Decision details

The Chair informed the Board that he had attended the recent LGPS Governance Conference and highlighted the following:

•  Representatives from each of the four Actuaries on the panel had put forward one suggestion each on how to make the valuation process less complex and to mitigate the unexpected consequences of the cost cap exercise. The Government Actuary Department representative (in the audience) agreed to take them away and consider.

•  The Local Government Pension Scheme was due to be given a new template for the measurement of costs and the intention was to establish a similar template for all Pension Funds.

•  The Pension Regulator and Pensions Ombudsman had signed an agreement to facilitate closer working in the future.

•  Speakers had referred to lessons to be learnt from recent cases involving other Funds, including a death payment where the most recent guidance had not been followed and a scam regarding a transfer statement. 

Mr Neville informed the meeting that since the agenda had been circulated there had been an additional Workshop on the 23rd January 2019 in relation to Responsible Investment attended by Y Moult, K Haig and K Wallbank which had been well received.

Resolved: That the feedback on conferences and events attended by Board members as set out above is noted.