Agenda and draft minutes

Venue: Hendon Town Hall, The Burroughs, London NW4 4AX

Contact: Paul Frost  Email: Paul.Frost@Barnet.gov.uk - 0208 359 2205

Items
No. Item

1.

Minutes pdf icon PDF 56 KB

2.

Absence of Members

3.

Disclosable Pecuniary interests and Non Pecuniary interests

4.

Public Question and Comments (if any)

5.

Report of the Monitoring Officer (if any)

6.

Members' Items (if any)

7.

Implementation of the Markets in Financial Instruments Derivative pdf icon PDF 266 KB

8.

Pension Fund Annual Report and Accounts and External Auditor's Report under International Standard on Auditing (ISA) 260 for the year 2016/17 pdf icon PDF 334 KB

    Additional documents:

    Minutes:

    The report was presented by external auditor Mr Leigh Lloyd-Thomas from BOD.  He highlighted the  matters arising from the audit of the 2016/17 Pension Fund Accounts and Annual report in line with

    International Standard on Auditing 260 (ISA 260).

     

    The Committee noted that the report had been circulated following the publication date of the agenda and in addition to that a supplemental document had been published and circulated to Members of the Pension Fund Committee. 

     

    The Committee had the opportunity to ask questions of Mr Leigh Lloyd-Thomas.  The Committee highlighted concerns and it was noted that there were issues which needed to be addressed as documented. 

     

    The Chairman thanked Mr Leigh Lloyd-Thomas for his attendance and presenting the report.

     

     

    1.     That the Pensions Fund Committee approved the 2016/17 Annual Report and Pension Fund Accounts

    2.     That the Pensions Fund Committee noted the matters raised by the external auditor in respect of the audit of the 2016/17 Accounts and Annual Report

    3.     That the Pensions Fund Committee requested that:

    -  the £64,000 documented in the report be investigated and therefore Pension Fund Committee Members and Local Pension Board Members be updated.

    -  the Council’s response be shared with Pension Fund Committee Members and Local Pension Board Members

    -  that the Pension Fund Committee noted that in the event that any decision which may derive from the report which are outside an Officer’s scheme of delegation such decision be reported to the relevant decision making body.

    4.     That the Pension Fund Committee requested that the report be circulated to the Local Pension Board

     

9.

Issue of Regulatory Intervention pdf icon PDF 269 KB

    Minutes:

    The Director for Resources introduced the report.  She informed the Committee of the issue of a regulatory intervention report by the Pensions Regulator. The intervention report related to a fine that was levied due to non-completion of the 2016 Scheme Annual Return.

     

    Following the considering of the item the Committee Resolved:

     

    That the Pensions Fund Committee noted 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.

10.

Any item(s) that the Chairman decides is urgent

    Minutes:

    The Chairman stated that the Pension Fund Committee needed to reinstate the meeting that was proposed to take place on 24 October. This was agreed by the Committee. 

     

    Councillor John Marshall stated that he was not happy that this meeting did not include the normal quarterly reports. 

     

    The Committee requested that a work programme be devised that included training and this be regally.  The Committee also noted that an update on the Barnet Council Pension Fund – Implementation of the Markets in Financial Instruments Derivative (MiFID II) be reported to the next meeting.