Issue - meetings
Clwyd Pension Fund Annual Report, Accounts and Audit 2015/16.
Meeting: 27/09/2016 - Clwyd Pension Fund Committee (Item 26)
26 Clwyd Pension Fund Annual Report, Accounts and Audit 2015/16. 
PDF 81 KB
To provide Committee Members with the Clwyd
Pension Fund Annual Report and Accounts for discussion and
approval.
Additional documents:
- Enc. 1 for Clwyd Pension Fund Annual Report, Accounts and Audit 2015/16., item 26
PDF 2 MB
- Enc. 2 for Clwyd Pension Fund Annual Report, Accounts and Audit 2015/16., item 26
PDF 290 KB
- Enc. 3 for Clwyd Pension Fund Annual Report, Accounts and Audit 2015/16., item 26
PDF 445 KB
Decision:
(a) That the Members note and comment on the draft unaudited Annual Report and delegate finalisation to officers; and
(b) That the members note the management response to the external audit report.
Minutes:
The Pension Finance Manager, Debbie Fielder, introduced the draft 2015/16 Annual Report welcoming comments. She confirmed that they would resolve the formatting issues that exist in relation to some tables in the document.
Mrs Fielder also highlighted that there had been several changes to the layout and contents of the report compared to last year. This included external reports from JLT and Mercers along with other additional information including a breakdown of the underlying investment fees. Documents have been attached in line with CIPFA’s recommended best practice. The report has been agreed in principle by the Wales Audit Office.
Steve Hibbert requested that the training records within the report are amended to highlight that some events were only open to limited numbers of members.
The Chief Executive commented on how well balanced the report was and thanked the Pension Fund Team for their dedication and assistance in developing the report and confirmed the accounts had been formally approved by Council on the 26 September 2016.
Matthew Edwards referred to the Audit of Financial Statements Report highlighting its production in late August, demonstrating the very impressive commitment from the team. He confirmed that all suggested adjustments have been made and there are two areas highlighted in their report, firstly relating reconciling information on financial transactions between the financial ledger and the administration system and secondly relating to the accuracy of the number of active member records. Paul Middleman confirmed this latter point did not have a material impact on employers’ liability assessments.
Councillor Steve Wilson noted a letter highlighting those issues and enquired about any possible financial loss. Helen Burnham confirmed no members suffered financial loss due to the discrepancies although this has been an issue for a number of years. The Chief Executive suggested that this matter be assessed in proportion and that he was confident the matter could be resolved. Councillor Steve Wilson agreed with this.
RESOLVED:
(a) That the Members note and comment on the draft unaudited Annual Report and delegate finalisation to officers; and
(b) That the members note the management response to the external audit report.