The Local Pension Board of County Durham Council convened on Monday, 24 June 2024, to discuss several key issues, including the pension administration performance, regulatory updates, and the gender pay gap. Decisions were made on monitoring pension fund breaches and updating internal dispute resolution procedures.

Pension Administration Performance

The board reviewed the Pension Administration Report and its Appendix 1, which detailed the performance for Q4 2023-24. The report highlighted improvements in processing times and accuracy rates. However, concerns were raised about the backlog of cases. The board decided to allocate additional resources to address this backlog, emphasising the importance of timely pension administration for retirees.

Regulatory Updates

A comprehensive Regulatory Update was presented, covering recent changes in pension regulations. The update included a Ministerial Letter and Annual Report Performance Indicators. The board discussed the implications of these changes, particularly the new requirements for transparency and reporting. The board agreed to implement the necessary adjustments to comply with the updated regulations.

Gender Pay Gap

The board examined the Gender Pay Gap report, which revealed a disparity in pay between male and female employees within the pension scheme. The discussion focused on strategies to address this gap, including promoting gender equality in hiring and advancement opportunities. The board committed to developing a detailed action plan to reduce the gender pay gap over the next year.

Pension Fund Breach Monitoring

The Pension Fund Breach Monitoring 2023-24 report and its Appendices were reviewed. The board noted several breaches, primarily administrative errors, and discussed measures to prevent future occurrences. A decision was made to enhance training for staff and improve internal controls.

Internal Dispute Resolution Procedure

The board approved updates to the Internal Dispute Resolution Procedure 2024 and its Appendix 1. The revised procedure aims to streamline the process for resolving disputes and ensure fair treatment for all parties involved. The board emphasised the importance of clear communication and transparency in handling disputes.

TPR Single Code of Practice

The board discussed the TPR Single Code of Practice, which consolidates existing codes into a single, more accessible document. The board acknowledged the benefits of this consolidation for improving governance and compliance. They agreed to adopt the new code and integrate its guidelines into their operational practices.