Agenda and minutes

RESOLVED that the minutes of the meeting held on 13 September 2016 be agreed as a correct record subject to amendments on pages 50 and 53 to reflect that Councillor John Marshall is Vice-Chairman of the Pension Fund Committee and not Councillor Peter Zinkin.

Apologies for lateness were received for Councillor Andrea Ioannidis.

The following declarations were made:

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The Pension Fund Committee’s independent Investment Advisor from Hyman Robertson LLP introduced the report and summarised the Pensions Fund Performance for Quarter April to June 2016.

The Committee was addressed by representatives of the one of the fund management companies, Partners Group. The Committee questioned the fund managers on their presentations, their performance for the quarter April 2016 to June 2016 and their plans for the coming months.

Councillor Peter Zinkin, seconded by Councillor John Marshall moved the following additional recommendation;

If following a decision of this Committee to invest money with a Fund Manager and before the investment is made, the Fund Manager has their rating downgraded by 2 or more points by the independent investment advisor, the Chief Finance Officer should review the decision to invest.  Before making a decision, the Chief Finance Officer will seek advice from the independent investment advisor and will consult with the Chairman of the Committee.

Upon being put to the vote the recommendation was unanimously carried.

RESOLVED –

1.    That having considered the performance of the Pension Fund for the quarter to 30 June 2016, the Committee instruct the Chief Executive Officer (Interim) and Chief Finance Officer to address any issues that it considers necessary.

2.    If following a decision of this Committee to invest money with a Fund Manager and before the investment is made, the Fund Manager has their rating downgraded by 2 or more points by the independent investment advisor, the Chief Finance Officer should review the decision to invest.  Before making a decision, the Chief Finance Officer will seek advice from the independent investment advisor and will consult with the Chairman of the Committee.

The Head of Treasury introduced the report. Having considered the report the Committee;

RESOLVED - That Pension Fund Committee note the proposed workplan for the Local Pension Board and approve the proposed Pension Board budget for 2016-17.

The Head of Treasury introduced the report. Having considered the report the Committee;

RESOLVED - That the Committee note the Annual Report of the Local Pension Board.

The Head of Treasury introduced the report which provides the Committee with an update since its last meeting on admitted bodies participating in the Local Government Pension Scheme administered by the London Borough of Barnet (LBB). He further confirmed that Committee would be provided with an update on the protocol/action plan in place should an admitted body fail to make payments.

RESOLVED -

1.    That the Pension Fund Committee note the update to the issues in respect of admitted body organisations within the Pension Fund, as detailed in Appendix 1.

2.    That the Pension Fund Committee approve the two new Admitted Bodies to the Fund, namely Allied Healthcare 2 and Aquaflo.

This Chairman introduced the report sets out a training policy for both the Members of the Pension Fund Committee and the Local Pension Board.

The Committee RESOLVED;

1.            To adopt  the CIPFA Code of Practice on Public Sector Pensions Finance Knowledge and Skills  and the CIPFA Pensions Knowledge and Skills Framework and;   

2.            That a proposed programme of training and development is presented to the next meeting of the Pension Fund Committee. 

The Chairman introduced the report which is a standing item on the agenda and which sets out the Committee’s business items for 2016-2017. The Committee requested the Actuary’s attendance at the next meeting when the 2016 Actuarial Valuation report will be considered. The Head of Treasury added that Members would be provided with training on the actuarial valuation.

Resolved - That the Committee note and comment on the items included in the Forward Work Programme Appendix A.

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