Agenda item

An update from the Head of Pensions on the Wiltshire Pension Fund Risk Register is circulated for Members’ to note.

The Head of Pensions introduced the Fund’s latest Risk Register for the Committee to consider. Two risks had risen since the last report: PEN009 ‘Failure to Hold Personal Data Securely’ and ‘PEN023 Resources of Officers and Members to Meet the Expansion of Business Items’. Current staffing levels mean ‘PEN011: Lack of expertise of Pension Fund Officers’, ‘PEN012: Over-reliance on key officers’ and ‘PEN020 Pooling of LGPS assets’ remained red risk.

The Treasurer highlighted the key issue behind all of these risks was limited resource due to recent staff departures and the imminent departure of the Head of Pensions. It was however considered the mobility of staff into new private sector jobs reflected well on the Fund. The Treasurer advised the demands of the role of Head of Pensions had increased significantly in recent years and proposed the team be restructured to be led by a Head of Administration to manage the Fund’s increasing administration requirements and a Head of Investments to performance manage Brunel. The Committee heard there would also be some changes to increase capacity to lower level staffing with a total cost of a further £195k to the Fund.

Following questions from the Committee it was clarified the new roles would be out to advertise shortly with a view to holding interviews at the start of November to allow a handover period before the current Head of Pensions left his role. Committee meeting dates had also been altered to allow the Committee to meet before the end of November supported by the Head of Pensions, and the Treasurer confirmed an interim arrangement could be made if necessary should suitable candidates not apply for the new roles. Members agreed it was important to advertise roles at the market rate to attract the right candidates to these specialist roles, and were supportive of the need for two roles at the top tier of the structure to allow the Fund to focus more on administration as this matter had tended to be a lower priority whilst the Fund was focusing on asset pooling.

It was commented that with the number of employers in the Fund growing and LGPS regulations increasing the Fund needed to allow more resource to managing administration. Members also agreed both the Head of Administration and Head of Investment should have experience in both areas of business so as to allow a strategic overview and resilience in the team. The Chairman highlighted it was important at this time that members support officers and keep abreast of latest updates to ensure they could steer the Fund through this transition. It was considered that Committee members should play a role in the interview process and they were invited to submit their availability for interview dates.

Both the Treasurer and the Committee expressed their thanks to the Head of Pensions for his excellent work and dedication to improve the performance of the Fund during his time in the role.

Resolved:

To note the Risk Register and measures being taken to mitigate risks.

To support the proposed structural changes and additional budget to address resource issues.

To thank the Head of Pensions for his excellent work supporting the Fund and improving performance during his time in the role.