Agenda and draft minutes

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

Note: The council’s audio minutes recording facility for committee meetings is currently available. We apologies for this and are working to resolve this as soon as possible. Residents can still attend meetings in person. 

Items
No. Item

1.

Minutes pdf icon PDF 354 KB

    Minutes:

    Resolved that the minutes of the meeting of the Pension Fund Committee held on 4th May 2021 be approved as a correct record.

2.

Absence of Members

    Minutes:

    Apologies for absence were received from Councillor Finn and Councillor Simberg. Councillor Melvin Cohen attended as a substitute.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Mark Shooter and Councillor Melvin Cohen declared an interest by virtue of them both being members of the Barnet Pension Fund. Councillor Shooter and Councillor Cohen took part in the consideration and voting process in all listed agenda items.

     

    All Councillors declared an interest by virtue that they have shareholdings in companies that the fund Pad 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.

Administration Report pdf icon PDF 426 KB

    Additional documents:

    Minutes:

    The Committee considered the report that provided the Pension Fund Committee with an update on the current performance in relation to the administration of the Barnet Pension Fund by West Yorkshire Pension Fund, along with other issues affecting the administration.

     

    Having considered the report, the Committee:

     

    Resolved to note the report.

     

     

     

8.

Approval of Contribution Policies pdf icon PDF 352 KB

    Additional documents:

    Minutes:

    The Head of Pensions introduced the report and in doing so he outlined the three policies that have been prepared in response to changes in LGPS Regulations.  The Committee noted that there had been an error within appendix A of the report and as a result the committee noted that an update to this had been circulated.

     

    During the consideration the committee agreed to make an amendment to the resolution. Having considered the report, the Committee:

     

    Resolved that, subject to the results of the consultation being reported back to the Pension Fund Committee with any recommendations, the report be approved.

     

9.

Admitted Body and Bond status pdf icon PDF 240 KB

10.

Annual Performance Report pdf icon PDF 316 KB

11.

External Auditor’s Timetable for the year 202021 pdf icon PDF 410 KB

    Minutes:

    The Committee received the report and noted that the audit timeline was likely to be delayed.

     

    Having considered the report, the Committee:

     

    Resolved to note the report and the projected audit timetable for the 2020/21 financial statements.

     

     

12.

Pension Fund Investment Performance pdf icon PDF 658 KB

13.

LCIV Pooling Update pdf icon PDF 531 KB

    Additional documents:

    Minutes:

    The Head of Pension introduced the report and provide a summary of the report.

     

    Having considered the report, the Committee:

     

    Resolved to

     

    1.    Note the projection for pooled investments (appendix 1);

    2.    Agree to Hymans Robertson reviewing the impact on the Pension Fund of pooling most or all of the credit mandates,

    3.    Agree to attend a LCIV London Fund training session.   

    4.    Agree that a representative of LCIV provides an update to the next meeting.

     

     

14.

Scheme Expenses pdf icon PDF 530 KB

    Additional documents:

    Minutes:

    The Head of Pensions introduced the report. Members were requested to consider the Fund costs in the year to 31 March 2021 in comparison to the previous year. 

     

    During the consideration of the report the Pension Fund Committee moved into exempt session to discuss the exempt information contained within the report.

     

    Having considered the report, the Committee:

     

    Resolved

     

    1.    To note the report

    2.    To note the exempt information within the report.

     

15.

Committee work programme pdf icon PDF 360 KB

    Minutes:

    Members noted that the incorrect work programme had been published and circulated. Officers apologised for this error and noted that the correct work programme would be circulated.

     

    Resolved that the correct work programme be circulated to the committee.

     

     

16.

Investment Strategy and Manager Appointments - Exempt

17.

Chairman's Urgent Item pdf icon PDF 405 KB

    • View the background to item 17.

    Additional documents:

    Minutes:

    The Head of Pensions introduced the Internal report – Pensions Administration Governance Transition. He thanked Members for accepting the report late, as an urgent item, he felt it was important for Members to have the opportunity to discuss progress on implementation of the recommendations before October.

     

    Having considered the report, the Committee

     

    Resolved that the Pension Fund Committee note the report.