5 Pension Fund Regulatory and Policy Update Report PDF 90 KB
Additional documents:
Minutes:
Alistair Wickens, Technical Specialist Pensions Fund Policy and Governance gave an overview to the committee of the report stating that two of the Fund’s Policies have been reviewed this quarter, The Administration Strategy and the Admissions and Termination Policy.
The following regulatory updates were also confirmed to the committee –
· The Department for Levelling Up, Housing and Communities has reverted to Ministry of Housing, Communities & Local Government (MHCLG).
· On 6 July 2024, Jim McMahon MP was appointed Minister of State at MHCLG. The role includes ministerial responsibility for local government, including the Local Government Pension Scheme.
· On 20 July 2024, the Government announced a pensions review. The review will be jointly led by HM Treasury and the Department for Work and Pensions. The review has indicated that it will look at how to ‘unlock the investment potential of the £360 billion LGPS’ and ‘tackle the £2 billion that is being spent on fees.
· The annual LGA conference is taking place on 30 and 31 January 2025 at the Highcliff Marriott Hotel in Bournemouth. If you are interested in attending the conference, please contact alistairwickens@warwickshire.gov.uk.
· On 9 July 2024, Emma Reynolds MP was appointed Parliamentary Secretary across both HM Treasury and the Department for Work and Pensions (DWP).
· The Scheme Advisory Board Cost Management Process is now complete.
It was confirmed that as a result of the updates mentioned above, there will be a lot of information coming to future meetings.
Councillor Kettle moved that the recommendation be accepted and was seconded by Councillor Jenns. This was supported unanimously by the Committee.
Resolved
That the Committee notes and comments on the updates contained within this Report.