Proposed venue: Remote via Teams
Contact: Angela Guest
Note: This is an informal meeting
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Minutes: Apologies were received from Trevor Willington and Fiona Skene.
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MINUTES FROM THE PREVIOUS MEETING: 12 NOVEMBER 2020
Minutes: The minutes were noted by the Board with the amendment that Paul Bundy had given apologies and were to be agreed at the next formal public meeting.
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DECLARATIONS OF INTEREST
Minutes: There were none. |
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QUESTIONS AND PETITIONS
Minutes: There were none. |
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ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) TRAINING
Minutes: David Crum from Minerva, provided a training session to the Board on ESG and Fund specific work on Sustainable Development Goals (SDG).
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ACTION TRACKER AND FORWARD PLAN
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager Clare Chambers, Pensions Service Delivery Manager
Key points raised in the discussion:
Actions/further information to be provided:
A14/20 and A18/20 – To be marked as completed.
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ADMINISTRATION UPDATE
Minutes: Witnesses:
Clare Chambers, Pensions Service Delivery Manager Tom Lewis, Pensions Support and Development Manager Siva Sanmugarajah, Pensions Process Manager
Key points raised in the discussion:
Actions/further information to be provided:
None.
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ADMINISTRATION PERFORMANCE REPORT
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager
Key points raised in the discussion:
1. There continue to be very large numbers of new starters, despite the lock down, but there are very low volumes of local government/non-local government transfers-in in comparison. It was noted that the transfer process has been highlighted as the next area to address.
2. The performance indicators for the first stages of deaths and retirements, which are key priorities, leave room for improvement.
3. The Board considered the latest performance report and recognised that there was a need to confirm how far the team should chase responses from spouses/survivors of very old death cases and the criteria for closing a case at a managerial level if no response was forthcoming.
4. The Board noted and commented favourably on the communications calendar and the samples of communications and newsletters in the annexes.
Actions/further information to be provided:
None.
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RISK REGISTERS 2020/21 QUARTER 3
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager Ayaz Malik, Pensions Finance Specialist Clare Chambers, Pensions Service Delivery Manager Tom Lewis, Pensions Support and Development Manager
Key points raised in the discussion:
Actions/further information to be provided:
The risk register will be presented to the Pension Fund Committee for approval.
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COMMUNICATION POLICY
Minutes: Witnesses: Ayaz Malik, Pensions Finance Specialist Amanda Jupp, Pensions Engagement & Education Lead Clare Chambers, Pensions Service Delivery Manager Neil Mason, Strategic Finance Manager (Pensions)
Key points raised in the discussion:
1. The Pensions Finance Specialist introduced the Communication Policy to the Board and the Pensions Engagement & Education Lead went through the communication plan as in appendix 1 to the annex. 2. In relation to the communication plan there was some discussion around breaches. The Pensions Engagement & Education Lead explained that there may have been some lapses in quality due to the Covid outbreak. The Pensions Service Delivery Manager confirmed these shortcomings will be looked into. 3. The Board welcomed and approved the policy which was thorough and comprehensive.
Actions/further information to be provided:
To consider the position in relation to the breaches.
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COMPLIANCE WITH THE PENSIONS REGULATOR'S CODE OF PRACTICE NO. 14
Minutes: Witnesses: Ayaz Malik, Pensions Finance Specialist
Key points raised in the discussion:
1. The Pensions Finance Specialist introduced the report and reported the Fund is making good progress in most areas. He highlighted a limited number of areas for attention, which the Fund will prioritise. 2. One of the areas highlighted was for new Board members to complete The Pensions Regulator (tPR) Induction training. 3. There was some discussion around training and type of training members should attend. Members were encouraged to attend LGA training and to advise the Pensions Finance Specialist if they attend any online webinars so this could be logged into members training log. 4. Members enquired about Pensions Fundamentals training and were advised by the Pensions Finance Specialist dates and location will be shared once it is published by LGA. 5. It was also agreed that a discussion would take place outside of the meeting regarding what training was available to the Board.
Actions/further information to be provided:
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NATIONAL KNOWLEDGE ASSESSMENT (NKA) RESULTS AND TRAINING PLAN
Minutes: Witnesses: Ayaz Malik, Pensions Finance Specialist
Key points raised in the discussion:
1. The Pensions Finance Specialist outlined the results of the NKA which showed the Board and Committee had performed well in comparison to other Funds. The NKA had identified areas where Board members could benefit from additional training, with one being actuarial methods. The Pensions Finance Specialist advised the Board that the Fund is liaising with the actuary to organise a training session in June. The Board asked whether an update on MIFID II was required and would welcome a training session on the Fund’s own investment strategy. The training plan proposed was noted by the Board.
Actions/further information to be provided:
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RECENT DEVELOPMENTS IN THE LGPS
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager
Key points raised in the discussion:
The Pensions Governance and Employer Manager highlighted paragraphs 12 (new transfer factors), 14 to 16 (Guaranteed Minimum Pensions) and 18 (the 2021 Pensions Increase award).
Actions/further information to be provided:
None.
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REVIEW OF INTERNAL DISPUTE RESOLUTION CASES IN 2020/21 QUARTER 3
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager
Key points raised in the discussion:
Members noted the report.
Actions/further information to be provided:
None.
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EXCLUSION OF THE PUBLIC
Minutes: Resolved: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part 1 of Schedule 12A of the Act.
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SUMMARY OF THE PENSION FUND COMMITTEE MEETING OF 11 DECEMBER 2020
Minutes: Witnesses: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised in the discussion:
Actions/further information to be provided:
None.
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ANNUAL BENEFIT STATEMENTS - BREACH OF LAW REPORT QUARTER 3
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager Neil Mason, Strategic Finance Manager (Pensions)
Key points raised in the discussion:
The Pensions Governance and Employer Manager reported that annual benefit statement (ABS) performance had improved over the last two years and the Strategic Finance Manager (Pensions) explained the traffic light system used to judge whether a material breach had occurred.
The Board members present agreed that there was no material breach and , therefore, recommended to note but not report.
Actions/further information to be provided:
None.
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ACCOUNTING FOR TAX - BREACH OF LAW REPORT QUARTER 3
Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager
Key points raised in the discussion:
Actions/further information to be provided:
None.
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TURNAROUND BOARD UPDATE
Minutes: Witnesses: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised in the discussion:
The Strategic Finance Manager (Pensions) explained that the dates were now finalised for the London boroughs leaving the Orbis arrangements, and that the “Turnaround” was moving on to “Transformation”.
Actions/further information to be provided:
None.
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DATE OF THE NEXT MEETING
Minutes: It was noted the next meeting would be held on 27 May 2021. |