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: 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 77 KB

    Minutes:

    Resolved:

    - That the minutes of the meeting held on 26 March 2019 were approved as an accurate record

     

2.

Absence of Members

    Minutes:

    None.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Mark Shooter, Councillor Anthony Finn and Councillor John Marshal 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.

     

    Councillor Alison Moore and Councillor Danny Rich declared a non pecuniary Interest by virtue that they have shareholdings in companies that the fund had

    invested in.

     

    Councillor Peter Zinkin declared a pecuniary interest in relation to item 7 as he stated that he had investments managed by Aberdeen Standard   Councillor Peter Zinkin withdrew from the meeting for the duration of the item and therefore did not take part in the consideration or voting process.

     

4.

Public Question and Comments (if any) pdf icon PDF 44 KB

    Minutes:

    The Pension Fund Committee noted the submission of a Public Question from Mr John Dix.

     

5.

Report of the Monitoring Officer (if any)

    Minutes:

    None.

6.

Members' Items (if any)

    Minutes:

    None.

7.

Investment Strategy Update pdf icon PDF 260 KB

    Minutes:

    Mr George Bruce, Head of Treasury and Pensions introduced the report. He outlined an update on implementation of decisions made by the Committee which contains proposals on property, emerging market equities and private equity.  In doing so he was supported by Nick Jellema from Hymans Robertson who spoke in relation to the item.

     

    The Pension Fund Committee noted that a Private Equity selection day had been arranged on 25 June 2019.  Mr Bruce noted that following this a report will be submitted to the next Committee meeting seeking approval to appoint the preferred manager.

     

    Having considered the report the Committee:

     

    Resolved:

    1.    To purchase £27 million of holdings in the Aberdeen Standard Long Lease Property Fund from an existing investor.

    2.    To defer investment in the LCIV Emerging Markets Equity Fund until the new management arrangements are considered.

    3.    To invest £30 million with Partners Group MAC 2019 Fund.

    4.    To delegate authority to the Finance Director to take actions to implement recommendations 1&3.

     

8.

Pension Fund Costs and Expenses pdf icon PDF 257 KB

    Appendices 1 and 2 can be found in the exempt part of this agenda.

    Minutes:

    Mr George Bruce, Head of Treasury and Pensions  introduced the report

     

    Resolved:

    (1)  That the Committee noted the scheme costs in the year to 31 March 2019.

     

9.

Admission Agreement and Bonds pdf icon PDF 246 KB

    Minutes:

    Mr George Bruce, Head of Treasury and Pensions introduced the report

     

     

    Resolved:

    That the Committee noted the progress on outstanding admitted body and bond agreements, including bond renewals and cessation calculations.

     

10.

Data Quality pdf icon PDF 242 KB

    Additional documents:

    Minutes:

    Mr George Bruce, Head of Treasury and Pensions introduced the report.   He reminded Members of the last meeting when Hymans Robertson presented findings on the quality of membership data.  He said the data was needed for the 2019 triennial valuation however previous results had highlighted a significant number of critical errors.  Mrs Darr, Director for Finance said that the Council have been working with Capita to ensure that the number of critical errors are reduced and fit for purpose for the upcoming triennial valuation.  She added that the number of significant errors had reduced by 90%.

     

    The Pension Fund Committee Members noted that there had been some improvements however Members remained concerned.   It was noted that Councillor Zinkin had recently attend Capita’s Darlington Offices with Council Officers.   

     

    Resolved:

    The Pension Fund Committee note the content of the Data Cleanse Summary (Appendix A).

     

11.

Update from the Regulator

    A verbal update will be given at the meeting.

    Minutes:

    Mrs Anisa Darr, Director of Finance gave a verbal update on in relation to the Pensions Regulator.

     

    Resolved:

    That the update was noted by Pension Fund Committee

    That the Pension Fund Committee requested that a written report be submitted to the next meeting

     

12.

Motion to Exclude Press and Public

    Minutes:

    The Chairman moved a motion to exclude press and public.

13.

Barnet Council Pension Fund - Performance for the Quarter to 31 March 2019 (EXEMPT)

    Additional documents:

    Minutes:

    Mr Yoel Deal and Mr Nick Jellema from Hymans Robertson introduced the report and therefore gave an overview of the quarter.

     

    Resolved:

    -       The Committee note the performance of the Pension Fund for the quarter to 31 March 2019.

    -       That the Committee noted the exempt information

     

14.

Pension Fund Costs and Expenses - Exempt Appendices 1 and 2 (EXEMPT)

    Additional documents:

    Minutes:

    Mr George Bruce, Head of Treasury and Pensions introduced the report he said that the report summarised the Pension Fund costs in the year to 31 March 2019, with a comparison to the previous year.   

     

     

    Resolved:

    That the Committee note the scheme costs in the year to 31 March 2019.

15.

Any item(s) that the Chairman decides is urgent

    Minutes:

    The Chairman note that the Committee Work Programme had been tabled.  He invited Members to review this and make comment.

     

    Resolved:

    -       That it was noted that a report on the Pension Regulator be added to the Work Programme.

    -       That the Pension Fund Committee noted the Work Programme