Agenda and minutes

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

Items
No. Item

1.

Minutes of last meeting pdf icon PDF 258 KB

    Minutes:

    Resolved:

    That the minutes of the meeting that took place on 04 February 2021, be approved.

     

2.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    None.

3.

Absence of Members

    Minutes:

    None.

     

    The Chairman noted that Board Member Mrs Rebecca Doctors has resigned.  He therefore thanked Mrs Doctors for her attendance and contributions at meetings.   The Chairman also noted that Officers were in the process of recruiting to the current vacancy.

     

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.

Actuarial valuation update pdf icon PDF 280 KB

    Additional documents:

    Minutes:

    The Head of Finance for Pensions, Mr Bruce introduced the report. He provided an overview of thefunding position of the pension scheme and rate of contributions paid by employers noting that these are assessed every three years by the Scheme Actuary.

     

    Members of the Local Pension Board had the opportunity to consider the report and ask questions.

     

     

    Having considered the report, the Local Pension Board:

     

    Resolved:

    That the Local Pension Board note the Government Actuary’s Department report on the 2019 triennial valuation.

     

8.

Administration Performance Report pdf icon PDF 409 KB

    Additional documents:

    Minutes:

    Mr Mark Fox, Pensions Manager introduced the report.   He highlighted the West Yorkshire Pension Fund pensions administration performance report relating to May 2021, along with an update on the data remediation plan and the production of the 2021 Annual Benefit Statements.  He also outlined the poor performance of Prudential and the steps the Council were taking to monitor and oversee the necessary corrections.

     

    During the consideration of the item Mr Hem Savla suggested that Board members receive an update on the performance of the Prudential due to their poor performance.

     

    Mr Rida requested that Officers check that the contact details for West Yorkshire Pension Fund are included in the pensions section on employment contracts to ensure they are accurate.

     

    Having considered the report, the Local Pension Board:

     

    Resolved:

     

    The Local Pension Board are requested to noted West Yorkshire Pension Fund’s performance levels, along with the actions being taken to correct the Fund data issues and the update on the issuing of 2021 Annual Benefit Statements.

     

9.

Review of Administration Strategy, IDRP and Breaches Policy pdf icon PDF 324 KB

10.

LPB External Audit Plan pdf icon PDF 494 KB

    Additional documents:

    Minutes:

    The Head of Finance for Pensions, Mr Bruce introduced the report.   He noted that BDO were unfortunately unable to attend the meeting.   He presented the report and requested that Board Members give consideration to the report and the Officer recommendation. 

     

     

    Members of the Local Pension Board had the opportunity to consider the report and ask questions.

     

    Having considered the report, the Local Pension Board:

     

     

    Resolved:

     

    That the Local Pension Board noted the audit strategy for the 2020/21

     

11.

Decisions made by the Pension Fund Committee pdf icon PDF 538 KB

    Minutes:

    The Head of Finance for Pensions, Mr Bruce introduced the report. He provided an overview of the report. Mr Bruce noted the items and the decisions that the Pension Fund Committee had considered at its last 3 meetings.

     

    The Chairman confirmed that he had briefed the Chairman of the Pension Fund Committee following the Board’s last meeting. 

     

    Having considered the report, the Local Pension Board:

     

    Resolved:

    That the Local Pension Board noted the procedures applied by the Pension Fund Committee when reaching decisions at recent meetings and considered any issues associated with those procedures and decisions.

     

12.

Pensions Administration Risk Register pdf icon PDF 490 KB

    Additional documents:

    Minutes:

    Mr Mark Fox, Pensions Manager introduced the report and gave a full overview of the Risk Register. He highlighted the detail in the report’s appendices and requested that Members give consideration to it.

     

    Having considered the report the Local Pension Board:

     

    Resolved:

    That the Local Pension Board noted the risk registers.

     

13.

The Pensions Regulator (TPR) Code of Practice 14 (COP14) Compliance Report pdf icon PDF 166 KB

14.

Training Policy pdf icon PDF 315 KB

15.

Local Pensions Board Work Programme_ June 2021 pdf icon PDF 226 KB

    Minutes:

    Resolved:

     

    That the Local Pensions Board noted the work programme.

     

     

16.

Any other item(s) the Chairman decides are urgent

    Minutes:

    None.