Agenda and draft 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 224 KB

Minutes:

2.

Absence of Members

Minutes:

The Chairman noted with great sadness the passing of Councillor Anthony Finn.   He noted that he was a valued member of the Council and the Pension Fund Committee and he therefore paid tribute to him and noted his 33 year service as a Councillor.   Councillor Anne Hutton gave condolences on behalf of the Labour Group. 

 

 

The Chairman noted the apologies of Councillor Kathy Levine.   

 

An apology of lateness was received from Councillor Arjun Mittra.

 

 

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:

6.

Members' Items (if any)

Minutes:

None.

7.

Pension Fund Annual Report and Accounts and External Auditor’s Report under International Standard on Auditing pdf icon PDF 414 KB

Additional documents:

Minutes:

The Head of Pensions reported that as the audit of the Pension Fund accounts was not complete that the recommendation to approve the accounts was being deferred.    The Committee further noted that appendix B (the external auditors report) was not available to the committee.

 

The Chairman invited BDO representative, Mr Michael Bediako to make a presentation, he then provided an update to the Committee on the progress of the audit, issues identified and work remaining to be completed.  He noted that the statement of accounts and the pension fund account would soon be available.   The Chairman thanked Mr Michael Bediako for his presentation.

 

Having considered the report the Pension Fund Committee:

 

Resolved:

 

1) That subject to no significant changed the Committee approved to delegate the signing of the 2020/21 Annual Report and Pension Fund Accounts to the Chairman of the Pension Fund Committee and the Director of Resources and S151 officer.

 

2) Noted the matters raised by the external auditor in respect of the audit of the Accounts and Annual Report

 

3) Considered and noted the matters arising from the Annual Report & Accounts or Auditor’s Report on which they require additional information or action

 

8.

Administration Report pdf icon PDF 414 KB

Minutes:

The Pensions Manager introduced this report.  He provided 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 current performance levels and updates on Annual Benefit Statements and GMP reconciliation project.

 

9.

Data Improvement Plan and Historical Leavers Report pdf icon PDF 333 KB

Minutes:

The Pensions Manager introduced this report.  He outlined that the paper  and provided the Pension Fund Committee with an update on the data improvement plan and historical leaver exercise, together with details of the data preparation for the 2022 triennial valuation.

 

 

Having considered the report, the Committee:

 

 

Resolved

The Pension Fund Committee noted the progress on the correcting of the member data and the historical leaver exercise

 

 

10.

Local Investing pdf icon PDF 414 KB

Minutes:

The Head of Pensions Introduced the report.   He outlined that the report noted the intention by Government to require Local Government Pension Schemes to publish plans to invest up to 5% of assets in projects which support local areas. Work was required to understand the requirement in more detail, identify assets that currently comply and compliant opportunities worthy of investigation.

 

Having considered the report, the Committee:

 

 

Resolved

That the Pension Fund Committee noted the report and agreed that work be undertaken to ascertain current levels of local investment and opportunities to go further.

 

11.

Pensions Scheme Risk Register pdf icon PDF 487 KB

Additional documents:

Minutes:

The Pensions Manager introduced this report.   He noted that The Pensions Fund risk register details the risks associated with the management of the scheme, including current assessment and planned actions and targets.

 

During the consideration of the item members discussed the risk of cyber security.   It was noted that the Committee should capture this matter as a risk.    It was requested by James Kennedy to know what type of security standard was deployed by the Bradford Council, who manage the cyber security risks for West Yorkshire Pension Fund.  The Pensions Manager agreed to provide this information to members following the meeting. 

 

Hymans Robertson representative Mr Nick Jellema provided some verbal comments in respect to cyber security which was noted by Board Members.

 

 

Having considered the report, the Committee:

 

Resolved

  • The Committee requested that any changes to the register be reported to the Committee.  

 

  • The Pension Fund Committee noted the report

 

12.

Stewardship update pdf icon PDF 386 KB

Additional documents:

Minutes:

The Head of Pensions Introduced the report.   He said that the Committee had expressed an interest at becoming a signatory to the Stewardship Code in a previous meeting.   Therefore, he noted that the report sets out the actions required to meet the standards of the Code and various alternatives that while not meeting Code standards would enhance current levels of stewardship

 

 

During the item the Chairman requested a report that outlines the cost and workings if the stewardship code is adopted.  He said that this could be reported to a future meeting.  This was agreed by the committee.

 

 

Having considered the report, the Committee:

 

 

Resolved

 

  • That the Pension Fund Committee noted the report

That the pension fund committee agreed that a report be submitted to a future meeting

13.

Good Governance Project pdf icon PDF 346 KB

Additional documents:

Minutes:

The Head of Pensions introduced the report.  He said that the report set out a recommendation relating to Committee membership and includes a recommendation on observer status following discussion with the Local Pension Board.

 

Having considered the report, the Committee:

 

Resolved

 

That the Pension Fund Committee:

  1. Approved the Policy on Pension Committee and Board Representation as documented in Appendix A.
  2. That the Chairman of the Local Pension Board be invited to attend the Pension Fund Committee as an observer.  That it be noted that the Local Pension Board have extended an invitation to the Chairman of the Pension Fund Committee or any other committee member to attend meetings of the Local Pension Board. 

 

14.

Local Pension Board Update pdf icon PDF 486 KB

Additional documents:

Minutes:

The Head of Pensions informed Members that the Local Pensions Board terms of reference outlines a requirement for this report to be presented to this committee.

 

Having considered the report, the Committee:

 

 

Resolved

 

1. The Pension Fund Committee noted appendix A, B and C

2. The Pension Fund Committee are noted that the report shall be presented to the next meeting of Full Council

3. That the Pension Fund Committee approved the Local Pension’s Board annual budget as set out in appendix A

 

15.

Admitted Body and Bond status pdf icon PDF 310 KB

Additional documents:

Minutes:

The Pensions Manager introduced this report. He outlined the outstanding admitted body and bond agreements, as well as bond renewals and cessation calculations, that need arranging.

 

Having considered the report, the Committee:

 

 

Resolved

 

 

  • 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 Signature Education in respect of four contracts at Beit Shvidler School, Hasmonean Multi Academy Trust (MAT), Etz Chaim School and Menorah Foundation School as listed in 1.8. In addition, the Committee approved the admission of Sancroft Community Care.

 

  • During the exempt session members consider the exempt information and agreed to defer any decision on this matter while awaiting legal advice.

 

16.

Pension Fund Investment Performance pdf icon PDF 669 KB

Additional documents:

Minutes:

The Chairman welcomed independent advisor Yoel Deal.     He provided an update on investment valuations, transactions and performance in the quarter to 31 December 2021.

 

Having considered the report, the Committee:

 

 

Resolved

 

 

·       That the Pension Fund Committee noted the investment activities and performance of the Pension Fund for the quarter to 31 December 2021.

·       That the exempt information be noted.

 

17.

Motion to exclude the press and public

Minutes:

In regard to the exempt information in item 15 and 16 the Committee resolved- that under section 100 A(4) of the Local Government Act 1972 the public be excluded from the meeting for the following items of business 4 on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act (as amended).

18.

Pensions Fund Committee Work Programme pdf icon PDF 233 KB

Minutes:

Resolved:

 

That the Committee approved the Work Programme.

19.

Any item(s) that the Chairman decides is urgent

Minutes:

The Chairman noted that there was no urgent business.  However, he did note that this meeting was the last in the municipal year and therefore he thanked all Members and Officer for there hard work during the year.   He also wished all members the best for the up-and-coming election.

 

Councillor Anne Hutton thanked the Chairman, Members and Officers.

 

Vice-Chairman, Councillor Elliot Simberg thanked the Chairman Members and Officers.

 

Councillor Arjun Mittra noted his sadness of the loss of Councillor Anthony Finn.