Agenda and minutes

Venue: Virtual Meeting

Contact: Email: Paul.Frost@barnet.gov.uk  Please note that this will be held as a virtual meeting. An audio and video live stream of the meeting can be accessed using the link below

Link: Click here for the meeting

Items
No. Item

1.

Minutes pdf icon PDF 503 KB

    Minutes:

    Before the minutes were approved Members moved the following amendments:

     

    That a ‘h’ be inserted to Councillor Finn’s first name – ‘Anthony’

    That Councillor Peter Zinkin’s attendance be added to page 1.

    For item 11 an amendment be made to highlight ‘have noted’ in place of ‘are noted’

     

    Resolved:

    That the Minutes of the meeting held on 27 July be approved

2.

Absence of Members

    Minutes:

    None

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Peter Zinkin declared a Non-Pecuniary interest in regard to item 12.   He stated that Rimon Jewish Primary School was a tenant of a Synagogue of which he was part of the management.  Councillor Zinkin therefore took part in the consideration and voting process. 

     

     

    Councillor Antony Finn and Councillor Mark Shooter made a Non-Pecuniary and stared that they was a Member of the Barnet Pension Fund. Councillor Finn and Councillor Shooter therefore took part in the consideration and voting process in all listed agenda items.

     

4.

Public Question and Comments (if any)

    Minutes:

    None.

5.

Report of the Monitoring Officer (if any)

    Minutes:

    None.

6.

Members' Items (if any)

    Minutes:

    None.

7.

Administration Report pdf icon PDF 420 KB

    Minutes:

    The Committee considered the report that provided the Pension Fund Committee with an update on the current administration performance, Annual Benefit Statement (ABS), Remediation Plan and GMP reconciliation.  Members’ further noted that the transfer of the administration service from Capita to West Yorkshire Pension Fund from November 2020.  

     

    Mr Mark Fox noted that there had been errors in the annual benefit statements that had been sent to scheme members of the fund due to incorrect payroll information.    Members of the Committee noted that 1,600 annual benefits statements would be re-issued.

     

    Members of the Committee raised a number of concerns in respect to the performance levels of Capita.    Councillor Alison Moore was given the opportunity to make a representation, in doing so she outlined a number of points relating to the underperformance of the administrating authority, Capita.   She said that there had been multiple areas where mistakes had been made and therefore, she noted that alarm bells should be ringing in regards to the management of the contract with Capita.   She further noted that there had been costs to LB Barnet and she sought clarification on the management of payroll.   Mr George Bruce said that the Council were discussing the payroll issues with Capita and seeking assurances on the necessary control improvements.    He added that due to the LB Barnet Officer’s and their experience they had identified a resolutions to a number of issues that would aid the hand over of the administration of the pension’s fund to West Yorkshire Pension Fund.   Mr Bruce said that the authority were in a better position than it was 12 months ago and was confident that the performance would improve following the transition.    Mr Bruce said that undue reliance had been placed on outsourced providers to monitor the pension administration contract due to low levels of staff in comparison to other authorities.  The Committee noted that part of the data remediation costs were being met by the LB Barnet Pension Fund.      Councillor Peter Zinkin said that he supported the views of Councillor Moore and said that the errors in regard to the Annual Benefit Statements was unforgivable.  He noted that Members across a number of Committees had noted that there had been inadequate pension resources to manage pensions.   He concluded that a lot of work had been performed to remedy this matter of the last year.     Mr Bruce said that West Yorkshire will be invited to the next meeting to provide an update and assurance to the Committee.   The Chairman requested a written update before end of the year. 

     

    Councillor Kathy Levine requested that a report be submitted to Members that outlined what compensation the Council was to receive.   Councillor Moore summed up her views on the item and supported Councillor Lavine’s request for a report.  He said that there are a repeated number of errors and underlining issues and challenges and requested a formal request from the Pension Fund Committee to outline the underperformance and costs incurred to the Pension Fund/Council.     Councillor Kathy  ...  view the full minutes text for item 7.

8.

Investment Strategy, Responsible Investment and Pooling report pdf icon PDF 343 KB

    Additional documents:

    Minutes:

    The Committee received the report

     

    Members of the Committee had the opportunity to consider the report, question Officers and make comments.    

     

    Having considered the report the Pension Fund Committee:

     

    Resolved:

    ·       That the decision be deferred to the next meeting due to enable additional training from Legal and General and London CIV

    ·       That the exempt information be noted

9.

Pension Fund Annual Report and Accounts and External Auditor's Report under International Standard on Auditing (ISA) 260 for the year 2019/20 pdf icon PDF 412 KB

    Additional documents:

    Minutes:

    Mr George Bruce gave an overview of the report before the Committee.    The Chairman invited external auditor, Mr Leigh Lloyd who presented the appendices to the Officers report. 

     

    Members of the Committee had the opportunity to consider the report, question Officers and make comments.      Mr Bruce requested that Members approved the report’s recommendations and also delegate the approval of any minor drafting changes to the Chairman and Section 151 officer

     

    Having considered the report, the Pension Fund Committee:

     

    Resolved:

    • That the Pension Fund Committee approve the 2019/20 Annual Report and Pension Fund Accounts
    • That the Pension Fund Committee note the matters raised by the external auditor in respect of the audit of the Accounts and Annual Report
    • That the Pension Fund Committee consider whether there are any matters arising from the Annual Report & Accounts or Auditor’s Report on which they require additional information or action.

    ·       Delegated the signing of the accounts, letter of representation, and minor drafting changes to the Chairman and Section 151 officer

     

10.

Pensions Administration Transition (PAT) Project update pdf icon PDF 166 KB

    Additional documents:

    Minutes:

    The Councils Pensions Manager Mr Nigel Keogh provided an update on the transfer of the administration of the Barnet Pension Fund from Capita to the West Yorkshire Pension Fund (WYPF).

     

    The Chairman requested that the Committee be kept informed with any developments.

     

     

    Having considered the report, the Committee:

     

    Resolved:

    That the Pension Fund Committee noted progress against the plan

     

11.

Admitted Body and Bond Status Update pdf icon PDF 212 KB

12.

Barnet Council Pension Fund - Performance for the Quarter to 30 June 2020 pdf icon PDF 644 KB

    Additional documents:

    Minutes:

    The Committee considered the report which summarised the Pension Fund investment managers for the quarter to 30 June 2020 and the subsequent two months to end August. The Council’s Investment Consultants from Hyman Roberts were in attendance to introduce their analysis of the performance period.

     

    Mr Bruce outlined the transactions that had taken place in the quarter.

     

    The Chairman moved a motion to exclude press and public and in order for an exempt session to commence.   This was agreed by the Committee.

     

     

    Resolved:

    ·       That the Pension Fund Committee noted the performance of the Pension Fund for the quarter to 30 June 2020.

    ·       That the exempt information be noted.

     

13.

Re-procurement of Actuarial Services to the Barnet Pension Fund

    Minutes:

    The Pension Fund Committee received the report that outlined the Re-procurement of Actuarial Services to the Barnet Pension Fund.

     

    Resolved:

    The Pension Fund Committee noted the intention to re-appointment of Hymans Robertson as the actuary to the Barnet Pension Fund.

     

14.

Any item(s) that the Chairman decides is urgent

    Minutes:

    None.