The Devon Pension Board met on Tuesday 14 July 2026 to elect a Chair and Vice Chair, review employer performance monitoring, and discuss the pension fund's risk register. Key decisions included the election of Councillor Andy Bowman as Chair and Councillor Steve Keable as Vice Chair, and a detailed review of employer performance, highlighting improvements in contribution timeliness and data submission.

Election of Chair and Vice Chair

Councillor Andy Bowman was elected as the Chair of the Devon Pension Board for the ensuing year. Councillor Steve Keable was elected as Vice Chair.

Employer Performance Monitoring

The Board received an update on employer performance, noting that while some contributions were received late, all contributions since February and March had been received on time. The report highlighted that seven employers were fined a total of £350 for late data submissions, which was considered a very small percentage of the overall employer base. The move to monthly fines, rather than quarterly, was noted as a factor in this reporting. Significant improvements were also noted in the reduction of outstanding inquiries, from approximately 1,400 to around 300 across the entire fund.

Discussions also covered the responsibility of the Board to report late payers to the Pension Authority and the potential for national benchmarks to define a material risk for reporting. The level of fines, set as part of the Pension Administration Strategy, was noted as being due for review in 2027, with consideration given to inflation and potential adjustments to cover administrative burdens.

The Board also reviewed data on leaver notifications, with deferred benefits being the most common reason for leaving. Opt-outs remained a focus area, with plans to enhance member engagement strategies and quarterly member sessions. The timeliness of notifications for various reasons for leaving was discussed, with opt-outs, frozen refunds, and ill-health retirements taking longer to process. New starter data was also presented, showing expected seasonal peaks in January.

Devon Pension Fund Risk Register

The Board reviewed the Devon Pension Fund Risk Register, noting changes to its presentation, including colour-coded risk levels and highlighted mitigating actions. The transition from Brunel to LPPI had led to the removal of a transitional risk (DPF05), though new risks might emerge as LPPI rationalises portfolios. Two high risks remained: DPF01 (Investments – External Market Risks) and PP01 (Cyber Security).

Discussions around the risk register focused on instances where inherent, current, and target scores were identical, prompting questions about the effectiveness of mitigation measures. Officers agreed to review these specific instances, particularly concerning cyber attack risks, and to investigate the viability and audit rights over third-party providers like Haywoods. The Board also noted the upcoming review date for the cyber security risk.

Investment and Pension Fund Committee Minutes

The Board noted the minutes of the Investment and Pension Fund Committee meeting held on 26 June 2026. A discussion point from these minutes concerned disinvestment, with the issue referred to the next meeting of the Partner Fund Strategic Forum in October.

Internal Audit Update

The Board received an update on the internal audit progress report, noting completed audits and the timetable for the current year's audits. A specific audit on employer interface data quality and engagement was discussed, with concerns raised about a lack of response from some employers. Peninsula Pensions confirmed that these employers had been contacted directly and warned of potential ramifications under the Administration Strategy. Despite these instances, the overall data quality from responding employers was reported as good, with Devon achieving a 93% engagement rate. The audit also noted that Devon's performance was better than Somerset's in a shared audit.

Peninsula Pensions Administration Update and Performance Statistics

Gareth Shackler, from Peninsula Pensions, presented a positive update on administration performance. Overall performance was reported at 95%, with high priority areas at 94%. There was a reduction in outstanding workflow and an increase in work created, attributed to more efficient capturing of all work types. The McCloud remedy work was progressing well, with a significant number of cases completed and a deadline of 31 August 2026 for payments to pensioners. The Pension Dashboard testing phase was underway, with Peninsula Pensions connected and ready for its eventual launch.

Members praised the team's performance, particularly the reduction in complaints and the improved handling of all case types, not just high-priority ones. The accuracy of average calculations and the low percentage of complaints (0.31% of total cases) were highlighted as particularly strong indicators of performance.

LGPS Update

Charlotte Thompson provided an update on developments affecting the Local Government Pension Scheme (LGPS). The statutory guidance for the 'Fit for the Future' changes had been received, covering investment strategy, fund governance, and asset pooling. A new government requirement restricting pension contributions via salary sacrifice to £2,000 per year from 2028 was noted, affecting shared cost AVC arrangements. The SCAPE discount rate had increased, impacting actuarial factors, and some administration work was on hold pending revised factors. The interim report of the Pensions Commission, highlighting concerns about retirement saving outcomes in the UK, was also mentioned.

Future Work Programme

The Board reviewed its future work programme, with 'Fit for the Future' implementation and the Internal Audit update scheduled for October 2026. Other planned items include budget updates, fair deal considerations, annual board reports, and training reviews.

The next meeting of the Devon Pension Board was scheduled for 13 October 2026.