Agenda and draft minutes

Venue: Hendon Town Hall, The Burroughs, London NW4 4BQ. View directions

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

Items
No. Item

1.

Appointment of Chariman and Vice-Chairman

    Minutes:

    The Governance Officer in attendance opened the meeting and welcomed Board Members and Officers.   He outlined the appointments that were required and requested nominations for Chairman.   Mr Stephen Ross proposed Professor Geoffrey Alderman, Mr Salar Rida seconded the nomination which was agreed by the Board. 

     

    Having taken the Chair, the newly appointed Chairman stated that Mr Tom Evans had expressed an interest in becoming the Vice-Chairman.  Therefore he proposed Mr Tom Evans, this was seconded by Mr Salar Rida

     

    Resolved:

     

    -        That Professor Geoffrey Alderman be elected Chairman of the Local Pension Board

    -        That Mr Tom Evans be appointed as Vice-Chairman of the Local Pension Board

     

2.

Minutes of last meeting pdf icon PDF 52 KB

3.

Terms of Reference for the London Borough of Barnet Pension Board pdf icon PDF 88 KB

    Minutes:

    Prior to the Board noting its Terms of Reference Mr Ross stated that the London Borough of Barnet’s Terms of Reference were inconsistent with other London Boroughs particularly in reference to the Independent Member which was highlighted in section 5.2 & 10.1.  This view was supported by the Board.

     

     

    Resolved:

     

    That the Local Pensions Board requested that the Terms of Reference be reviewed, with reference especially to the current restrictions imposed upon the Independent Member.

     

4.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    The Chairman stated that Members of the Board did not have to make declarations which are recorded within their register of interest form. 

     

    There were no declarations of interest made.  The Chairman requested that all Board Members review their published register of interest form.  He added that if amendments are required to be made then this can be done via the Governance Service.

5.

Absence of Members

6.

Public Question and Comments (if any)

7.

Report of the Monitoring Officer (if any)

8.

Members' Items (if any)

9.

Compliance with Statements and Polices pdf icon PDF 250 KB

10.

Issue of Regulatory Intervention pdf icon PDF 271 KB

    Minutes:

    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.

     

11.

Pension Administration Report pdf icon PDF 241 KB

12.

Committee Work programme pdf icon PDF 165 KB

    Minutes:

    Prior to the Local Pensions Board considering its work programme the Board raised the question of the frequency of meetings.  Following the consideration of this and noting the items which had been considered the Board agreed that at present it was prudent to retain the circle and frequency of meetings.

     

    The Board was also of the view that the external audit report be added to the Work Programme.

     

13.

Any other item(s) the Chairman decides are urgent

    Minutes:

     The Chairman outlined his concerns in relation to the Board Members being indemnified, in light of the legal argument that as the Board was not a committee of the Council, the Council’s current indemnities did not extend to Board members He therefore requested that the Governance Service look into this matter urgently and that an update be provided to the Local Pension Board Members.