Minutes:
The Head of Pensions (LGPS) noted the last meeting of the Local Pension Board had taken place on 15 June 2023, and there were no specific issues he had been requested to feedback to the Committee.
He noted that following the last meeting of the Pension Fund Committee, the Local Pension Board had considered the Committee agenda and decisions, reviewed issues of cybersecurity given the recent data breaches at Capita, the Board had been given assurance on the issue. He added the Board had also looked at key performance indicators, noting services to scheme members, and highlighted that the performance was very strong. He reiterated that the Board had discussed and agreed upon the approach to use the online training tool. The Head of Pensions (LGPS) noted that the Board had also reviewed Pension Fund communications, with the annual communication to scheme members having been issued by 31 August 2023.
Councillor J Atkinson noted the issues of cybersecurity and the recent incident at Capita, and asked about attacks on the Pensions System, he also asked whether any Board members were in attendance at Committee. The Chair noted there had been a good debate on the issue, with Councillor M Porter having asked the question previously. The Head of Pensions (LGPS) noted that there were robust systems in place, as previously noted by the Committee at previous meetings. He added that the Local Pension Board Members were always invited to the Committee, with there being 3 Scheme Member representatives and 3 scheme employer representatives, however, there was no requirement for them to attend Committee. He noted Local Pension Board Members have asked questions previously and have attended Committee in the past to provide feedback.
Councillor M Porter asked what it was looking like, in terms of the next Annual Pension Statement being in time. The Head of Pensions (LGPS) noted the statements had been sent out on time and he was confident of meeting deadlines in future. He added that the impact of McCloud would be felt in 2024 and 2025, though he would anticipate the required software developments to be in place. He noted he would discuss the impact of McCloud further with the Committee as work progresses and explained the regulator was live to the issue and the impact on the LGPS.
Resolved:
That the verbal update be noted.