The  report of the Director, West Yorkshire Pension Fund, (Document “X”) introduces The Pension’s Regulator’s Governance and Administration Risks in Public Service Pension Schemes Engagement Report, a deep dive into the administration and governance of 10 LGPS funds.

Recommended –

That The Pension Regulator’s findings, contained in Document X, be noted.

(Yunus Gajra – 01274 432343)

Resolved –

That the Pension Regulator’s findings, contained in Document X be noted.

ACTION:       Director, West Yorkshire Pension Fund

The  report of the Director, West Yorkshire Pension Fund, (Document “X”) introduced the Pension’s Regulator’s Governance and Administration Risks in Public Service Pension Schemes Engagement Report, a deep dive into the administration and governance of 10 LGPS funds.

The report revealed that in the Autumn of 2018, The Pensions Regulator (TPR)

1.0.1.1.1.1.1             announced plans to conduct engagement sessions with 10 LGPS funds. That action was as a result of TPR identifying a slowdown in improvements across LGPS funds andwanted togain abetter understandingof thereasons forthis.

The engagement took place between October 2018 and July 2019, following the results of TPR's annual governance and administration survey, in which it was identified that improvements being made across the Local Government Pension Scheme (LGPS) had slowed down. TPR carried out the review at a high level, based on meetings with scheme managers to understand the challenges they face. The meetings were supplemented by a review of fund documentation and examples of communications sent to members, prospective members and beneficiaries.

Members were advised that this was not a comprehensive evaluation of the funds’ operations and was not intended to replace audit requirements, nor was it to be considered as regulatory assurance or an endorsement of the fund byTPR.

The Pensions Regulator – Public Service Governance and

Administration Survey 2018 – Research Report was appended to Document “X” together with key recommendations taken from the Hymans Robertson 60 Second Summary.

The key recommendations reported included a number of measures to be taken and issues to be overseen by the Pension Board.  A Member questioned if the Pension Board enhanced the efficiency of the Fund.  In response it was explained that the establishment of a Pension Board had been a requirement of the Public Pension Act.  The Board scrutinised the Joint Advisory Group but did not have decision making status.  Members were assured that it did query and question the decisions of the Joint Advisory Group and that Members had been invited to attend the Joint Advisory Group as observers.  Pension Board Members were legally required to carry out training to undertake their roles and it was challenged why that was not the case for Members of the Joint Advisory Group.

 A Member reported that Leeds City Council was Public Services Network (PSN) certified and it was confirmed that Bradford Metropolitan District Council also had that status. A recent potential cyber attack was discussed and Members were advised that systems were not penetrated.

Resolved –

That the Pension Regulator’s findings, contained in Document X be noted.

ACTION:       Director, West Yorkshire Pension Fund