Agenda and minutes

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

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

Items
No. Item

1.

Minutes pdf icon PDF 74 KB

    Minutes:

    Before the Committee approved the minutes of the last meeting the Chairman welcomed Members to the first Pension Fund Committee meeting of the municipal year.  

     

    RESOLVED – That the Minutes of the meeting held on 26 February 2018 be approved.

2.

Absence of Members

    Minutes:

    None.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Mark Shooter and Councillor John Marshal 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.

     

    Councillor Anne Hutton and Alison Moore both declared a non-disclosable pecuniary Interest by virtue that they have shareholdings in 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.

External Audit Report pdf icon PDF 234 KB

    Additional documents:

    Minutes:

    The report was presented by external auditor Mr Leigh Lloyd-Thomas from BDO.  He gave a summary of the report and highlighted Appendix A that set out the key risks identified by the auditor for 2017/18 and the nature of the testing that will be undertaken.  BDO expected to report their findings at the Committee meeting on 30th July

     

    The Committee had the opportunity to ask questions of Mr Leigh Lloyd-Thomas.  The Committee highlighted concerns and it was noted that there were issues which needed to be addressed as documented within the report.

     

    The Chairman thanked Mr Leigh Lloyd-Thomas for his attendance and presenting the report.

     

    Resolved:

    That the Pension Fund Committee noted the audit strategy for the 2017/18 Report and Accounts

     

8.

Update Admitted Bodies pdf icon PDF 261 KB

    Additional documents:

    Minutes:

    The Head of Treasury and Pensions for Capita introduced the report.   He provided the Committee with update on the Admitted Bodies participating in the Local Government Pension Scheme administered by the London Borough of Barnet.

     

    Having considered the report the Committee:

     

    -       Approved the admission of Greenwich Leisure Limited, Elior and Churchill Catering, subject to the signing of admission agreements and provision of bonds / guarantors as calculated by the scheme actuary,

    -       Noted the update concerning cessations and bonds as detailed below and in Appendix 1.

     

9.

Transfer Value in respect of Barnet and Southgate College pdf icon PDF 259 KB

10.

Barnet Council Pension Fund – Annual Performance Report pdf icon PDF 291 KB

    Additional documents:

    Minutes:

    The Head of Treasury and Pensions introduced the report.   He gave a summary of the report and the findings from the most recent PIRC comparative investment performance report for the Barnet Pension Fund as highlighted in appendix A.

     

     

    Having considered the report the Committee:

    -       Noted the report 

     

     

11.

Fossil Fuel and Corporate Engagement pdf icon PDF 267 KB

    Additional documents:

    Minutes:

    The Chairman introduced the report.

     

    Having considered the report the Committee:

     

    -       Agreed to request Legal and General to provide training on the available approaches to passive equity investing, including low carbon, and

    -       Acquires membership of the Local Authority Pension Fund Forum.

     

    This was put to the vote

    For – 6

    Against – 1

     

12.

Scheme Funding Update pdf icon PDF 298 KB

    Additional documents:

    Minutes:

    The Head of Treasury and Pensions introduced the report.  The Scheme Actuary has estimated a funding level of 71.3% as at 31 March 2018.  The Actuary will be attending a Committee meeting during 2018 as part of the planning for the 2019 triennial valuation.

     

    The Government Actuary’s Department reviewed the Fund’s 2016 triennial valuation report and issued a one page report considering compliance with Regulations.  They noted that the Scheme’s funding level is low compared to other LGPS but that the plan to achieve full funding is credible.   Concerns with the quality of data provided to the Scheme Actuary were mentioned at a meeting with Barnet officers.

     

    Having considered the report:

    That the Pension Fund Committee note the funding update and the GAD

    scorecard.

     

13.

London Borough of Barnet Pension Fund – Annual Report pdf icon PDF 265 KB

14.

Review of Strategic Asset Allocations pdf icon PDF 249 KB

    Additional documents:

    Minutes:

    The Hymans Robertson advisor Matt Woodman introduced the report. The current investment strategy retained an acceptable probability of achieving the Committee’s objective of full funding.  Modelling indicated that tweaking the strategy to include property improved the likely outcomes.

     

    Having consider the report the Committee:

    -       The Committee noted the report including the exempted information provided and requested that proposals to include property in the investment strategy be discussed at the next meeting.

     

15.

Barnet Council Pension Fund - Performance for the Quarter to 31 March 2018 pdf icon PDF 255 KB

16.

Any item(s) that the Chairman decides is urgent

    Minutes:

    There were no urgent items.