Agenda item

The amended Terms of Reference for the Committee & Investment Panel for approval is attached as Appendix 1. The risk register which has been reviewed and updated is attached as Appendix 2 and 3. The work plan for the Committee is attached as Appendix 4 and the provisional training programme for 2024 is included as Appendix 5.

The Governance & Risk Advisor introduced the report to the Committee and highlighted the following sections to them.

Terms of Reference

One change has been made to reflect decisions regarding the Local Impact Portfolio Framework being delegated to The Head of Pensions in conjunction with the working group.

The formal decision will be taken by the Head of

Pensions as an Officer Decision Report via the normal democratic reporting

processes within Bath and North East Somerset Council.

The revised TOR will be put forward for approval by Council in June.

Risk Register

Our most critical risks remain:

• NR01 – Ability to deliver admin service to members and employers within agreed standards. The current factors impacting this risk are set out in item 13 – Pension Fund Administration report.

• NR06 – the likelihood of a cyber attack remains a high risk due to the recent high profile attacks in the public domain. The Fund is currently implementing further audit actions around staff awareness and education and will shortly carry out a review of its business continuity plan.

• NR04 – Governance of Fund not in accordance with APF policies. Controls not adequate. Internal Audit continue to assist in checking of internal controls.

Committee Workplan & Training Programme

• Hymans LGPS Online Learning Academy (LOLA) – All members have been contacted and informed whether any modules are outstanding that need to be completed ahead of the 31^st March deadline.

• A number of workshops have been arranged in conjunction with the Pension Board as follows.

·  May/June 2024 - TPR General Code of Practice

·  October - Interim Valuation Results

·  November/December 2024 - Admin Strategy

·  TBA - Pensions Dashboard

Councillor Toby Simon commented that he found the Hymans Learning Academy difficult to engage with and asked if any other options had been considered.

The Director of One West & APF replied that he would take those comments on board.

The Head of Pensions said that it is the intention that the Hymans Learning will be complimented by the workshops that are planned.

The Governance & Risk Advisor replied that the Good Governance Review and The Pensions Regulator Code of Practice reference the CIPFA skills and knowledge required for members and Hymans have made sure that their training meets these requirements.

She added that they do recommend that members study modules alongside the plan that is set out to coincide with particular Committee agendas so that they can complete the modules in stages.

Jackie Peel referred to the Risk Register and asked why the likelihood of ‘Rare’ is not used and whether it could be with regard to NR16 (Cashflow profile is maturing).

The Head of Pensions replied that this was a fair observation, the probability of it occurring was very low and they would consider if amendments were needed in the future.

The Committee RESOLVED to:

(i)  Approve the Terms of Reference.

(ii)  Note the risk register.

(iii)  Note the Committee workplan & training programme.

The Chair on behalf of the Committee wished to thank Councillor Steve Pearce for his years of service and wished him well for the future.