Issue - meetings

Business Plan 2018/19 to 2020/21

Meeting: 21/03/2018 - Clwyd Pension Fund Committee (Item 109)

109 Business Plan 2018/19 to 2020/21 pdf icon PDF 90 KB

To provide Committee Members with the Business Plan for approval.

Additional documents:

Decision:

1.    That the Committee members noted the progress made towards the Fund’s Business Plan during 2017/18

 

2.    That the Committee approved the Business Plan in Appendix 2 relating to the period 2018/19 to 2020/21

 

Minutes:

 

The Chairman introduced the main item on the agenda to the Committee and passed over to Mr Latham. Mr Latham asked the Committee for approval of the Business Plan for the upcoming 3 years and directed the room to page 24 of the papers where the bullet points emphasised the main purposes of the Business Plan.

 

The key points in relation to the Business Plan were;

 

  • Page 19-21 showed the progress versus the 2017/18 business plan.  The vast majority was on target or complete.
  • Page 25 showed the updated structure for the pool with the new WPP.
  • There is a lot of business as usual tasks on the Business Plan which shows the amount of work needed to run the Fund; page 30 onwards outlined the 9 different areas of work and it was noted the Employer Liaison team tasks were a new addition.
  • The bottom of page 32 highlighted the achievements over the past 3 years which were improvements on governance, risk management and the governance arrangements for the WPP.
  • The main issues that would be faced over the next 3 years were defined on page 33 where pooling will dominate the Business Plan but there could also be implications from the outcome of the cost management process (probably from 2020).
  • Page 35 shows the cost budget for 2018/19 and the 2017/18 budget versus estimate.
  • In terms of governance of the Fund (page 41) key tasks included the implementation of the new GDPR data protection requirements and recognised the necessity for more training needs for the Committee as per the recent training needs analysis.

 

Mr Latham continued by stating that the section on Funding and Investment risks (page 47) showed that risks will always be high since the Fund is not 100% funded or able to hedge out all of the risks. The flightpath is the “plan” put in place in order for the Fund to move towards full funding and also minimise the risk of deterioration.  An interim actuarial review will be undertaken in 2018 to help with budgeting for employers and alongside this is the finalisation of the employer risk management framework.

 

Other risks take account of the administration and member communication. The administration involves training and supplementing that with the outsourcing of work to external parties to clear the backlogs etc. The communication with members is now more and more through the Member Self Service (MSS).

 

The upcoming tasks for the administration team (including communications) are displayed on page 52 where most of the items are already familiar as ongoing work; however these tasks would take time to implement. These tasks are as follows;

 

  1. Improvement on the quality of member data which is critical for the Fund through various initiatives e.g. GMP reconciliation (which has been outsourced to Equiniti) and the aggregation project (some assistance from Mercer).
  2. The data improvement plan (which would be completed on the back of the Pensions Regulator guidance).
  3. The implementation of iConnect for the Fund for a wider number of employers  ...  view the full minutes text for item 109