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. The report included details of proposed changes to the Fund’s Conflicts of Interest Policy for which approval was sought from the Committee. He advised that the Cyber Security Policy had also been reviewed by Fund officers. The revised version would be presented to the Committee at the next meeting. Cyber security had been identified as a high risk; therefore, consideration would be given to commissioning an external consultant to also review the Policy. 

Martin Griffiths advised that input from Hymans Robertson had been sought to inform the review of the Conflicts of Interest Policy. Hymans Robertson had recommended that reference be made to the relationship between the Fund and Border to Coast Pensions Partnership (BCPP) as well as the relationship between the Fund and Warwickshire County Council, where possible conflicts may arise. The proposed changes were highlighted within the updated Conflicts of Interest Policy appended to the report. He provided a summary of the regulatory and general Local Government Pension Scheme (LGPS) updates within the report.

Councillor Kettle highlighted that the updated Conflicts of Interest Policy included a proposed amendment that “to mitigate the risk of conflict… the role of Section 151 Officer for the Pension Fund is held by the Director of Finance while the role of Section 151 Officer for the Council is held by the Executive Director for Resources”. He queried what provision would be made during the interim period following the departure of Andy Felton (Director of Finance) from the organisation.

Andy Felton (Director of Finance) advised that recruitment for a new Director of Finance was progressing, and internal interim arrangements existed through Virginia Rennie (Head of Strategic Finance) should there be a gap between Andy’s departure and the new Director starting. Specifically on pensions, Rob Powell (Executive Director for Resources) remained Section 151 Officer and would be more involved with the Pension Fund as the transitional arrangements progressed.

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

Resolved:

That the Staff and Pensions Committee:

1.     Notes the updates contained within the report; and

2.     Approves the changes proposed to the Fund’s Conflicts of Interest Policy.