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 68 KB

    Minutes:

    Before the minutes were consider and signed, Mr George Bruce gave an update on the Barnet and Southgate College merger, this was noted by the Committee.

     

    Councillor Alison Moore said that she was delighted to see the Work Programme on the agenda. 

     

     

    Resolved:

    - That the minutes of the meeting held on 22 January 2019 were approved as an accurate record

     

2.

Absence of Members

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Mark Shooter, Councillor Anthony Finn and Councillor John Marshal declared a non-pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of companies that the fund had invested in.

     

    Councillor Alison Moore declared a non-pecuniary Interest by virtue that they have shareholdings in companies that the fund had invested in.

     

4.

Public Question and Comments (if any) pdf icon PDF 63 KB

5.

Report of the Monitoring Officer (if any)

6.

Members' Items (if any)

7.

Planning for the 2019 Triennial Valuation pdf icon PDF 211 KB

8.

Data Quality Report pdf icon PDF 208 KB

    Additional documents:

    Minutes:

    Mr Gareth Hopkins introduced the report.  He gave an overview of the reporting of the item and noted that the report been submitted to the Local Pension Board on 11 February 2019.   He added that the quality of the data had been improved.   Mr Hopkins requested that Peter Summers give an outline of the report which he duly did. 

     

    The Chairman requested that the Chairman of the Local Pension Board make a representation.  Professor Geoffrey Alderman, Chairman of the Local Pensions Board gave clear concerns which he noted the Local Pension Board Members had observed, he gave a verbal reading of the minutes of the Local Pension Board Meeting that was held on 11 February 2019 which consider, item 11, Data Quality report.  He noted that at this meeting he had gone on record to state that he was appalled by the state of affairs of the data quality.  He started that the purpose of the Local Pensions Board was to observe, monitor and if required provide a warning to the to the Pension Fund Committee.  He concluded that his attendance was to ensure that the committee are aware of the seriousness of the data quality and associated themes and therefore he said that he would continue to keep an open dialogue with Councillor Mark Shooter.   The Pension Fund Committee noted this.

     

    The Chairman requested that Mr Mike Green from Capita make a representation.   He stated that Capita were committed to improving the quality of data.   He outlined that resources were in place to rectify the position.  

     

    Councillor Elliot Simberg stated that there were diabolical errors and requested to know how this was monitored and what measures were in place in order for the data to be improved.  He added that he was further concerned of the implications to members of the scheme are.    Mr Peter Summers said that the valuation of the data will continue and the Committee will received a report to outlined further developments.

     

    Councillor Alison Moore said it was clear 3 years ago that there was considerable work required to manage the quality of data accordingly.  She requested to know why this wasn’t flagged then and why this had not be managed.   She wanted to know what Capita has been doing.  What the Council has been doing.  What the system is that that data is retained by. 

     

    Mr Kevin Bartle said the quality of Data has been an issue for some time.  He stated that the Pensions regulator had been involved on a number of occasions and improvement notices had been served.   He said it was important to review this objectively and he therefore requested that the Committee monitor this.   

     

    Having consider the report the Pension Fund Committee:

     

    Resolved:

     

    The Committee are asked to note the content of the Hymans Data Quality Report and the associated rectification plan (Appendix A).

9.

Admitted Body and Bond Status Update pdf icon PDF 214 KB

    Minutes:

    Mr Gareth Hopkins introduced the report.  He provided the Committee with a status update on the outstanding admitted body and bond agreements, as well as bond renewals and cessation calculations, that need arranging.

     

    The Committee had the opportunity to consider the report and ask questions.  

     

    Mr Hopkins requested that authority be delegated to the Section 151 Officer in respect to admission agreements, this was duly agreed.

     

    Having consider the report the Pension Fund Committee:

     

    Resolved:

     

    That the Committee to note the significant number of outstanding admitted body and bond agreements, including bond renewals and cessation calculations.

     

    That the Committee agreed that delegation of admission agreements be granted to Section 151 Officer subject to the appropriate reporting methods.

     

10.

Regulatory Update pdf icon PDF 293 KB

    Minutes:

    Mr George Bruce introduced the report.  He outlined that the Government continued to issue consultation documents on changes to the LGPS regulations.  He stated that the report contained two new consultations (pooling criteria and fair deal) and he provided an update on the cost cap proposals. 

     

    Having consider the report the Pension Fund Committee:

     

    Resolved:

     

    The Pension Fund Committee noted the report and the ongoing consultations that may impact on the LGPS regulations.

     

11.

Pension Fund External Audit Plan for the year ended 31 March 2019 pdf icon PDF 211 KB

12.

Pension Fund investment Performance_exempt

13.

Strategy Update pdf icon PDF 232 KB

    Additional documents:

    Minutes:

    Mr George Bruce introduced the report and highlighted the information in the report and Appendix C.    Mr Yoel Deal from Hymans Robertson introduced the exempt information in appendix A and B.

    Having considered the report, the Committee:

     

    During the discussion of the item the committee agreed that recommendation 1 be amended in order that delegated power be discharged to the Director of Finance and Section 151 Officer instead of the Chairman. 

     

    Resolved

     

    1. To delegate approval to the Director of Finance and Section 151 Officer in consultation with Hymans Robertson to select a suitable fund for a 2.5% investment in long-lease property from the choices identified in paragraph 1.6.

    2. To invest £54 million in the LCIV Emerging Markets Equity Fund subject to any announcement to on 27 March 2019. 

    3. To delegate approval to Hymans to identify suitable private equity managers for presentation at a future meeting.

    4. To approve the revised table 1 to be included in the investment strategy statement (appendix C).

    5. To delegate authority to the Director of Finance and Section 151 Officer to take actions to implement recommendations 1&2.

    6. The Committee noted the exempt information contained in Appendix A and B.

     

     

14.

Work Programme

15.

Any item(s) that the Chairman decides is urgent pdf icon PDF 206 KB