If you are reading this page using a screenreader, we support ARIA landmarks for quick navigation too

Agenda item

Wiltshire Pension Fund final report for 2020 audit

To receive the Wiltshire Pension Fund final report for the 2020 audit from Deloitte.


The Chairman invited Ian Howse, Deloitte representative, to present the Wiltshire Pension Fund final report for the 2020 audit.


It was explained that Deloitte give their opinion on the Council’s annual Statement of Accounts (SoA) and as part of their audit remit give a further opinion on the Pension Fund’s accounts. As the two accounts were connected then one could not sign off Pension Fund accounts separately from the SoA.  It was noted that Deloitte were lobbying government to potentially change this.


It was further noted that the Pension Fund audit with reference to scheme year 2019/20 was close to being completed but the significant delays on the Council SoA 2019/20 had postponed the sign off. As such, as soon as the Council’s SoA was completed the Pension Fund’s audit opinion would follow. However, it was stressed that the landscape had dramatically changed since that financial year and as such, an element of hindsight was in effect which management could not have taken advantage of when predicting their figures for that year.


One significant risk was identified with respect of the management override of controls. Further areas of focus as per the report were then noted alongside reference to the 2018 Guaranteed Minimum Pension (GMP) equalisation court ruling which Deloitte confirmed had not been estimated for the Fund as of yet as the GMP information was still in the analysis stage and therefore, no amount had been recognised within the financial statements. Overall, Deloitte were proposing very few adjustments and referred to their approach to materiality as outlined in the report, and noted that they had no real concerns, but it was ultimately the Committee’s decision to determine if they were satisfied that the level of materiality was appropriate for the scope of the audit.


Members queried why the GMP equalisation was yet to be addressed alongside the McCloud adjustments and in response, it was noted that this was due to the triannual nature of the public sector and the fact that neither amount was material enough to warrant recognition within the financial statements as a provision. It was further noted that there were a number of control weaknesses which had been identified and were being worked on, with the addition of an extra area of audit focus. In response to a further question, Deloitte confirmed that they would provide an answer outside of the meeting with regard to Members’ personal liability respecting the upcoming changes to the Notifiable Events regime as detailed on Page 61 of the Agenda Pack. However, Perry Holmes, Director, Legal and Governance, highlighted that it was the Committee as a body that ultimately made decisions and not the individual, and as they sit within the overall function of the Council, they have the indemnity to deliver their role so long as the decisions were within the bounds of reasonableness.


At the conclusion of the discussion, a proposal was made by Cllr Mark Connolly and seconded by Cllr Gavin Grant. After which, it was:




The Committee noted the Wiltshire Pension Fund final report for the 2020 audit.

Supporting documents:




This website