The Head of Fund informed the Board that the main focus of the autumn 2016 survey by The Pension Regulator (TPR) had been the governance and administration of public sector pension schemes.
It was reported that the survey had concluded that the Regulator's existing assessment still applied and that the top risks were around scheme governance, record keeping, internal controls and member communications. The Board noted that TPR had highlighted that in the future it was more likely that use would be made of enforcement powers where Scheme Managers had not taken sufficient action to address issues or meet their duties.
The Board recognised that the LCPF was in a good position to address any concerns identified in TPR report, as evidenced by the interim Administration Report at the previous item on the agenda.
Resolved: That the report of The Pension Regulator on Public Service Pension Schemes, as set out in the Appendix to the report presented is noted.