Agenda and minutes

RESOLVED that the minutes of the meeting held on 31 January 2023 be agreed as a correct record.

The Pension Fund Committee noted the apologies for absence from Councillor Elliot Simberg.

Councillor Andreas Ioannidis made a declaration, he noted that he was an employee of Middlesex University and so a member of the Middlesex Pension Scheme (which is a separate pension scheme not linked to the Barnet Pension Fund). Councillor Ioannidis took part in the consideration and determination of the item.

None.

None.

None.

The Pensions Manager presented the report and noted that it provided the Committee with the final Funding Strategy Statement (FSS) used to determine the approach adopted for the 31 March 2022 valuation and the setting of employer contribution rates.

He noted that the report also highlights the approach used to set the contribution rates for the London Borough of Barnet and Middlesex University and updates the Committee on progress to identify the unexplained data item highlighted in the Actuary’s valuation report.

Having considered the report, the Pension Fund Committee:

Resolved that:

The Pension Fund Committee approved the Funding Strategy Statement (FSS) for 2023 – 2026 and noted the Rates & Adjustments Certificate (included in the draft Valuation Report as Appendix B) and updates on the valuation and unexplained data item.

The Pensions Manager presented the report and noted that following the in-sourcing of services provided by RE (Regional Enterprise) Limited (“RE”) from 1 April 2023, the employment of circa 400 people will be TUPE’d back to the Council and RE’s admission within the Fund will be terminated. He also noted the paper set out the support that has been provided to individuals impacted and the commercial issues related to the termination of RE as an employer.

Having considered the report, the Pension Fund Committee:

Resolved that:

1. The Pensions fund Committee noted the arrangements made in respect of the transfer in of RE employees.

2. The Pensions Fund Committee agreed not to return any exit credit to RE (Regional Enterprise) Limited on termination.

The Finance Manager introduced the report and noted that the report updated the Pension Fund Committee on the 2020/21 audit, and on the plan for the 2021/22 audit.

Michael Debiako from BDO also gave an update on the External Audit and the Committee asked when the audit for Barnet is likely to be completed. Mr Debiako advised that the audit will be completed by the end of April with the exact dates being worked through and once this has been completed the 2022 plan will be brought to the Committee over the summer. BDO will make contact with the S151 officer once a date has been agreed.

*Cllr Mire attended the meeting at 7pm*

Having considered the report, the Pension Fund Committee:

Resolved that:

That the Pension Fund Committee noted the update on the 2020/21 audit, and the plan for the 2021/22 audit, and identified matters that the Committee wish to bring to the attention of the auditor.

The Finance Manager presented the report which provided an update on investment valuations, transactions and performance to 28 February 2023 with an updated estimated valuation to 28 February 2023.

Having considered the report, the Pensions Fund Committee:

Resolved that:

That the Pension Fund Committee noted the investment activities and performance of the Pension Fund to 28 February 2023.

The Head of Pensions & Treasury presented the report which provided a summary of the investment transactions made in the first 2 months of 2023, and an overview of the planned investment transactions in 2023.

The Chair asked if the Committee could comment before the strategy is approved. Mr Spreckley hoped that this will come to the Pensions Fund Committee for comments. 

Having considered the report, the Pensions Fund Committee:

Resolved that:

The Pension Fund Committee noted the investment transactions that have occurred so far in 2023, and the further planned transactions for 2023.

The Head of Pensions & Treasury presented the report which highlighted that a successful London CIV would provide efficiencies and cost benefits to Barnet and the people of London with Barnet seeking to develop and strengthen its relationship with the London CIV.

Representatives from The London CIV gave a presentation to the Committee.

*Cllr Mire left the meeting at 8.15pm*

After thanking representatives from The London CIV, having considered the report the Pension Fund Committee:

Resolved that:

The Pension Fund Committee noted the contents of the report. 

The Pensions manager presented the report which summarised the actions that will be taken by the LBB Pensions Team to keep records of any training that the Committee.

Having considered the report the Pension Fund Committee:

Resolved that:

The Pension Fund Committee noted the contents of the report. 

The Pension Fund Committee noted the work programme.

RESOLVED that the parties be excluded from the meeting, together with the press and public.

The Head of Pensions and Treasury introduced the appendix to the report.

Resolved:

 · That the Exempt information be noted.

Resolved:

 · That the Exempt information be noted.

None.