Agenda and draft minutes

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

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

Note: Two paper copies of the agenda only will be available at the meeting for members of the public. Attendees are requested to view the agenda online and if needed, to print any specific agenda report(s). 

Items
No. Item

1.

Minutes pdf icon PDF 280 KB

    Minutes:

    That the Minutes of the meeting held on 21 November 2019 be approved.

2.

Absence of Members

    Minutes:

    An apology of absence was received from Councillor Anne Hutton.   Councillor Ross Houston was in attendee as a substitute Member.

     

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor John Marshall declared a non-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) pdf icon PDF 410 KB

    Minutes:

    Details of the questions asked and the answers provided were published and circulated at the meeting.

     

5.

Report of the Monitoring Officer (if any)

    Minutes:

    None.

6.

Members' Items (if any)

    Minutes:

    None.

7.

Local Pension Board Update pdf icon PDF 416 KB

    Additional documents:

    Minutes:

     

    The Committee considered the report which provided an update on the work of the Local Pension Board, its Terms of reference and Forward work plan. It also sets out an annual update of the Local Pension Board and seeks approval of the Local Pension Board budget.

     

    RESOLVED – That the Committee

     

    1.     Note the update on the work of the Local Pension Board as document within Appendix A.

    2.     Note Appendix B Local Pension Board Terms of Reference and Appendix C the Local Pension Board’s Forward Work Plan.    

    3.     Note that the report shall be reported to the next meeting of Full Council as described in reporting guidelines set out in the terms of reference of the Local Pension Board.

    4.     That the Pension Fund approve the Local Pension’s Board annual budget as set out at 5.2 of this report.

     

8.

Admitted Body and Bond Status Update pdf icon PDF 181 KB

    Minutes:

    The committee considered the report which provided a status update on the outstanding admitted body and bond agreements, as well as bond renewals and cessation calculations, that need arranging.

    The report further updates the committee on outstanding work in relation to admissions, cessations and bond renewals. Members were informed that progress had been slower than expected due the resources at both Capita and Hymans, who had been focusing on the data for the 2019 valuation, along with some employers, to progress their actions. This work however had started to progress the outstanding items within the next

     

    RESOLVED - That the Pension Fund Committee note the progress on outstanding admitted body and bond agreements, including bond renewals and cessation calculations. 

9.

Strategy Update pdf icon PDF 335 KB

    Minutes:

    The Committee considered the report which provided an update on the implementation of decisions made by the Committee and contains a recommendation in respect of the timing of the next strategy review.

     

    RESOLVED – That;

     

    1.     The Committee note the progress on implementing the outcomes of the previous investment strategy review.

    2.     Consideration is given to delaying a further strategy review until after concluding on the appointment / re-appointment of the investment advisor.

10.

Barnet Council Pension Fund - Performance for the Quarter to 31 December 2019 pdf icon PDF 652 KB

    Additional documents:

    Minutes:

    The Committee considered the report which summarised the Pension Fund investment managers’ activity during the three months to 31 December 2019 together with fund manager performance in the quarter.

     

    RESOLVED - That the Pension Fund Committee note the performance of the Pension Fund for the quarter to 31 December 2019.

11.

Risk Management Review pdf icon PDF 465 KB

    Additional documents:

    Minutes:

    The Committee considered the Pensions Funds risk register which detailed the risks associated with the management of the scheme, including current assessment and planned actions and targets. The revised risk register is attached at appendix A of the main report

     

    The report informed the Committee of how investment and funding risks are looked at in monetary terms e.g. changes in fund value or increases in required contribution from employers.  Administration risks are measured against impact on scheme members, breaches of regulations and reputational risk.  The format for administration risk is based on a Capita layout and would be altered for future to fit with the Barnet standard.

     

    RESOLVED - The Pension Fund Committee reviewed the risks identified and considered if additional mitigating actions were required.

     

12.

Training Policy and Knowledge Understanding and Skills pdf icon PDF 476 KB

    Additional documents:

    Minutes:

    To Committee considered the adequacy of the training provided to the Committee and future training plans.

     

    RESOLVED – That the Committee noted the report and complete Training Questionnaire as highlight in appendix A in order for training plans can be developed for 2020 and 2021.

13.

2019 Triennial Valuation Update and Funding Strategy Statement pdf icon PDF 204 KB

14.

Pensions Fund Committee Work Programme pdf icon PDF 237 KB

    Minutes:

    RESOLVED – That the Committee noted the work programme

15.

Any item(s) that the Chairman decides is urgent

    Minutes:

    The Chairman informed the Committee that the Policy and Resource Committee at their meeting on 19 February would be considering a report on Pension Fund Administration. Detailed would be the measures put in place to enable alternative service provision arrangements for the pensions administration service.

16.

Motion to Exclude the Press and Public

    Minutes:

    That under Section 100A (4) of the Local Government Act 1972 the public be excluded from the meeting for the following item of business on the grounds that it involves the disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act (as amended) – Information relating to the financial or business affairs of any particular person or body (including the authority holding that information).

17.

2019 Triennial Valuation Update and Funding Strategy Statement

    Minutes:

    RESOLVED that the Committee note the information set out in the exempt report

18.

Any other exempt item(s) the Chairman decides are urgent

    Minutes:

    None.