Issue - meetings

This report, introduced by Victoria Moffett, Pensions and Investment Manager, provided a quarterly update on progress made against the pension fund business plan previously approved at the March 2020 Pension

Fund Investment Subcommittee.  Appendix 1 to the report set out business plan actions and position in respect of each one together with a RAG rating.  The focus of the presentation was on the seven ‘amber’ rated actions: benefits statements issued, monitor employer contribution performance through the year, review employer covenants and risk management for non-statutory employers, implement and embed a commissioning/delivery approach to administration of the fund, and maintain a rolling programme of policy reviews. 

In response to a query about some of the terminology used, Chris Norton, Strategy and Commissioning Manager (Treasury, Pensions, Audit, Insurance, and Risk) explained the background to the move towards becoming a commissioning organisation and how this was reflected across the whole of Warwickshire County Council. He explained how the line management split between commissioning and delivery was made and how this provided a focus on the future.

The Board also noted that previously the annual benefit statement had been RAG rated ‘red’ and the ‘amber’ rating reflected the work that had taken place.

Resolved –

The Local Pension Board noted the report.