Issue - meetings

To provide a verbal update in relation to any key matters.  A full update and monitoring reports will be provided at the meeting of the Pension Fund Committee to be held in March. 

That the update be noted.

The Clwyd Pension Fund Manager provided a verbal update on governance related issues and referred to the following key considerations:

·                     The outcome of the consultation by the Government on Collaboration

            and Efficiencies remains unknown and it is anticipated that no

            announcements will be made until after the general election

·                     The new Governance regulations were issued last week which include

            regulations for the Scheme Advisory Board, Local Board and Cost

            Management.  In addition Shadow Scheme Advisory Board guidance

            on the implementation of a Local Board has also been published (this

            guidance is expected to be adopted by the Scheme Advisory Board

            once created). 

·                     Now the regulations and guidance have been published the proposed Protocol to enable the creation of a Local Pension Board for the Fund will be recommended for approval to the meeting of the County Council on 3 March 2015. As a result, there have been some minor changes made to the draft Protocol recommended to Constitution Committee in October 2014 which will be highlighted to Council.

·                     In terms of the All Wales position on a business case for a collective investment vehicle for Wales, a draft report by the consultants Mercer is expected to be distributed prior to the next meeting of the Welsh Treasurers in late March/early April 2015.

·                     The Pension Regulator has issued a Code of Practice for Public Service Pensions.  The Fund’s compliance with the new Code is included in our Service Plan. 

·                     A Technical Consultation on Scheme Rules has been responded to.   As previously written the original regulations meant that Flintshire could not be the administering authority for any area outside Flintshire. This has now been corrected within the revised draft regulations, however, the correction did not cover the North Wales Fire Service. This has been drawn to the attention of the DCLG and will be corrected.

·                     The Shadow Scheme Advisory Board at a national level is working on two governance projects. One is considering various options on the level of separation between the scheme manager function from that of the lead authority. The other is project is working on proposals for performance measurement and benchmarking across the LGPS funds. 

·                     The feedback from employers attending our AJCM in November 2014 was good.

·                     Conference at Carden Park on 26/27 February 2015.  4 paid places reserved along with 2 free places for officers. Karen McWilliam gave a brief summary of the agenda for the conference to enable Committee members to decide on attendance, which is encouraged to comply with our Training Policy.  

RESOLVED: 

That the update be noted.