The Clwyd Pension Fund Committee of Flintshire Council met on Wednesday, 19 June 2024, to discuss various administrative and governance issues, with several items requiring approval. Key topics included the Audit Wales External Audit Plan, governance updates, administration and communications updates, and funding and investment performance.

Audit Wales External Audit Plan

Jodie Williams from Audit Wales presented the Audit Wales External Audit Plan. The plan outlined the audit approach for the 2023/24 accounts, including key points such as planning materiality, significant risks, and areas of focus. The materiality threshold was set at £23,052,000, with a reporting threshold of £1,153,000. The audit will focus on investment valuations and key changes within the Clwyd Pension Fund Finance team. The audit work is scheduled for July and August, with the final report expected in November. The estimated audit fee is £49,693, an increase from the previous year.

Governance Update and Consultations

Alison Murray, the Independent Governance Advisor, provided a governance update covering national developments and Clwyd-specific items. Key points included the Fund's compliance with the Pensions Regulator's new General Code of Practice and the addition of a new governance item related to the Wales Pension Partnership (WPP) governance arrangements. The committee approved the updated business continuity policy and delegated the selection of the Fund's investment consultants to fund officers.

Administration and Communications Update

Karen Williams presented the administration and communications update. Key items included the implementation of a new telephony service to improve member engagement, updates on the McCloud remedy, and the Pension Dashboard project. The committee approved the delegation of key decisions related to the Pension Dashboard to the project management group and minor changes to the administration strategy.

Funding and Investment Performance Update

The committee reviewed the funding and investment performance update, noting the contents and format of the new summary report. No significant comments or questions were raised.

Exclusion of Press and Public

The remaining reports were exempt items, and the committee agreed to exclude the press and public for these discussions.

Acknowledgment of Service

The meeting concluded with a note of appreciation for Mrs. Fielder, the Deputy Head of the Fund, who is retiring after nearly 25 years of service. Committee members expressed their gratitude for her contributions and wished her well in her future endeavours.

For more details, you can refer to the public reports pack.