Chris Norton informed the Board that the business plan consisted of 38 actions for the year, which would relate to the annual pensions report. The majority were on track to be met but some actions had a red or amber rating, and the reasons for these ratings were outlined in the report. It was noted the red ratings related to publication of the Pension Fund accounts. Chris Norton said there were capacity issues with external auditors, who were having difficulty recruiting and retaining staff. He said Warwickshire was not the only Pension Fund affected and this was a national issue. Andy Felton said this would not cause risks to individual pension holders, and when the audits were completed they would remain at a high standard. However it was anticipated that delays to external auditing may persist for a number of years.

The Chair asked if the Board could have sight of an external audit report next time one became available. He said the views and feedback of the Board could be of assistance to the Pension Fund Sub Committee. Andy Felton said these could be shared once they were made public, otherwise they would have to be treated as an exempt item.

Members noted the contents of the report.