Agenda and draft minutes

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

Note: The council’s audio minutes recording facility for committee meetings is currently available. We apologies for this and are working to resolve this as soon as possible. Residents can still attend meetings in person. 

Items
No. Item

1.

Minutes pdf icon PDF 354 KB

    Minutes:

    Resolved: That the minutes of the meeting that took place on 04 May 2021, be approved

2.

Absence of Members

    Minutes:

    An apology of absence was received from Councillor Finn and Coucnillor Simberg.   Councillor Melvin Cohen was in attendance as a substitute Member.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Mark Shooter and Councillor Melivn Cohen made a Non-Pecuniary declaration and stated that they were a Member of the Barnet Pension Fund. Councillor Shooter and Cohen therefore took part in the consideration and voting process in all listed agenda items.

     

    All Councillors declared a non-pecuniary interest by virtue that they have shareholdings in companies that the fund Pad invested in.

     

4.

Public Question and Comments (if any)

    Minutes:

    No.

5.

Report of the Monitoring Officer (if any)

    Minutes:

    None.

6.

Members' Items (if any)

    Minutes:

    None.

7.

Administration Report pdf icon PDF 426 KB

    Additional documents:

    Minutes:

    The Committee considered the report that provided the Pension Fund Committee with an update on the current performance in relation to the administration of the Barnet Pension Fund by West Yorkshire Pension Fund, along with other issues affecting the administration.

     

    Having considered the report the Committee:

     

     

    Resolved:

     

    The Pension Fund Committee noted the report.

     

8.

Approval of Contribution Policies pdf icon PDF 352 KB

    Additional documents:

    Minutes:

    The Head of Pensions introduced the report and in doing so he outlined the three policies that have been prepared in response to changes in LGPS Regulations.   The Committee noted that there had been an error withing appendix A of the report and as a result the committee noted that an update to this had been circulated.

     

    During the consideration the committee agreed to make an amendment to the resolution and therefore having considered the report the Committee:

     

    Resolved:

     

    That subject to the results of the consultation being reported back to the Pension Fund Committee with any recommendations the report be approved.

     

9.

Admitted Body and Bond status pdf icon PDF 240 KB

10.

Annual Performance Report pdf icon PDF 316 KB

11.

External Auditor’s Timetable for the year 202021 pdf icon PDF 410 KB

    Minutes:

    The Committee received the report and noted that the audit timeline was likely to be delayed.

     

    Having considered the report, the Committee:

     

     

    Resolved

    That the Pension Fund Committee noted the report and the projected audit timetable for the 2020/21 financial statements.

     

     

12.

Pension Fund Investment Performance pdf icon PDF 658 KB

13.

LCIV Pooling Update pdf icon PDF 531 KB

    Additional documents:

    Minutes:

    The Head of Pension introduced the report and provide a summary of the report.    He requested that Members give consideration of the report and its recommendations.

     

     

    Having considered the report, the Committee:

     

    Resolved

     

    1.     Noted the projection for pooled investments (appendix 1);

    2.     Agreed to Hymans Robertson reviewing the impact on the Pension Fund of pooling most or all of the credit mandates,

    3.     Agreed to attend a LCIV London Fund training session.   

    4.     Agreed that a representative of LCIV provides an update to the next meeting.

     

     

14.

Scheme Expenses pdf icon PDF 530 KB

    Additional documents:

    Minutes:

    The Head of Pensions introduced the report.    Members were requested to consider the Fund costs in the year to 31 March 2021 in comparison to the previous year. 

     

    During the consideration of the report the Pension Fund Committee moved into a part 2 session due to the exempt information.  

     

    Having considered the report, the Committee:

     

    Resolved

     

    1.     That the Pension Fund Committee noted the report

    2.     That the Pension Fund Committee noted the exempt information

     

15.

Committee work programme pdf icon PDF 360 KB

    Minutes:

    Members noted that the wrong work programme had be published and circulated.   The Committed received and apology for this error and Members noted that the correct work programme would be circulated.

     

    Resolved:

    That the Pension Fund Committee requested that it’s work programme be circulated.

     

16.

Investment Strategy and Manager Appointments - Exempt

17.

Chairman's Urgent Item pdf icon PDF 405 KB

    • View the background to item 17.

    Additional documents:

    Minutes:

    The Head of Pensions introduced the report.    He thanked Members for receiving this report that was published and ciculated late.   He said that he thought it was important that Members received the Internal Audit report and have any opportunity to discuss progress on implementation of the recomemndations now and not wait until October.

     

     

    Having considered the report the Committee

     

     

    Resolved

    -        That the Pension Fund Committee note the report