Agenda and draft minutes

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

Link: Click here for the meeting

Items
No. Item

1.

Minutes pdf icon PDF 249 KB

    Minutes:

    Resolved: That the minutes of the meeting that took place on 18 March 2021, be approved

     

2.

Absence of Members

    Minutes:

    None.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Antony Finn and Councillor Mark Shooter made a Non-Pecuniary declaration and stated that they were 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.

     

    Councillor Arjun Mitra and Councillor Mark Shooter declared a non-pecuniary Interest by virtue that they have shareholdings in companies that the fund had 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.

Actuarial valuation update pdf icon PDF 200 KB

    Additional documents:

    Minutes:

    The report was introduced by Mr George Bruce.

     

    The Committee heard that the funding position of the pension scheme and rate of contributions paid by employers is assessed every three years by the Scheme Actuary, the last review was conducted as at 31 March 2019.    The Government Actuary’s Department had reviewed the approach taken to the 2019 triennial valuation and have not raised any concerns.

     

     

    Ms Gemma Sefton, Scheme Actuary, was in attendance to give an in-depth overview of the direction of the funding level and the primary contribution rate since March 2019.    The Chairman thanks Ms Sefton for her attendance.

     

    Having considered the report the Committee:

     

    Resolved:

    That the Pension Fund Committee noted the GAD report on the 2019 triennial valuation.

     

8.

Administration Report pdf icon PDF 418 KB

    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.

     

9.

Admitted Body and Bond status pdf icon PDF 242 KB

10.

External Auditor’s Planning Report for the year 20202 pdf icon PDF 415 KB

11.

Pension Fund Investment Performance pdf icon PDF 646 KB

12.

Risk Management Review pdf icon PDF 481 KB

13.

Pensions Fund Committee Work Programme May 2021 pdf icon PDF 238 KB

    Minutes:

    The Committee note the work programme and requested that the following items be added to the work programme:

     

    -        Update on the external audit timetable

    -        The Actuary to be invited to attend the December meeting to discuss the 2022 triennial valuation

    -        Comparison of investment returns with other local authorities funds.

    -        A review of the Fund’s exit credit policy

     

14.

Investment Strategy pdf icon PDF 367 KB

    Additional documents:

    Minutes:

    The Committee received the report in exempt session.   

     

    Having considered the report the Committee:

     

     

    Resolved:

     

    That the Pension Fund Committee agreed to:

    (1) commit £40 million to the LCIV Renewables Infrastructure Fund.

    (2) increase the infrastructure target allocation from 5% to 8% and reduce the property allocation from 10% to 7%

    (3) Delegate authority to officers to complete the necessary processes to enable investment.

     

15.

Review of Performance of Advisors - exempt

    Minutes:

    The Pension Fund Committee received the report.

     

    Having considered the report the Committee:

     

    Resolved:

     

    That the Pension Fund Committee noted the report.

     

16.

Any item(s) that the Chairman decides is urgent

    Minutes:

    None.