The report of the Director, West Yorkshire Pension Fund, (Document “G”) presents the latest five-year internal audit plan for West Yorkshire Pension Fund (WYPF). Members will be aware that the plan is reviewed annually between WYPF finance team and CBMDC internal audit by carrying out a detailed assessment of WYPF business risks, pensions and investment regulatory compliance environments, and service developments.

Members are asked to review and note the report.

(Ola Ajala – 01274 434534)

Resolved –

That the report (Document “G”) be reviewed and noted.

Action: Director, West Yorkshire Pension Fund

The report of the Director, West Yorkshire Pension Fund, (Document “G”) presented the latest five-year internal audit plan for West Yorkshire Pension Fund (WYPF). Members were made aware that the plan was reviewed annually between WYPF finance team and CBMDC internal audit by carrying out a detailed assessment of WYPF business risks, pensions and investment regulatory compliance environments, and service developments.

The report revealed that the latest plan had been reworked to take account of Covid-19 impact on services and operations. It is also anticipated that internal audit resources may be moved at short notice to support high risk areas.  In order to manage audit work plan, address emerging risks and maintain sector intelligence there was a regular monthly meeting between CBMDC Internal Audit Manager, in attendance at the meeting, and WYPF Financial Controller; and a quarterly meeting with the Director of WYPF.

It was confirmed that all internal audit recommendations in 2020/21 were delivered within agreed timescales.  It was explained that automated processes required to address discretional arrangements with employers for flexible retirement were not yet implemented but a number of reports had been produced and measures had been taken to update member records in the interim. 

Resolved –

That the report (Document “G”) be reviewed and noted.

Action: Director, West Yorkshire Pension Fund