Decision details

The Head of Resources introduced the report.   She informed the Local Pension Board of the issue of a regulatory intervention report by the Pensions Regulator to the London Borough of Barnet Pension Fund.   The Board noted that the Director of Resources and the Assistant Director of Finance, CSG had visited the Pensions Regulator.   

The Board noted the intervention that related to a fine that was levied due to non-completion of the 2016 Scheme Annual Return. The report highlighted the failures that led to the fine being issued and the actions that have been and are being taken in response.

The Local Pension Board outlined its concerns in relation to this report and the association to the statutory responsibility of the Council.   The Board noted the measures which have been put in place as outlined in appendix A, however their concerns were noted. 

Following the consideration the Local Pensions Board:

Resolved

-        That the Local Pension Board noted with great concern the issue of a regulatory intervention report by the Pensions Regulator in relation to the London Borough of Barnet Superannuation Fund and the actions being taken in response.

-        That Local Pension Board requested that it be kept well informed of any development in relation to this item 

-        In addition to the above the Chairman requested that Board Members keep their contact details up to date in order to receive appropriate communications at all times.