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Summary
The Pensions Board will be provided with an update on the recent activities of the Pensions Committee. The Board will also receive an update on a meeting of Local Pension Board Chairs that took place in October.
Internal Audit Reports - Recommendations Progress Log
The Board will receive a report on the progress of recommendations from two internal audit reports. The first report, Staffordshire Pension Fund - Governance Arrangements 2023/24
, concluded with the award of Substantial Assurance
. The second, Staffordshire Pension Fund – Pensions Administration 2023/24
was also discussed.
LGPS Central Pool - Local Pensions Board Chairs Meeting of 21 October 2024
The Board will receive notes from a meeting of Local Pension Board Chairs that was held on the 21st of October 2024.
Matters arising from the Pensions Committee meetings of 27 September and 20 December 2024
The Board will receive the minutes from a meeting of the Pensions Committee that was held on the 27th of September, and will discuss any matters arising. The minutes of the committee meeting record that
The Chair commented on the presentation from Northern Trust and how it was quite insightful, focusing on asset concentration, ESG investments, and portfolio diversification.
Staffordshire Pension Fund Risk Register - Governance
The Board will be asked to note the Staffordshire Pension Fund Risk Register. The register has been updated and now identifies eight areas of medium risk, that
are deemed to be well managed and have appropriate controls in place
Local Government Association/Scheme Advisory Board Update
The Board will receive a presentation about the work of the Local Government Association and the Scheme Advisory Board. The presentation will include an update on the McCloud Remedy1, the government's ongoing Pensions Review, and the Pensions Dashboards Programme.
Exempt matters arising from the Pensions Committee meetings of 27 September and 20 December 2024
The Board will discuss matters arising from the Pensions Committee meeting of 27 September 2024 in a part of the meeting that is not open to the public. The minutes from the committee meeting record that in the meeting:
The Board focused on the presentation from Hymans and the responsibilities of the Board in terms of communication with various participating employers.
Exempt Minutes from the meeting held on 27 September 2024
The board will discuss the exempt minutes from the meeting held on 27 September 2024.
-
The McCloud Remedy is the outcome of a legal case that found that transitional protections that were put in place when public sector pension schemes were reformed discriminated against younger workers. ↩
Attendees
- Rob Birch
- Chantelle Denham
- Corrina Bradley
- John Mayhew
- Simon Humble