Agenda item

[To receive an update on the work of the Fund to deliver a well governed scheme.]

Rachel Howe, Head of Governance, Risk and Assurance, presented the report on the work of the Fund to deliver a well-governed scheme.

The Head of Governance, Risk and Assurance advised the Committee that the risk register provides a forward-looking view, capturing the potential for impact on the Fund’s service delivery. It was noted that the Fund continues to anticipate the potential impact created by the current economic environment whilst awaiting the publication of statutory guidance and regulations. 

In relation to the Fund’s KPI’s, from a governance and assurance perspective it was noted there were no concerns identified with the Fund’s overall delivery of service areas. In addition, no concerns were identified with regards to data management. However, the Committee were advised that the Fund had seen an increase in personal data requests.

It was noted that the Fund’s Annual Report and Accounts had been published on the Fund’s website ahead of the statutory deadline of 1 December 2022. It was further noted that the Fund’s accounts would be certified by the external auditor at the same time as the City of Wolverhampton’s accounts and that, as reported previously to the Committee, certification had been delayed pending the introduction of a Statuary Instrument in respect of infrastructure assets that was due to take effect on the 25 December 2022.

In response to a question raised by Malcom Cantello, Trade Union Representative, regarding member complaints, the Head of Governance, Risk and Assurance advised the Committee that, due to the complexity of the regulations, complaints received were requiring a longer investigation which, coupled with resourcing impacts on the Customer Services team, had resulted in a slight dip in performance on response times in the most recent quarter but each case continued to be fully investigated and reviewed prior to response.

In response to a question raised by Councillor Collingswood regarding the current economic environment and the potential impact on member behaviour, the Head of Governance, Risk and Assurance advised that whilst the Fund had not seen an impact on member behaviour, the Fund’s Member Services team continue to engage with members regarding their pensions and the options available to them in the context of rising cost of living pressures. It was also noted that potential for movement in Fund membership numbers and participation rates (including the 50:50 scheme option) was considered as part of the Fund’s actuarial valuation.

Simon Taylor, Assistant Director – Pensions, advised the Committee that the Fund’s opt-out rates were low and would continue to be monitored.  

In response to a further question from Councillor Collingswood regarding the Fund’s cyber risk rating, the Head of Governance, Risk and Assurance explained that the risk rating was driven by the Fund’s annual cyber assurance exercise which had just been completed and had not identified any significant concerns. 

Resolved:

1. That the latest Strategic Risk Register and areas being closely monitored in the current environment be noted.
2. That the Fund’s Key Performance Indicators (KPI) and action taken to support service delivery be noted.
3. That the compliance monitoring activity undertaken during the quarter be noted.

That the Fund’s Annual Report and Accounts which have been published on the Fund’s website in accordance with the statutory deadline of 1 December 2022 be noted.