Agenda and minutes

Venue: Hendon Town Hall, The Burroughs, London NW4 4BQ. View directions

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

Items
No. Item

1.

Minutes pdf icon PDF 80 KB

    Minutes:

    RESOLVED that the minutes of the meeting that took place on 14 March 2017 were signed as an accurate record.

2.

Absence of Members

    Minutes:

    An apology of absence was received from Councillor Peter Zinkin. Councillor Dean Cohen attended as substitute member.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    All members declared a 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.

Update on Admitted Bodies Organisations pdf icon PDF 291 KB

    Minutes:

    The Chairman introduced the report. Following consideration the Committee:

     

    RESOLVED - 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.

     

8.

Pension Fund Admission Body Agreement pdf icon PDF 240 KB

    Additional documents:

    Minutes:

    The Chairman introduced the report. Following consideration the Committee:

     

    RESOLVED – That the Committee authorises the Director of Resources:

     

    1     To agree an admission agreement with Link Administration Holdings (Link Group) operating as Capita Treasury Solutions Limited

     

    and

     

    2.    Requires Link Administration Holdings (Link Group) operating as Capita Treasury Solutions Limited to provide a bond for the admitted body.

     

9.

Any item(s) that the Chairman decides is urgent pdf icon PDF 291 KB

    Additional documents:

    Minutes:

    The Chairman moved a change to the order of business to consider the report on ‘Barnet Council Pension Fund Performance for the Quarter January to March 2017’ published under ‘Any item(s) the Chairman decides is urgent’. It was noted that this report should have been included on the published agenda as an item ‘to follow’. It was noted the report is a key item of consideration as Pension Fund Committee has within its terms of reference the responsibility ‘To review and challenge at least quarterly the Pension Fund investment managers’ performance against the Statement of Investment Principles in general and investment performance benchmarks and targets in particular’.

     

    The Committee considered the report, following which it:

     

    RESOLVED - Having considered the performance of the Pension Fund for the quarter to 31 March 2017, the Committee instructs the Director of Resources to address any issues that it considers necessary.

     

    The Committee then received a presentation from Alcentra Investment Advisors on the LBB Pension Scheme.

10.

Barnet Council Pension Fund – Annual Report and Statement of Accounts 201617 pdf icon PDF 268 KB

    Additional documents:

    Minutes:

    The Chairman introduced the report. It was noted that the draft Annual Report and Accounts were not yet ready for final approval, and that the attached report was therefore put before the committee for noting. It was noted that an additional committee meeting would need to be scheduled in September to ensure the accounts were approved by end September deadline. Officers agreed to liaise with the external auditors and then confirm a new date with the Committee in line with the Constitution, and cancel the October date.

     

    Following consideration of the report the Committee:

     

    RESOLVED - That the committee note the draft Annual Report and Accounts for the Barnet Pension Fund.

11.

Barnet Council Pension Fund – Funding Strategy Statement pdf icon PDF 273 KB

    Additional documents:

    Minutes:

    The Chairman introduced the report. Following consideration of the report the committee:

     

    RESOLVED - That the committee reviews and approves the Funding Strategy Statement.

     

    At the close of the meeting Councillor Arjun Mittra and Councillor Jim Tierney requested that it be expressed in the minutes that the committee expressed its thanks to Mr Iain Millar for his services to the Committee as Head of Treasury.

     

    The Chairman noted that Mr Bruce, present to observe the meeting, had been appointed new Head of Treasury, and welcomed him to the role.