Agenda item

The Board considered a report from the Corporate Director of Resources regarding the Pension Fund Training Policy and Governance Compliance (for copy see file of Minutes).

The Head of Pensions (LGPS) noted the report sought agreement for a Local Pension Board Training Plan, as part of a wider training approach to be adopted by the Fund, and to seek any comments on the Fund’s Governance Compliance Statement.

He explained that appropriate training was increasingly important for members of LGPS governance bodies, with heightened expectations from both the Pensions Regulator, with a new code coming into effect, and DLUHC.

The Fund’s Training Policy there was intended to codify the approach to training into a single, published, document to be reviewed annually.  He noted that although training was mandatory for Local Pension Board members, but technically not so for Pension Fund Committee members, it was recognised that both sets of members adopting an aligned approach, would represent best practice.

Councillor A Hopgood asked if there could be substitute members at the Pension Fund Committee, the Head of Pensions (LGPS) noted they could, if they had received the requisite training in the current term.  He added that there were always additional training sessions for Pension Fund Committee Members in advance of any investment decision.  He added the proposed training programme would include regulatory toolkits and there would be an expectation that Members completed the training programme within the timeframes outlined. 

The Head of Pensions noted good attendance by Pension Fund Committee members at the Annual BCPP Conference, highlighting the quality of the speakers at those events with Mark Carney, former Governor of the Bank of England being keynote speaker at their conference last year.  It was noted that the BCPP conference this year had been brought forward to 18-19 July 2024.  Councillor A Hopgood suggested if Board members were available, it would be beneficial to attend the BCCP conference.

The Head of Pensions (LGPS) noted that Board members could be invited to attend the asset class training, to provide assurance that Committee members were undertaking the necessary training.  He noted there would be further updates at the annual meeting of the Committee, and reminded Board members they were welcome to attend.  He added that there would be regulatory training, and sessions may be scheduled on specific topics, such as in the past on GMP.  He added that some would be training would be facilitated online, with some support via drop-in sessions.

The Head of Pensions (LGPS) noted that within the Annual Report for 2024/25, it was proposed that training would be broken down by Member, to show which elements had been completed.

In respect of the composition of the Board, it was proposed to increase the membership to eight, with four being Scheme Member Representatives, to include union representation, as well as the current members, L Oliver and W Pattinson. 

He added that there had been no take up from employers outside the County Council and it was therefore proposed for additional Employer Representatives would be sought from DCC Councillors, before contacting wider employers again, if required. He added that, should the Board support the proposals, then a report would be put to Full Council to agree the changes to the membership.

The Chair and Councillor A Hopgood supported the proposed changes.

RESOLVED:

(a)      That the report and comments from Board members on the Training Policy be noted,

(b)     That the Training Requirements set out in Table (1) of the Outline Training Policy, noting the further information provided in Table (2), be agreed;

(c)   That the Corporate Director of Resources be authorised to publish details of training activity and attendance at Board meetings,

(d)   That the Board’s comments on the Governance Compliance Statement, to assist the Corporate Director of Resources to finalise the wording of the Statement having taken into account where appropriate both professional advice as well as comments received from employers, be noted and that a final version be published by 31 March 2020 be agreed;

(e)   That the intention of the Corporate Director of Resources to finalise the wording of, and publish and maintain a Pension Fund Training Policy for members of both the Committee and Local Pension Board, following appropriate consultation and feedback from the Committee, be noted;

(f)    That the intention for a review of the composition of the Board be supported.