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Pension Board - Monday 25 March 2024 6.00 pm
March 25, 2024 View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
The council meeting focused on the governance of Brent's pension board, discussing various administrative and policy matters pertinent to the pension fund. Key topics included the pension administration report, training requirements, and updates to discretionary policies.
Pension Administration Report: The board reviewed the pension administration's quarterly performance, noting improvements in help desk response times and overall case work compliance. Concerns were raised about the high number of complaints and below-target performance metrics for retirements. The implications are significant for member satisfaction and operational efficiency, necessitating continued monitoring and potential strategic adjustments.
Training Requirements: The board emphasized the importance of completing the LGPS Online Learning Academy modules to comply with regulatory standards and improve board effectiveness. Delays in training completion were acknowledged, with commitments to increase reminders and support for members. This decision underscores the board's commitment to governance excellence and regulatory compliance.
Discretionary Policies Update: Updates to the discretionary policies were approved, providing clearer guidelines on how discretions are applied in pension administration. This aims to ensure fairness and consistency in decision-making, reducing potential legal challenges and enhancing the transparency of the pension scheme's operations.
An interesting point in the meeting was the discussion on the new pass-through
policy for handling pension-related costs in contracts, which could significantly streamline processes and reduce administrative burdens. This policy reflects a strategic shift towards more efficient contract management.
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