Agenda item

The Finance & Systems Manager (Pensions) presented the budget report.  Salaries were £20,000 below budget because of delayed appointments. Investment Governance & Member Training were £50,000 below budget. Investment Manager Fees were £821,000 above budget because of strong markets since the budget was set. He tabled an update to Appendix 7 (pages 193-194) to the report. He pointed out that Appendix 8 (risk register) was now more detailed, following comments from a Member at the previous meeting.

The Pensions Benefits Manager presented the administration report. He drew attention to the small increase in active members. The administrative performance of the unitary authorities had remained steady. There were still concerns about the supply of data by Bristol City Council; notification of approximately 400 scheme leavers since April 2013 were outstanding. Pensions staff had met officers of BCC in November. Since March the Pensions Team had trained staff from 57 employers accounting for 71% of Fund members in electronic data delivery. Electronic data delivery would take a significant step forward when South Gloucestershire implemented i-Connect software in 2014. Bristol CC gave notice of redundancy to a large number of staff in November and another batch was expected in the near future. The Pensions Team would support Bristol CC and send staff to pensions surgeries. In 2014 the Pensions Team would participate in member roadshow events  about the new LGPS in 2014.  It has also planned separate events for employer practitioners with separate sessions targeting both academies and town and parish councils.

The Head of Business, Finance and Pensions gave on an update on the convalescence of the Pensions Manager and his planned return to work.

RESOLVED to note:

1. Administration and management expenditure incurred for 7 months to 31 October 2013.

2. Performance Indicators and Customer Satisfaction feedback for 3 months to 31 October 2013.