Agenda and minutes

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

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

Items
No. Item

1.

Minutes pdf icon PDF 353 KB

Minutes:

Resolved that the minutes of the meeting of the Pension Fund Committee held on 26 July 2021 be approved as a correct record.

2.

Absence of Members

Minutes:

Apologies for absence were received from Councillor Anthony Finn and Councillor Kathy Levine.   An apology for lateness was also received from Councillor Arjun Mittra.

 

At 7pm Councillor Peter Zinkin gave his apologies and left the meeting.

 

3.

Disclosable Pecuniary interests and Non Pecuniary interests

Minutes:

Councillor Mark Shooter declared a non-pecuniary interest by virtue being a member of the Barnet Pension Fund. Councillor Shooter took part in the consideration and voting process in all listed agenda items.

 

Councillor Shooter noted that he was a Member of the Shareholders Committee of the London CIV and made a non-pecuniary declaration.   Councillor Shooter took part in the consideration and voting process in all listed agenda items.

 

All Councillors declared a non-pecuniary interest by virtue that they may have shareholdings in companies that the Pension Fund invested in.

 

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.

Investment strategy

Additional documents:

Minutes:

The Chairman noted that this item was exempt and therefore the meeting went into a part 2 session. 

 

The Pension Fund Committee received the report and a verbal presentation from Hymans Robertson. Members of the Committee had the opportunity to make comments and ask questions.   During the deliberations Councillor Anne Hutton raised concerns in regarding recommendation 1.  She said that the Fiera company disclosures to Companies House indicated a small company with limited resources, which is not reassuring.  The representatives from Hymans Robertson provide a summary of the company ownership by a Canadian listed asset manager. Councillor Peter Zinkin requested that Hymans Robertson contact Councillor Anne Hutton to answer her concerns on the type of investment that the Pension Fund Committee were considering.

 

Resolved:

 

Having been put to the vote the Pension Fund Committee agreed the following:

 

That the Pension Fund Committee agree to:

(1)  Invest £30 million with Fiera Real Estate Opportunities Fund V.

 

The vote recorded for recommendation 1 was:

 

For – 3

Against – 2

 

Councillor Anne Hutton and Councillor Arjun Mittra requested that their vote against Officers recommendation be recorded.

 

(2)  Dispose of the holdings in Alcentra Global Multi Credit Solutions Fund.

(3)  Delegate authority to officers to complete the necessary processes to enable recommendation (1) and (2) to be actioned.

(4)  A revised property allocation of 6% (was 5%) and revised ABS allocation of 6% (was 7%)

(5)  Invite Hymans to review the suitability of the LCIV MAC and LCIV Global Bond Funds.

(6)  Identify the actions required to become a signatory to the UK Stewardship code

(7)  Training to be undertaken in 2022 to prepare for the Taskforce on Climate Related Financial Disclosures (TCFD) reporting requirements.

 

The Vote recorded for recommendations 2 – 7 was unanimous.

8.

Quarterly Administration report pdf icon PDF 519 KB

Minutes:

The Committee received a status update on the outstanding admitted body and bond agreements, as well as bond renewals and cessation calculations, that needed arranging.

 

During the consideration of the item Members considered and discussed the exempt information outlined in appendix D.   This phase of the meeting took place in part 2.

 

 

Having considered the report, the Committee:

 

Resolved

 

-        That the Pension Fund Committee noted the progress on outstanding admitted body and bond agreements, including bond renewals and cessation valuations and that the Pension Fund Committee approved the admission into the Fund of Tenon (St Michaels School) - as listed in 1.11 in the report.

-        That the exempt information be noted.

9.

Admitted Body and Bond Status Update pdf icon PDF 417 KB

Additional documents:

Minutes:

The Committee received a status update on the outstanding admitted body and bond agreements, as well as bond renewals and cessation calculations, that needed arranging.

 

During the consideration of the item Members considering and discussed the exempt information outlined in appendix D.   This phase of the meeting took place in part 2.

 

 

Having considered the report, the Committee:

 

Resolved

 

-        That the Pension Fund Committee noted the progress on outstanding admitted body and bond agreements, including bond renewals and cessation valuations and that the Pension Fund Committee approve the admission into the Fund of Tenon (St Michaels School) - as listed in 1.11.

-        That the exempt information be noted.

 

10.

Approval of contribution policies pdf icon PDF 367 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 this item had been reported to the July meeting prior to consultation with employers and the Local pension Board and was before the Committee again for approval.

 

 

Having considered the report, the Committee:

 

Resolved

 

That the Pension Fund Committee approved the exit policy and contribution rates policy.  The Committee agreed that in respect to the Deferred Debt and Debt Spreading s policy the Head of Pensions be requested to consider a more flexible approach to the availability of these alternatives.    The Committee therefore agreed to request that this policy be report to the next meeting for approval.

 

11.

Good Governance project pdf icon PDF 445 KB

Minutes:

The Head of Pensions introduced the report.   The Committee noted that Hymans Robertson had undertaken a review of the governance of LGPS funds. Members noted that the recommendations required funds to challenge and justify their governance arrangements with some independent oversight.   Mr Bruce noted that the report outlined the proposals and he noted that although not yet endorsed by government it was suggested that a gradual approach to reviewing compliance take place.

 

Having considered the report, the Committee:

 

Resolved

That the Pension Fund Committee noted the report and requested that officers draft policies in accordance with the Scheme Advisory Board recommendations, which are dependent on the issue of new relevant statutory Guidance and /or updating of existing scheme regulations by the Department of Levelling Up, Housing and Communities, for consideration at future meetings

 

12.

LCIV update pdf icon PDF 179 KB

Additional documents:

Minutes:

The Chairman introduced the report.  He noted that this matter had been presented to the Full Council Meeting on 19 October 2021.

 

Having considered the report, the Committee:

 

Resolved

That Pension Fund Committee noted the recommendation to Council to delegate approval and signing of the changes to the LCIV’s Articles of Association and Shareholder Agreement to the Director of Resources.

 

13.

Quarterly performance update pdf icon PDF 669 KB

Additional documents:

Minutes:

The Head of Pensions introduced the report. The report provided Members with an update on investment valuations, transactions and returns in the quarter to 30 September 2021.

 

Having considered the report, the Committee:

 

Resolved

That the report be noted.

 

14.

Committee work programme pdf icon PDF 233 KB

Minutes:

Resolved

That the Pension Fund Committee noted the work programme.

 

15.

Any item(s) that the Chairman decides are urgent

Minutes:

The Chairman noted that the Barnet Pension Fund had been nominated for a Prestigious award.  He added his thanks to Officers and Members of the Committee for their continued hard work and commitment.