The Assistant Director – Resources presented the report to provide Local Pension Board members with an update on the current status of compliance with the Pensions Regulator’s (TPR’s) General Code of Practice.

Members noted the overall positive nature of the report but drew attention to the number of amber (compliant in some but not all areas) and red (not currently compliant) elements of the Authority’s reported performance and noted the large number of actions needed to become fully compliant and queried how this was going to be achieved and whether there was a deadline.

The Assistant Director – Resources explained that an action plan to complete the actions needed to gain full compliance would be produced with focus on consolidating, streamlining and prioritising the work needed. It was explained that there was much crossover within the report and with the Governance Review report meaning that any single action may be able to solve multiple issues making the task of full compliance less intense than the report suggests. It was explained that the TPR’s General Code of Practice came in at the end of March 2024 and required pension schemes to make their best endeavours to become fully compliant within one year. SYPA has completed a compliance review detailing its status and is compiling an action plan to make the necessary changes putting it in a good position to meet the deadline.

Members noted that SYPA was aiming to meet ‘best practice’ compliance requirements to the General Code of Practice and requested the next update include details of minimum compliance requirements and ‘best practice’ requirements to demonstrate the difference. Members also asked how officers would report progress to the Board and asked urgent actions be highlighted.

The Assistant Director – Resources drew members’ attention to the summary in the report and explained that this will be continually updated and presented to the Board every 6 months and that methods for best reporting any progress and issues would evolve as the project developed with the relevant level of detail for Board scrutiny.

Members noted the plan to review Cybercrime Risk using the Pension Regulator Cyber Guidance and asked whether this could be combined with the Governance Review and/or the Compliance Review to simplify the workload.

The Assistant Director – Resources explained that the review of Cybercrime Risk was planned to be carried out as part of the consolidation and update of existing SYPA cybercrime related policies to gain compliance with TPR Code of Practice before the end of the calendar year but that the whole project will be looked at with streamlining and simplifying the action plan where possible and tracking progress.

Members asked for clarity on how the compliance review and subsequent actions related to the Corporate Risk Register and the use of the risk management software.

The Assistant Director – Resources explained that the Risk Register may need to include the actions and changes resulting from the risk review and the software will aid the risk owners in managing any risks. The risk management software also has a performance management framework module which is currently being developed to monitor the Corporate Strategy and that actions from the compliance review will be added to this where necessary.

RESOLVED:

Members noted the update on compliance with the TPR’s new General Code of Practice and actions identified.