Decision details

Mr Pounder reported that as a newly appointed Board member he had found the Introduction to the LGPS on the 26^th September 2018 useful in providing a background to pensions.

It was noted that the internal Workshop on 'Analysing the Macro Backdrop for Investing' in September had been well attended and the Independent Adviser had successfully presented complex ideas in an easily understood way.

With regard to the CIPFA Local Government Pension Service Autumn Seminar for Pension Board members on the 12^th October, 2018, Ms Moult reported that there had been a number of informative discussions and it had been useful to meet with members of other Boards and share ideas. Ms Moult highlighted the following items as actions points which she had taken away from the conference.

·  The 2014 scheme rules require that for members leaving after 31^st March 2014, who are entitled to a refund of contributions, then these must be paid before the expiry of 5 years. As a result more breaches were anticipated if Funds were unable to provide refunds within this timescale.

·  There were concerns regarding situations where an employer terminates from the fund and an exit credit payment is due to that employer. Primarily in relation to the 3 month deadline required for funds to make payment. However, the regulations do allow discretion for the Fund and exiting employers to extend this period.

·  That the Board should receive regular updates regarding the Guaranteed Minimum Pension reconciliation and 6 monthly updates in relation to transfers out to Defined Contribution schemes.

·  Funds should have a data improvement plan in place to access/monitor how data is being improved with the Board receiving reports on the outcomes of scheme return/data scores. The plan should link into valuation and data preparation, contribution payments etc and not just focus on member data.

Resolved:

1.  That the feedback from Board members as set out above is noted.

2.  That a report on the Guaranteed Minimum Pension reconciliation be presented to the next meeting and a report on transfers out to Defined Contribution schemes to a future meeting.

3.  That a report regarding the LCPF data improvement plan, covering the outcomes of scheme return/data scores and information on valuation and data preparation, contribution payments and member data be presented to a future meeting.