Firefighter's Pension Risk Register - Report of the Scheme Manager
Agenda Item No: 6
Purpose of Report:
To update Board members on the current status of the Firefighter’s Pension Risk Register.
That Board members note the updated Risk Register attached at Appendix 1.
Name: Becky Smeathers , Scheme Manager
Tel: 0115 967 0880
- The Pension Regulator recommends that the pension scheme manager must establish and operate adequate internal controls that enable them to manage the risks that relate to the scheme. The scheme should also have a process to identify, evaluate and manage risks on an ongoing basis.
- The Pension Risk Register is a key document to identify areas of risk, identifying appropriate actions to mitigate this risk and to manage the process. The document is a live document, continually being updated and reviewed.
Developments since last meeting The current risk register is attached at Appendix 1. Changes since the October meeting and updates to the risks are highlighted in grey on the risk register.
- The risks which score Very High on the Risk Matrix in Appendix 1 are identified below:
- There was one other significant change to the risk register which was the addition of Future Court Cases (Risk 24) as agreed at the Pension Board meeting held on 9 July 2020.
Financial ImplicationsThere are no financial implications arising directly from this report. Any financial implications for the Authority will be reported to the Finance and Resources Committee.
Human Resources and Learning and Development Implications There are human resources implications arising directly from this report, in that pension matters affect most employees. HR department staff are fully involved in pension issues to ensure that human resources implications are taken into account.
Equality Impact Assessment An equality impact assessment has not been carried out as this is not a new policy.
Crime and Disorder Implications There are no crime and disorder implications arising from this report.
Legal Implications The Public Service Pensions Act 2013 introduced a framework for the governance and administration of public service pension schemes. This report aims to fulfil the requirement for Pension Board members to assist the Scheme Manager in ensuring that effective administration arrangements are in place.
Risk Management Implications There are a number of risks relating to the firefighter pension schemes, and these have been presented to the Board in the form of a risk register. The Scheme Manager is responsible for ensuring that the risks identified are appropriately managed. All of the issues outlined in this report are being, or have been dealt with by close co-operation between the pension administration team and Officers.
Recommendations That Board members note the content of this report.
Background papers for inspection (Other than published documents) None.