The Pension Fund Committee of County Durham Council met on Monday 24 June 2024 to discuss several key issues, including the audit strategy for the pension fund, performance management, and regulatory updates. Decisions were made on the adoption of the audit strategy and the approval of performance indicators for the annual report.

Audit Strategy Memorandum - DCC Pension Fund

The committee reviewed the Audit Strategy Memorandum for the DCC Pension Fund. The memorandum outlines the audit approach, significant risks, and areas of focus for the upcoming audit. The committee discussed the importance of transparency and accountability in managing the pension fund. The strategy was adopted unanimously, with members emphasising the need for rigorous oversight to ensure the fund's integrity.

Performance Management

The committee examined the performance management of the pension fund, focusing on key performance indicators (KPIs) and benchmarks. The discussion highlighted the fund's performance over the past year, with particular attention to investment returns and administrative efficiency. The committee approved the annual report performance indicators, which will be used to measure the fund's success in meeting its objectives.

Regulatory Update

A comprehensive regulatory update was provided, covering recent changes in pension regulations and their implications for the fund. The update included a ministerial letter addressing new compliance requirements. The committee discussed the potential impact of these changes on fund operations and member benefits. It was agreed that ongoing monitoring and adaptation would be necessary to stay compliant with evolving regulations.

Gender Pay Gap

The committee reviewed the gender pay gap report for the pension fund's administrative staff. The report highlighted disparities in pay between male and female employees and proposed measures to address these gaps. Members expressed concern over the findings and stressed the importance of equitable pay practices. The committee resolved to implement the recommended measures to reduce the gender pay gap.

Internal Audit Q4 Progress Report 23-24

The Internal Audit Q4 Progress Report for 2023-2024 was presented, detailing the outcomes of recent internal audits and the status of ongoing audit activities. The report identified areas where improvements were needed and provided recommendations for enhancing internal controls. The committee acknowledged the findings and committed to addressing the identified issues promptly.

Communications Policy

The committee discussed the Communications Policy for the pension fund, which outlines how information is disseminated to members and stakeholders. The policy aims to ensure clear, accurate, and timely communication. Members highlighted the importance of transparency and effective communication in maintaining member trust and engagement. The policy was approved with minor amendments to enhance clarity and accessibility.