PURPOSE OF REPORT

1 To present to Authority members the annual report of the Local Pension Board which details the work of the board during the 2020/21 financial year. The annual report is attached at appendix 1.

EXECUTIVE SUMMARY

2 The annual report of the Local Pension Board details the work undertaken by the board during 2020/21 and provides a work programme for 2021/22.

RECOMMENDATION

3 Members approve the Local Pension Board annual report 2020/21 for publication on the Authority's website.

OBSERVATIONS FROM THE LOCAL PENSION BOARD

4 The Annual Report was considered by the Local Pension Board on 21 April 2021 and a recommendation for approval was made.

BACKGROUND

5 This document sets out the work undertaken by the Local Pension Board of North Wales Fire and Rescue Authority (the Authority). The Authority is the Scheme Manager as defined under Section 4 of the Public Service Pensions Act 2013. The Local Pension Board is established in accordance with Section 5 of that Act.

INFORMATION

6 The new governance requirements around pensions were introduced as a result of the Public Service Pensions Act 2013. The Act provides for clearer governance arrangements with specific defined roles, the publication of more information on a consistent basis, and administration practices in line with those in the private sector.

7 The Firefighters’ Pension Scheme (Amendment) (Governance) Regulations 2015 relating to the creation and ongoing operation of local pensions came into force on 1 April 2015. These regulations require the Authority to establish a Local Pension Board in respect of the Firefighter’s Pension Scheme by 1 April 2015.

8 The role and remit of the Local Pension Board is to assist the Authority in its capacity as Scheme Manager by making sure it is administering the Firefighters’ Pension Scheme effectively and efficiently and is complying with relevant laws and regulations. In order to aid transparency, the Scheme Manager is required to publish the annual report of its Local Pension Board.

9 As set in the terms of reference for the Local Pension Board, the annual report should include:

• a summary of the work of the Local Pension Board and a work plan for the coming year;
• details of areas of concern reported to or raised by the Board and recommendations made;
• details of any conflicts of interest that have arisen in respect of individual Local Pension Board members and how these have been managed;
• any areas of risk or concern the Board wish to raise with the Scheme Manager;
• details of training received and identified training needs; and
• details of any expenses and costs incurred by the Local Pension Board and any anticipated expenses for the forthcoming year.

IMPLICATIONS

Wellbeing Objectives Considered not relevant
Budget Cost of the Local Pension Board is funded from existing Members’ Services budget
Legal The new governance requirements around pensions were introduced as a result of the Public Service Pensions Act 2013.
FPS (Amendment) Governance regulations 2015.
Staffing Considered not relevant
Equalities/Human Rights/
Welsh Language It is not considered that there are any issues that need addressing as the recommendations apply equally to all Members regardless of protected characteristics under the Single Equality Act.
Risks All FRAs need to comply with the guidance provided by the Pensions Regulator around the governance arrangements for Local Pension Boards.