Agenda and draft minutes

To noteanychangesto themembershipof the Board:

·       Welcome to new Chair

·       Appointment of a new Vice Chair

·       LPB Vacancy update

The Chairman reminded the Board that this would be his last meeting as Chairman and indeed his last meeting as a member of the Board. He thanked officers and members of the Board for their help and support during his term as Chairman and wished everyone well going forward. He was pleased to report that following an extensive national recruitment Sean Johns would be taking on the role of Local Pension Board Chairman following ratification by Full Council on 25 February 2025. The Chairman congratulated Mr Johns on his appointment, and Mr Johns introduced himself to the Board.

Nominations were sought for the position of Vice-Chairman for 2025-26. The current Vice-Chairman, George Simmonds indicated his willingness to continue in the role for a further year, unless another member of the Board wished to take on the position. There were no additional nominations for the role of Vice-Chairman on this occasion.

The Head of Wiltshire Pension Fund provided an update on the Member Rep vacancy on the Board and indicated that a Selection Panel will be set up to make an appointment.  

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

The Chairman welcome Cllr Richard Britton to the meeting in his capacity as Chairman of Wiltshire Pension Committee.

To receive any apologies for absence.

Apologies were received from Laura Fisher and George Simmonds.

To confirm as a true and correct record the minutes of the previous meeting held on 7 November 2024.

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

The Part I (public) minutes of the previous meeting held on 7 November 2024 were considered.

In addition, the Board noted it’s latest Action Log.

Resolved:

The Board approved and signed the Part I (public) minutes of the previous meeting held on 7 November 2024 as a true and correct record, and the Board’s action log was noted.

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 7.

There were no public statements or questions submitted.

To consider the Part I (public) minutes of the Wiltshire Pension Fund Committees held on 21 November 2024 and 12 December 2024.

The Part I (public) minutes from the last ordinary meetings of the Wiltshire Pension Fund Committee meetings held on 21 November 2024 and 12 December 2024 were considered.

Resolved:

The Board noted the Part I (public) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 21 November 2024 and 12 December 2024.

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  ...  view the full agenda text for item 9.

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.

An update by the Administration Team Lead concerning progress against the KPI Improvement Plan.

The Board received a verbal update from James Franklin, Administration Team Lead highlighting progress against the KPI Improvement Plan.

The Board noted that all officer vacancies have been filled and there is a vacancy for the Fund Governance Manager.

Resolved:

That the KPI Improvement Plan update be noted.

LPB to endorse its budget 2025/26 as part of the recommendation to be submitted to the Pension’s Committee. To be presented by the Investment and Accounting Team Lead.

The Board considered the report of Jennifer Devine, Head of Wiltshire Pension Fund, which presented a proposed Local Pension Board Budget for 2025/26.

Officers responded to questions about increases in the amount for training, decreases in the insurance amount and the sufficiency of the budget to meet expected needs.

Resolved:

To agree the draft Local Pension Budget and recommend to the Pension Fund Committee that this is included in the Fund’s Administration Budget 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 – 2021/22 had now been signed off, although Deloitte raised new issues on the Pension Fund accounts, which have been responded to. The sign off on the Pension Fund Accounts for 2022/23 continued to be delayed due to an issue within the Wiltshire Council figures, meaning the pension fund accounts have not received their final audit opinion. There is also an expectation that the auditors fee would have increased due to the additional work undertaken, and the costs would fall on the Pension Fund.

The Board were reminded that a new finance system had been implemented over the last year or so and the controls and processes are now back up to date, and all key issues have been reported to the Board. It was noted that the Performance Dashboard control area narrative would remain in its current guise for future reports and the direction of travel would also be included.  

Board members were informed of the limited progress being made in drafting supporting schedules for the SLA between the Council and the Pension Fund, which required additional work by fund officers and renewed engagement with the Council team.  

Resolved:

1.    To recommend to the Wiltshire Pension Committee that they request that the S151 Officer attends a meeting of the Committee to explain the current situation regarding the SLA and lack of supporting schedules, and the planned resolution and timescale to resolve the current unacceptable position.

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

The Pension Administration Lead will provide an update to members.

The Board considered a verbal update from James Franklin, The Pensions Administration Lead, about the requirements for an employer consultation process.

The Pensions Administration Lead explained that the Fund Governance Manager role was currently vacant and in the circumstances the work to produce the Administration Strategy would be outsourced to Barnett Waddingham, with a report being prepared for consideration by the Board at its next meeting in May 2025.

Resolved:

That the verbal update be noted.

The Pension Administration Lead will present a “integrated payroll system” update concerning Altair, including a transfer update to Oracle of unfunded pensions and the project management of the annual pension increase exercise.

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

The Team Lead was pleased to report that the migration took place towards the end of 2024, a number of issues were encountered many had been resolved but some were still outstanding However, the system is working as expected. It was noted that some of the issues created additional work for the Pensions Fund Team, although these did not impact the service provided.

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.

An update by the Fund Governance Manager on the progress for implementing changes to the Fund’s internal controls as a result of the new general code of practice.

The Board considered the report of Jennifer Devine, Head of Wiltshire Pension Fund which provided an update on the progress being made to implement changes to the Fund’s internal controls as a result of the new General Code of Practice.

The report detailed the Action Plan which listed Training, Review or establishment of new policies as items requiring additional work.

Resolved:

To note the progress of implementing changes to the Fund’s internal controls as a result of the new General Code of Practice.

The Employer Funding & Risk Lead will update the members on employer related activities including the Employer Scorecard and on-boarding on i-Connect.

The Board considered the report of Matt Allen, Employer Funding and Risk Lead which provided an update about employer related activities undertaken by the Fund.

The report provided detail in relation to employer scorecards, i-Connect Onboarding, Employer Forum, employer covenant review, academy pooling consultation and key employer changes

The Board commented on the success of the recent Employer Forum, the response rate to the Covenant Review, confirmation that the new actuaries Barnett Waddingham offered employee movement during the triennial valuation, and the impact of academy pooling on contribution rates.  

Resolved:

That the report be noted.

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 22 May 2025.

The Board 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 22 May 2025.

The Board also considered the Scheme Year Forward Work Plan for the new scheme year and in approving its content asked for an additional section to be included in the Plan indicating where action had been completed.

Resolved:

The Board noted the date of the next meeting and approved the Scheme Year Forward Plan, subject to the inclusion of a section on action completed.

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 20-24 because it is likely that if members of the public were present there would be  ...  view the full agenda text for item 19.

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 20-24 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 21 November 2024 and 12 December 2024.

The Part II (private) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 19 September 2024 and 10 October 2024 were considered.

Resolved:

The Board noted the Part II (private) minutes from the ordinary meetings of the Wiltshire Pension Fund Committee held on 19 September 2024 and 10 October 2024.

An update from officers on the ongoing Brunel governance arrangements.

Jennifer Devine, Head of Wiltshire Fund explained that was no additional information to add to the update provided at the previous meeting on 7 November 2024.

Resolved:

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

An understanding of the requirements of the consultation process with Scheme Employers. To be presented by the Employer Funding and Risk Lead.

The Board received a presentation from Matt Allen, Employer Funding and Risk Lead which provided an understanding of the requirements of the consultation process with Scheme Employers.

The Employer Funding and Risk Lead commented in particular on:

·       The differences between engagement and consultation

·       Details of the consultation undertaken, with examples of Academy Pooling

·       The different types of consultations being undertaken with fund employers on Strategy and Policy documents

The Board highlighted potential issues with employer’s lack of knowledge in relation to TUPE. The Employer Funding and Risk Lead confirmed that this would be addressed and lead to an update of relevant policies/guidance, as applicable.

Resolved:

To note the Employer Consultation presentation.

To confirm the Part 2 (confidential) minutes of the meeting held on 7 November 2024.

The Part II (private) minutes of the previous meeting held on 7 November 2024 were considered.

Resolved:

The Board approved and signed the Part II (private) minutes of the previous meeting held on 7 November 2024 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.