Agenda and minutes

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

Contact: Salar Rida  Email: Salar.Rida@Barnet.gov.uk - 0208 359 7113

Note: Public Questions and Comments must be submitted by 10am on the third working day before the meeting. The deadline for this meeting is 10am on Wednesday 26 October. 

Items
No. Item

1.

Minutes pdf icon PDF 57 KB

    Minutes:

    RESOLVED that the minutes of the meeting held on 13 September 2016 be agreed as a correct record subject to amendments on pages 50 and 53 to reflect that Councillor John Marshall is Vice-Chairman of the Pension Fund Committee and not Councillor Peter Zinkin.

2.

Absence of Members

    Minutes:

    Apologies for lateness were received for Councillor Andrea Ioannidis.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    The following declarations were made:

     

    Member

    Agenda Item

    Interests Declared

    Councillor Mark Shooter

     

     

     

    7 and 8

    Non Disclosable Pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of companies that the fund had invested in.

    Councillor John Marshall

    Non Disclosable Pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of companies that the fund had invested in.

    Councillor Rohit Grover

    Non Disclosable Pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of companies that the fund had invested in.

    Councillor Arjun Mittra

    Non Disclosable Pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of companies that the fund had invested in.

    Councillor Peter Zinkin

    Non Disclosable Pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of 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.

Barnet Council Pension Fund Performance for Quarter April to June 2016 pdf icon PDF 262 KB

    Additional documents:

    Minutes:

    The Pension Fund Committee’s independent Investment Advisor from Hyman Robertson LLP introduced the report and summarised the Pensions Fund Performance for Quarter April to June 2016.

     

    The Committee was addressed by representatives of the one of the fund management companies, Partners Group. The Committee questioned the fund managers on their presentations, their performance for the quarter April 2016 to June 2016 and their plans for the coming months.

     

    Councillor Peter Zinkin, seconded by Councillor John Marshall moved the following additional recommendation;

     

    If following a decision of this Committee to invest money with a Fund Manager and before the investment is made, the Fund Manager has their rating downgraded by 2 or more points by the independent investment advisor, the Chief Finance Officer should review the decision to invest.  Before making a decision, the Chief Finance Officer will seek advice from the independent investment advisor and will consult with the Chairman of the Committee.

     

    Upon being put to the vote the recommendation was unanimously carried.

     

    RESOLVED –

     

    1.    That having considered the performance of the Pension Fund for the quarter to 30 June 2016, the Committee instruct the Chief Executive Officer (Interim) and Chief Finance Officer to address any issues that it considers necessary.

    2.    If following a decision of this Committee to invest money with a Fund Manager and before the investment is made, the Fund Manager has their rating downgraded by 2 or more points by the independent investment advisor, the Chief Finance Officer should review the decision to invest.  Before making a decision, the Chief Finance Officer will seek advice from the independent investment advisor and will consult with the Chairman of the Committee.

     

8.

Pension Board Budget 2016-17 pdf icon PDF 232 KB

9.

Annual Report of the Local Pension Board pdf icon PDF 239 KB

10.

Update on Admitted Body Organisations pdf icon PDF 134 KB

    Additional documents:

    Minutes:

    The Head of Treasury introduced the report which provides the Committee with an update since its last meeting on admitted bodies participating in the Local Government Pension Scheme administered by the London Borough of Barnet (LBB). He further confirmed that Committee would be provided with an update on the protocol/action plan in place should an admitted body fail to make payments.

     

    RESOLVED -

    1.    That the Pension Fund Committee note the update to the issues in respect of admitted body organisations within the Pension Fund, as detailed in Appendix 1.

    2.    That the Pension Fund Committee approve the two new Admitted Bodies to the Fund, namely Allied Healthcare 2 and Aquaflo.

     

11.

Training Policy and Knowledge Understanding and Skills Framework pdf icon PDF 265 KB

    Additional documents:

    Minutes:

    This Chairman introduced the report sets out a training policy for both the Members of the Pension Fund Committee and the Local Pension Board.

     

    The Committee RESOLVED;

     

    1.            To adopt  the CIPFA Code of Practice on Public Sector Pensions Finance Knowledge and Skills  and the CIPFA Pensions Knowledge and Skills Framework and;   

    2.            That a proposed programme of training and development is presented to the next meeting of the Pension Fund Committee. 

12.

Pension Fund Committee Forward Work Programme pdf icon PDF 227 KB

    Additional documents:

    Minutes:

    The Chairman introduced the report which is a standing item on the agenda and which sets out the Committee’s business items for 2016-2017. The Committee requested the Actuary’s attendance at the next meeting when the 2016 Actuarial Valuation report will be considered. The Head of Treasury added that Members would be provided with training on the actuarial valuation.

     

    Resolved - That the Committee note and comment on the items included in the Forward Work Programme Appendix A.

     

13.

Any item(s) that the Chairman decides is urgent

    Minutes:

    None.