Agenda item

A report from both the Head of Pensions and the South West Audit Partnership presents their review of the Wiltshire Pension Fund’s compliance with the Regulators Code of Practice. An update on the progress of actions from the Key Controls report and outline of the audit plans for 2017 are included for the Board to note.

Representatives from South West Audit Partnership outlined that the Fund had been audited for compliance with the Pension Regulators Code of Practice No 14 and a ‘Reasonable Assurance’ opinion had been given. There were no significant findings arising from the reports; two medium risks had been identified, with the agreed action plan included with the report. Of the two medium risks, the outstanding reconciliations between Altair and SAP were now up to date which had resulted from the change in staff within the accounting team. The reconciliation between Altair and the Pension Payroll records remained on-going and would be picked up as part of the GMP reconciliation project.

Following questions from the Board it was confirmed that the officer’s assessment of the Fund’s compliance with the tPR Code of Practice report had produced similar findings to SWAP’s assessment. The Audit Plan for 2016/17 was noted and it was explained that the scope of the audit could possibly be expanded to include auditing again LGPS Regulations and other relevant best practice guidance. Members discussed the ‘Priority 3’ recommendations highlighted in the report and the need to implement a framework to pursue late and overdue contributions. The Internal Dispute Resolution Process was considered by the Fund to be an important priority and officers were also considering self-service for Annual Benefit Statements which had been delayed for different reasons the last two years. On discussion of the level of knowledge and understanding required of Board members, it was noted that Board member training was mandatory, the Committee by contrast did not have mandatory training, however a training plan was in place (based on the CIPFA framework) which members were encouraged to follow.

It was requested than an update on the actions arising from the audit be made to the next meeting and that an example process of how late contributions could be monitored be bought to the meeting in October. Members also requested that the auditors compare the Fund to other comparable funds in a future report.

Resolved:

To note the update and attached Internal Audit Report and updated Action Plan.

To request that an update on actions arising from the Audit be provided to the next meeting and an example of tracking late contributions be brought to the October meeting.

To request that SWAP benchmark the fund against other similar funds in a future audit report.