Agenda and draft minutes

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

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

Items
No. Item

1.

Minutes of last meeting pdf icon PDF 134 KB

    Minutes:

    Resolved: That the minutes of the meeting that took place on 10 February 2020, be approved.

     

2.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    None.

3.

Absence of Members

    Minutes:

    None. 

     

    The Chairman noted that Councillor Alison Moore was also in attendance and therefore welcomed to the meeting.  He stared that she was a Member of the Pension Fund Committee.

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.

Internal Auditor’s Planning Report for the year 201920 pdf icon PDF 419 KB

    Additional documents:

    Minutes:

    The Head of Finance for Pensions, Mr Bruce introduced the report.  He provided an overview of the report 

     

    Having considered the report, the Board:

     

    Resolved:

    That the Local Pension Board noted the Internal Audit report.

     

8.

Valuation and Funding Update pdf icon PDF 225 KB

    Minutes:

    The Head of Pensions, Mr Bruce introduced the report.   The paper considers the impact on the valuation of the pension fund assets of the Quarter 1, 2020 decline of stock markets and also the conclusion to the 2019 triennial valuation with reference to the setting of contribution rates for employers.

     

    During the discussion Board Members noted the new contribution rates that were introduced in April 2020.    Members therefore requested to be kept informed of this.     Board Members also noted the procurement process of the appointment on actuarial services and requested that Members be informed on the progress.

     

     

    Having considered the report, the Board:

     

    Resolved:

    That the Local Pension Board noted the update on the valuation and funding position of the pension fund.

     

9.

Decisions made by the Pension Fund Committee pdf icon PDF 191 KB

    Minutes:

    The Head of Finance for Pensions, Mr Bruce introduced the report.    He stated that the report outlined recent decisions by the Pension Fund Committee.

     

    Having considered the report, the Board:

     

    Resolved:

    That the Local Pension Board noted the procedures applied by the Pension Fund Committee when reaching decisions at recent meetings.  The outcome of these discussions is to be reported back to the Pension Fund Committee.

     

10.

External Auditor’s Planning Report for the year 201920 pdf icon PDF 410 KB

    Additional documents:

    Minutes:

    The Head of Finance for Pensions, Mr Bruce introduced the report.    He outlined that BDO are the Pension Fund’s appointed external auditors for the 2019/20 financial year.  Mr Bruce noted that in line with International Standard on Auditing 260 (ISA 260) the Pension Fund’s external auditors, BDO, should be provided with access to those charged with governance.

     

    Having considered the report, the Board:

     

    Resolved:

    That the Local Pension Board noted the audit strategy for the 2019/20 Report and Accounts.

     

11.

Pensions Administration Transition (PAT) Project update pdf icon PDF 167 KB

12.

Capita Remediation Plan and Pensions Regulator Update pdf icon PDF 169 KB

    Additional documents:

    Minutes:

    Mr Nigel Keogh, Strategic Pensions Consultant and Transition Project Director introduced the report.   He referred to the decision taken by the Council on 3 March 2020 to transfer the administration of the Barnet Pension Fund from Capita to the West Yorkshire Pension Fund (WYPF).   The Local Pension Board received the report and an update on the progress against the transition plan.

     

    Having considered the report, the Board:

     

    Resolved:

    The Local Pension Board noted the progress against the plan and noted the recent correspondence with The Pensions Regulator.

     

13.

Performance Report pdf icon PDF 320 KB

14.

Risk Register pdf icon PDF 460 KB

    Additional documents:

    Minutes:

    Mr Mark Fox, Pensions Manager introduced the report.  Members noted that this was now a standing agenda item for the Local Pension Board

     

    Having considered the report, the Board:

     

    Resolved:

    The Local Pension Board are noted the most recent risk register

     

15.

Committee Work programme pdf icon PDF 225 KB

    Minutes:

    The Local Pensions Board noted the work programme.  

     

     

16.

Any other item(s) the Chairman decides are urgent

    Minutes:

    None. 

     

    Before closing the meeting the Chairman gave thanks to Officers to arranging the meeting.