The meeting of the Pensions Board on 20 December will receive an update on the recent activities of the Local Government Association and Scheme Advisory Board and consider a report on the recent performance of the Northern Trust investment portfolio. The Board will also consider a report on the progress of the internal audit of the Staffordshire Pension Fund.

Internal Audit Reports - Recommendations Progress Log

The Board will receive an update on the progress of the internal audit of the Fund. The final report from the internal auditors was issued in May 2024 and two recommendations were made.

LGPS Central Pool - Local Pensions Board Chairs

The Board will receive the notes of a meeting of the Local Pension Board Chairs of the LGPS Central Pool that took place on 21 October 2024. The LGPS Central Pool¹ is one of eight national pools that were created as part of a government drive to consolidate the investment activities of Local Government Pension Schemes across the UK.

Staffordshire Pension Fund Risk Register - Governance

The Board will consider a report on the Staffordshire Pension Fund Risk Register, which identifies and assesses the risks facing the Fund. The report notes eight areas of medium risk that are deemed to be well managed and have appropriate controls in place . One of these areas is the risk of further pool/fund mergers. The report states:

the scores have increased predominantly due to the uncertainty of regulatory and legislative changes such as the risk of further pool/fund mergers

Local Government Association/Scheme Advisory Board Update

The Board will receive a presentation on current issues being considered by the Local Government Association and the Scheme Advisory Board, including the McCloud remedy², the Pensions Dashboards Programme³ and the Gender Pensions Gap.