Issue - meetings

Martin Griffiths (Technical Specialist – Pension Fund Policy and Governance) introduced the report which provided a summary of recently reviewed Pension Fund policies and gave an update on regulatory developments in the pensions arena. He advised that:

·       A Data Retention Policy had been produced by officers as it was considered that the specific procedures followed by the Fund relating to data retention should be formalised within a policy. Guidance from the Local Government Association (LGA) had been utilised to develop the Policy. The Committee’s approval was sought for the new Data Retention Policy. 

·       The Single Code of Practice was a major piece of work being undertaken by the Pensions Regulator. Potentially, it could result in recommendations that would apply across the pensions sector. Publication of the recommendations was anticipated quite soon. Once published, these would be reviewed by officers to determine if any changes should be made to Fund policies.

·       In addition to the information within the report relating to the progress of the McCloud Remedy, the Government had published a consultation and draft regulations on 30 May 2023. The consultation would close on 30 June 2023.

·       The Superannuation Contributions Adjusted for Past Experience (SCAPE) discount rate had been reduced. As a result, it had been necessary for the Pensions Administration Team to temporarily halt many of the calculations it carried out as the factors being used had been superseded. Since then, updated factors had been received, allowing work to continue.

·       The Pensions Dashboard initiative was proposed to enable individuals to access their pensions information online, securely, and in one place (including occupational, private, and state pensions). Since publication of the report, an update had been provided by the LGA to advise that the deadline for connection to the Dashboard had been set as October 2026. Progress would continue to be made to ensure that data was of suitable quality to fulfil the necessary requirements.

·       The age at which a member can be automatically enrolled to a pension scheme had been amended from 22 to 18. This was to give more people the opportunity to join a pensions scheme. The change had been made as result of concerns that many people were estimated to be under-saving for retirement.

The Chair expressed his thanks to Martin Griffiths and pension teams colleagues for the guidance and advice that had been provided since he assumed the role of Chair of the Committee.

Councillor Millar moved that the recommendations be accepted and was seconded by Councillor Kettle. This was supported unanimously by the Committee.

Resolved:

That the Staff and Pensions Committee:

     1.          Notes the updates contained in the Report, and

     2.          Approves the new Data Retention Policy drawn up for the Warwickshire Pension Fund (attached at Appendix 1).