Meeting documents

SCC Somerset Pensions Board
Friday, 8th April, 2022 10.00 am

  • Meeting of Somerset Pensions Board, Friday 8th April 2022 10.00 am (Item 113.)

To consider this report from the Funds & Investments Manager.


Mr Sweet observed that this has not changed since the last meeting of the Board.  The Board suggested the following risks: training needs, administrative needs, failing to pay in a prompt manner, and cost of living issues.  Mr Sweet said that most of these issues are already covered in the risk register, so there is no need to adjust the document.  With respect to the cost of living, a 1.7% pay rise has just been received which was effective 1st April 2021; it is unknown when the 2022 pay rise will be received or even negotiated.  There is ongoing tension with the tight labour market, and the public sector struggles to recruit generally; therefore, it is possible that a more relaxed (favourable) view toward pay increases may be taken in order to ensure staffing.  Mr Behan stated that the unitary council will probably lead to many complex exceptions in hiring and retention allowances, while Mr Sweet said there may be a Council-wide re-grade and harmonisation of terms and conditions.  Mr Harris observed that risks have been reduced from 30 years ago, and they are trying to condense the register and work on mitigating controls.  The Chair asked that the register be shared with Mrs Ellins and Mr White.


The Board accepted and noted the report.


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