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 Thursday 9 March. 

Items
No. Item

1.

Minutes pdf icon PDF 105 KB

    Minutes:

    Having noted that Cllr Grover’s surnames was not recorded on page one the Committee resolved that the minutes of the meeting that took place on 18 January 2016 were signed as an accurate record.

     

2.

Absence of Members

    Minutes:

    An apology of absence was received from Councillor Andreas Ioannidis.  Substitute Member Councillor Adam Langleben also gave an apology as he was unable to attend due to a clash of meeting.

     

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

     

     

    Councillor Arjun Mittra

    Item 3

    Non Disclosable Pecuniary Interest by virtue of being an employee of the Greater London Authority.

     

     

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.

Presentation - Impact of Brexit decision on Pension Fund Performance.

    Minutes:

    Mr Keith Wade and Mr Geoff Day were in attendance in order to provide a verbal presentation on the impact of Brexit decision on the performance of the Pensions Fund. 

     

    The Chairman thanked Mr Wade and Mr Day for their attendance and delivered the presentation.

     

8.

Pension Fund Performance to 31 December 2016 pdf icon PDF 285 KB

    Additional documents:

    Minutes:

    The report was introduced by independent Investment Analyst Mr Mufaddal from Hymans Robertson LPP.   He presented the Pension Fund investment managers’ performance for the October to December quarter 2016

     

    Having considered the report the Pensions Fund Committee

     

    Resolved:

     

    That having considered the performance of the Pension Fund for the quarter to 31 December 2016, the Committee instruct the Chief Executive Officer (Interim) and Chief Finance Officer to address any issues that it considers necessary.

     

9.

London Collective Investment Vehicle Update Report pdf icon PDF 269 KB

    Additional documents:

    Minutes:

    Iain Millar, Head of Treasury Services introduced the report and gave an outline of the report and therefore updated the Pensions Fund Committee on the Local Government Pension Scheme pooling arrangements and on the London Collective Investment Vehicle

     

    Having considered the report the Pensions Fund Committee

     

    Resolved:

    1. That the Pension Fund Committee note the progress update on investing in the LCIV.

    2. That the Committee note the developments on Local Government Pension Scheme Pooling arrangements

    3. That the Committee note the payment of £100,000: the Fund’s contribution to the running costs of the LCIV and notes the LCIV budget proposals and passive fee charges for 2017-2018.

     

10.

External Audit of Pension Fund 2016- 2017 pdf icon PDF 243 KB

    Additional documents:

    Minutes:

    Mr Jody Etherington, Audit Manager from BDO introduced the audit strategy as captured in appendix A of the report.  Mr Etherington highlighted the key elements of the external auditor’s strategy

     

    Having considered the report the Pensions Fund Committee:

     

    Resolved:

    1. That the Pension Fund Committee note the audit strategy for the 2016/17 external audit of the Pension Fund.

     

11.

Investment Strategy Review: Income Managers and Infrastructure

    Additional documents:

    Minutes:

    The Committee consider, noted and resolved the exempt report.

    Having considered the report the Committee Resolved that:

    ·       The Pensions Fund Committee noted the findings set out in the Officers report

    ·       The  Pensions Fund Committee noted the Sub-Committee meeting which took place on 24 February 2017

    ·       The Pensions Fund Committee considered the proposals of allocation of additional funds to liquid multi-asset credit and infrastructure.

    ·       The Pension Fund Committee confirmed to make  direct appointments in accordance with the following allocations of total fund investments:

     

    10% to be invested in liquid   multi-asset  credit strategies and therefore agreed:

    i.       a further allocation of 3%,(circa £30 million)  to Partners Group

    ii.      4% ,(circa £40 million) to Insight Investment

    iii.    3 %,( circa £30 million) to  M&G Investments High Grade Asset Backed Securities Fund.

     

     5% to be invested to invested in infrastructure

    And therefore agreed

     5% (circa £50 million) to IFM Global Infrastructure Fund

    ·       The Pensions Fund Committee approved the Section 151 Officer to implement the above resolutions.

     

12.

Actuarial Valuation 2016 Report pdf icon PDF 252 KB

    Additional documents:

    Minutes:

    The Chairman introduced the report and apologised for its lateness and circulation.    Ms Gemma Sefton outlined the report and captured the executive summary as contained within the report.    

     

    James Kennedy noted his thanks to officers and Hymans Robertson LLP for assistance to Middlesex University staff.

     

    Having considered the report the Pensions Fund Committee

     

    Resolved:

     

    1.     That the Committee noted the results of the 2016 triennial actuarial valuation of the Pension Fund at whole fund level.

    2.     That the Committee noted the minimum employer contribution rates for the London Borough of Barnet for the next three years.

     

13.

Investment Strategy Statement pdf icon PDF 259 KB

    Additional documents:

    Minutes:

    Iain Millar introduced the report and requested that the Committee consider and approve the Investment Strategy Statement which sets out the appropriate mix of investments for required for the Pension Fund to achieve its funding objectives.

     

    Andrew Elliot stated the Investment Strategy Statement captures the Pension Fund’s approach to investment pooling and risk.

     

    Resolved:

    1.     That subject to resolution 2 the Pension Fund Committee approve the draft Investment Strategy Statement set out in Appendix 1

    2.     That the Committee noted that the following paragraph on pager 1 of appendix A be deleted: 

    For employee members, benefits will be based on service completed but will take account of future salary and/or inflation increases.

     

14.

Any item(s) that the Chairman decides is urgent pdf icon PDF 272 KB

    Minutes:

    The Chairman introduced the admitted bodies update and the admitted bodies participating in the Local Government Pension Scheme administered by the London Borough of Barnet (LBB).

     

    Having considered the report the Pensions Fund Committee:

     

    Resolved:

     

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