check

·       Customer Service excellence and the ability to have 3 ‘partial’ on the dashboard

·       The new Risk Register design at App 3 reflects the same 5x5 matrix used by the Council.     

·       Confirmation that the Payroll System is accurately reflected in the Risk Register

·       KPI targets for 31 December 2024 were missed and a revised date of 31 March 2025 had been agreed by Committee

·       An expectation that the majority of current red KPI’s would move to amber or green in the next reporting phase

·       The number and frequency of chaser letters and the delays impacting KPIs, would be addressed alongside the Administration Strategy    

Resolved:

a)    to note the Fund updates.

b)    to endorse the risk register in Appendix 3 & the summary of risk changes since the last review, as a true and fair view.

c)    to note the progress against the SWAP KC audit recommendations 2024/25 and the Audit Strategy for 2025/26.