Cllr Sandra Samuels briefly introduced the
annual report on the work undertaken by the Board
during 2015/16. Production of the
annual report was a legislative requirement and the framework for
the content of the report was in line with the
Referring to the statistics on
Pension Board individual Trustee training hours, Annette King
commented that the table did not include hours of the self-study
she had undertaken. Rachel Howe, Head of Governance, Pensions
Service undertook to check. Geik
Drever, Strategic Director of Pensions asked Board members to
notify Jane Hazeldine, Trustee Management with the hours of any
self-study they have undertaken.
Referring to the Board’s
work plan, Chris West asked that ‘funding and deficit
levels’ and ‘the quality of relationships the Fund had
with employers and members’ be in included on the work
programme. He queried the objectives of the Fund and commented that
Councils and Academies were struggling financially but at the same
time the Fund was being well run.
Paul Sheehan reported that when
the outcome of the Actuarial Valuation was announced it was
possible that employers might be adversely affected. Therefore putting employees on notice of this in
order that they could plan would be helpful.
Assistant Director Actuarial and Pensions reported
that employers were aware of the issues in terms of the economic
climate. The Fund was in the middle of
two weeks of targeted presentations to employers. It is aware that the outcome of the actuarial
valuation was key and employers need an early warning in order to
plan and understand what the Actuarial Valuation might mean for
them. The Assistant Director also
reported that the Fund regularly circulated surveys to employers
and members. She undertook to talk about member engagement at the
Mike Sutton added that a
further issue was also how those employers who do not engage with
the Fund get to receive the early warnings.
Geik Drever, Strategic Director
of Pensions reported that in terms of the funding deficit, the Fund
needed to strike a balance but make sure that it could pay
- That the annual
report be noted.
- That the quality of
relationships the Fund has with employers and members be in
included on the work programme.
That an update report on member engagement (survey
results and key performance indicators) be submitted to the next
meeting of the Board.