Agenda and draft minutes

Venue: Virtual Meeting

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

Link: Click here for the meeting

Items
No. Item

1.

Minutes pdf icon PDF 218 KB

    Minutes:

    That the Minutes of the meeting held on 13  February 2020 be approved.

     

2.

Absence of Members

    Minutes:

    None.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

    Minutes:

    Councillor Peter Zinkin declared a Non Pecuniary interest in regards to item 13.   He stared that his wife was a trustee of one of the listed schools and that his grandchildren attend another listed school.   He also made a further Non Pecuniary interests in that he was invested in funds managed by Aberdeen Standard.   Councillor Zinkin therefore took part in the consideration and voting process in all listed agenda items.

     

    Councillor Antony Finn made a Non Pecuniary and stared that he was a Member of the Barnet Pension Fund.  Councillor Finn therefore took part in the consideration and voting process in all listed agenda items.

     

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.

LCIV Update pdf icon PDF 524 KB

    Minutes:

    Mr George Bruce introduced the item and gave an overview of the report.   He informed Members that Ms Silvia Knott-Martin, Client Relations Manager for the London CIV was in attendance to provide an update for Members which she duly did.   Members of the Committee had the opportunity to raise questions.

     

    Having considered the report the Committee:

     

    Resolved:

    . That the Pension Fund Committee noted progress on pooling the fund’s investments with the London CIV.

     

8.

Responsible Investing pdf icon PDF 329 KB

    Additional documents:

    Minutes:

    The Committee considered the report which provided an update on issues relating to responsible investing (RI).   a survey of Committee and Board members had been undertaken to ascertain their views on the integration of RI issues into investment decisions. The responses from the survey were discussed and it was agreed that there should be increased emphasis on sustainability and pooling.

     

    The Committee requested that it be minuted that Members were very keen for actions to take place. 

     

    Having considered the report the Committee:

     

    Resolved:

     

    That the Pension Fund Committee reviewed the survey responses and invited Officers and Hymans to suggest ways to incorporate members beliefs into investment decision making.

     

9.

Pensions Administration Transition (PAT) Project update pdf icon PDF 162 KB

10.

Capita Remediation Plan and Pensions Regulator Update pdf icon PDF 165 KB

    Additional documents:

    Minutes:

    The report was introduced by the Councils Pensions Consultant Mr Nigel Keogh.   He gave an overview of the item for the Committee on progress against this remediation plan and on the on-going communications with The Pension Regulator.

     

    Councillor Alison Moore noted that the Fund was meeting some of the cost on the remediation works.  

     

    Having considered the report the Committee:

     

    Resolved:

     

    That the Pension Fund Committee noted the progress against the plan and the most recent correspondence with the Regulator.

     

11.

Administration Report pdf icon PDF 319 KB

    Minutes:

    The Committee considered the report that provided the Pension Fund Committee with an update on the current performance and the plans for the transfer of the administration service from Capita to West Yorkshire Pension Fund.

     

    The Chairman was grateful for the update and stated that the Committee took the administration of the Fund very seriously.

     

     

    Having considered the report the Committee:

     

    Resolved:

     

    The Pension Fund Committee are noted the current performance levels and the update on the work being undertaken prior to the transfer of administration services.

12.

Admitted Body and Bond Status Update pdf icon PDF 213 KB

13.

Apointment of actuarial services pdf icon PDF 252 KB

    Additional documents:

    Minutes:

    The Committee received the report that contained details on the supply of actuarial services to the Barnet Pension Fund expires on 31 December 2020.  The Councils Pensions Manager Mr Nigel Keogh sets out the plans for the re-procurement of the service.

     

    Councillor Peter Zinkin questioned the extent of the involvement of Committee Members in the procurement method, which was noted by Officers. 

     

    Having considered the report the Committee:

     

    Resolved:

    -          The Committee is asked to note the arrangements for the re-procurement of actuarial services.

    -          That Members be able to participate in the clarification interviews.

     

14.

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

    Additional documents:

    Minutes:

    The Committee received the report:

     

    Having Considered the report, the Committee:

     

    Resolved:

    That the Pension Fund Committee noted the audit strategy for the 2019/20 Report and Accounts and identify matters that the Committee wish to bring to the attention of the Auditor.

     

15.

Internal Audit Report – Pensions Follow up Review pdf icon PDF 418 KB

    Additional documents:

    Minutes:

    The Committee received the report:

     

    Having Considered the report, the Committee:

     

    Resolved:

    -       That the Pension Fund Committee noted the Internal Audit report.

     

     

16.

Pensions Fund Committee Work Programme pdf icon PDF 238 KB

    Minutes:

    Resolved:

    The Penson Fund Committee noted the Work Programme.

17.

Motion to Exclude Press and Public

    Minutes:

    The Chairman moved a motion to enter into an exempt session in order for the Committee to consider exempt information.  This was agreed by the Committee.    The Chairman therefore noted that the virtual public meeting be ended, and the remaining business be conducted in a part 2 session.

18.

Pension Fund Costs and Expenses pdf icon PDF 607 KB

    Additional documents:

    Minutes:

    Mr George Bruce introduced the report.   In doing so he noted a typo in with the report.   He stared that the item summarised the Pension Fund costs in the year to 31 March 2020, with a comparison to the previous year.

     

    Having considered the report the Committee:

     

    Resolved:

    (1)  That the Committee noted the scheme costs in the year to 31 March 2020.

    (2)  That the exempt information be noted

     

19.

Quarterly Investment Performance pdf icon PDF 643 KB

20.

Any item(s) that the Chairman decides is urgent