Issue - meetings

(a)          The Committee noted the update of progress on the Fund’s 2020/21 Annual Report; and

(b)          The Committee approved the delegation of the approval of the Annual Report (including the accounts); subject to no significant changes being made, to the Chair of the Pension Fund Committee, the Flintshire County Council Section 151 Officer (Treasurer to the Fund) and the Head of Clwyd Pension Fund.

Mr Vaughan confirmed that although the audit of the Fund’s Annual Report 2020/21 was well underway it was not yet complete. The statutory deadline for publishing the Annual Report was 1st December 2021. In order to meet this deadline, it would be necessary to delegate approval of the report to the Chair of the Committee, the Head of the Clwyd Pension Fund and the Treasurer to the Fund (Flintshire County Council Section 151 Officer). Should any significant issues arise from the remaining audit work, this would be reported to an urgent meeting of the Committee prior to approval.

He confirmed that the only change in the Annual Report since the previous meeting, other than any arising from the audit, was in relation to noting the Welsh Government’s jurisdiction on matters relating to the exit cap.

The Fund was in discussion with Audit Wales to consider the Annual Report timetable for 2021/22 to try as far as possible to avoid the need for delegated approval.

Mr Ferguson thanked the team for the work done so far on the Annual Report and noted the requirement for delegation to approve it.

Mrs Phoenix reported that the level of materiality applied during the audit was c£22.2m, based on the value of the assets in the draft accounts. She confirmed that the Audit Wales team remained independent from the Fund.  The audit had not found any significant matters or identified any errors that needed to be reported to the Committee. Minor amendments had been agreed with the Fund but none which affected the draft Fund Account or Net Asset Statement.  She confirmed that she was comfortable with the arrangements for the approval of the Annual Report.

RESOLVED:

(a)          The Committee noted the update of progress on the Fund’s 2020/21 Annual Report; and

(b)          The Committee approved the delegation of the approval of the Annual Report (including the accounts); subject to no significant changes being made, to the Chair of the Pension Fund Committee, the Flintshire County Council Section 151 Officer (Treasurer to the Fund) and the Head of Clwyd Pension Fund.