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Clwyd Pension Fund Committee - Wednesday, 28th February, 2024 9.30 am
February 28, 2024 View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
The council meeting focused on pension fund matters, addressing updates on governance, administration, and communication strategies. Key decisions were made regarding the Equality, Diversity, and Inclusion (EDI) policy, amendments to the Pensions Administration Strategy, and updates on the McCloud judgment and pension dashboard readiness.
EDI Policy Approval: The committee approved a new EDI policy aimed at enhancing diversity and inclusion within the pension fund's governance and operations. The policy was developed in response to regulatory guidance and aims to improve decision-making and member engagement. The approval signifies a commitment to a more inclusive approach, aligning with broader organizational values.
Amendments to Pensions Administration Strategy: Amendments were made to address employer compliance with data provision requirements. The revised strategy includes an escalation policy for non-compliant employers, potentially leading to fines. This decision underscores the fund's commitment to maintaining high data quality standards and the importance of timely and accurate employer contributions to pension administration efficiency.
McCloud Judgment and Pension Dashboard Updates: The meeting addressed ongoing efforts to comply with the McCloud judgment, noting significant progress but also the challenges it poses to regular operations. Additionally, readiness for the upcoming national pension dashboard was discussed, highlighting the need for an integrated service provider to facilitate data integration.
Surprisingly, the meeting revealed the pension team receives over 24,000 phone calls annually, highlighting the high level of member engagement and possibly indicating areas for improved communication to reduce call volumes. This insight could drive future enhancements in member communication strategies.
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