Agenda and minutes

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

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

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 Friday 13 January. 

Items
No. Item

1.

Minutes pdf icon PDF 80 KB

    Minutes:

    The Committee agreed to make minor amendments to the minutes of the meeting that took place on 31 October 2016.

     

    Councillor Peter Zinkin moved to amend section 3 of the minutes and therefore suggested inserting the word ‘or’ following the word ‘and’ in respect all the declarations made by Members.   Therefore the committee noted that minute in respect to declarations made read:

     

    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.

     

    Having considered the above the Committee agreed the amendments and therefore the minutes were signed as an accurate record.

     

     

     

2.

Absence of Members

    Minutes:

    None

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Member

    Agenda Item

    Interests Declared

    Councillor Mark Shooter

     

     

     

    All Items

    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 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

     

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

8.

Pension Fund Actuarial Review pdf icon PDF 246 KB

    Additional documents:

    Minutes:

    The report was presented by Gemma Sefton, Partner Hymans Robertson LLP.  She outlined the assumptions to be used by the actuary, Hymans Roberts to set the funding target in preparing the 2016 actuarial valuation and of the changes in assumptions from the 2013 actuarial valuation.  

     

    Councillor Peter Zinkin moved an amendment which was seconded by the Chairman for the recommendation be reworded to read…That the actuarial assumptions ‘proposed’ to be used in the actuarial valuation be noted.  

     

    The Committee agreed this and therefore having considered the report the committee

     

    Resolved:

     

    ·       That the report be noted

    ·       That the Pension Fund Committee agreed that a sub-committee be established to meet to consider the assumptions that will be reported to the Committee

    ·       First draft of results will be communicated with the Pensions Fund Committee Members prior to the resubmission via a formal Committee report for consideration

     

     

9.

Pension Fund Admission Body Agreement pdf icon PDF 249 KB

    Additional documents:

    Minutes:

    The Chairman introduced the item and provided a summary on the report.

     

    Having considered the report the Pensions Fund Committee: 

     

    Resolved:

     

    ·       That the Pension Fund Committee approved, subject to amalgamation taking place, the admission into the Pension Fund of a body formed following the amalgamation of Viridian and AmicusHorizon.

     

    ·       That the Pension Fund Committee delegated to the Section 151 officer:

    o   To approve the pre and post amalgamation deeds of agreement between the London Borough of Barnet as administering authority for the London Borough of Barnet Pension Fund and Viridian Housing a registered provider

    ·       That the Pension Fund Committee noted the requirement of the amalgamated company to provide a bond for the admitted body.

     

10.

Barnet Council Pension Fund Performance for Quarter July to September 2016 pdf icon PDF 287 KB

    Additional documents:

    Minutes:

    The report was presented by Mudaddal Jamali, Investment Analyst Hymans Robertson LLP.  He outlined the performance of the London Borough of Barnet’s Pension Fund performance for quarter July to September 2016 as highlighted within the report.

     

    Resolved:

     

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

    ·       That the committee request that a report in presented to pensions fund committee that provides information on the procedure for fund benchmark allocation rebalancing

     

     

11.

Pension Fund Risk Register pdf icon PDF 238 KB

    Additional documents:

    Minutes:

     The Head of Treasury introduced the report.

     

     

    Having considered the report the Pension Fund Committee:

     

    Resolved:

     

    ·       That the arrangements in place to manage risk within the pension fund were noted.

    ·       That the risk registered will be reported for noting to the Pension Fund Committee annually and therefore this item shall be added to the committees work programme.

     

12.

Update on Admitted Bodies Organisations pdf icon PDF 271 KB

    Minutes:

    The Head of Treasury introduced the report.  

     

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

    ·       The Committee requested that where a bond had expired the date be added.

     

7.

Investment Strategy Review - Exempt

13.

Work Programme pdf icon PDF 197 KB

    Minutes:

    The work programme was noted.

     

14.

Any item(s) that the Chairman decides is urgent

    Minutes:

    There were no urgent items.