The Board discussed a review of its compliance with the Local Government Pension Scheme Regulations, a report from the Joint Pensions Committee and some proposed changes to its risk register. No decisions were taken during the meeting.

Compliance with the Local Government Pension Scheme Regulations 2013

The Board received a report from the Internal Audit team on its compliance with the Local Government Pension Scheme Regulations 2013.¹

The report was commissioned in response to a recommendation from the Joint Pensions Committee,² and identified one high priority observation and four medium priority observations.

The high priority observation, which related to a failure to publicise the Council's pay policy statement³ on the Fund's website, was resolved during the audit. The four medium priority observations, which are listed in the report, were all related to record keeping, and the Board requested an update on their resolution at its next meeting.

Joint Pensions Committee Update

The Chair of the Joint Pensions Committee gave an update on the Committee's recent activities. The Committee last met in March, and is next scheduled to meet in July. The Board noted that the minutes of that meeting had not yet been publicly released.

Risk Management

The Board considered its risk management strategy. The Board discussed a proposal from officers to move a risk related to a failure of [Mercer](https://www.mercer.com/)[^5] to meet their contractual obligations from High to Medium because mitigations are in place.

One member of the Board commented that Mercer are fundamental to the running of this Pension Fund, but went on to say I don't have a major problem with the risk being moved to medium.

The Board resolved to keep the risk at High for the time being because the mitigations that officers referred to were already factored into the previous risk assessment.