Issue - meetings

The report provides an update on the operations of the Surrey Local Pension Board and a recommendation for the Pension Fund Committee to approve amendments to the terms of reference of the Surrey Local Pension Board.

Declarations of interest:

None.

Key points raised during the discussion:

1.    The Senior Advisor (Pension Fund) introduced the report.  He informed the committee that legal advice had just come in stating that there is no impediment to the Chairman of the Local Pension Board having a casting vote.   Therefore, for consistency with the rest of the council’s committees, it was recommended and agreed that the following should be added to paragraph 4.1.2 of the Terms of Reference:

“If consensus is not reached, the Chairman to have a second or casting vote”.

2.    The Chairman suggested that the Local Pension Board minutes should include a list of those in attendance throughout the meeting (Recommendation tracker ref: A13/15).

3.    The Vice-Chairman of the Local Pension Board was invited to speak and he stressed the steep learning curve and requested that joint training sessions be arranged for the future.  He also informed the committee that he hoped to have more members of the Board observing committee meetings in future.  The Chairman suggested that training sessions be held on separate days to the committee meetings in future but stressed that this should not result in decreased attendance at training. It was suggested that members of the committee could discuss the strategic approach to investment during these separate sessions.

Actions/Further information to be provided:

Local Pension Board minutes to include a list of those in attendance throughout the meeting.

Resolved:

That the Surrey Pension Fund Committee:

1.    Notes the report; and

2.    Approves amendments to the terms of reference of the Local Pension Fund Scheme, including the addition reported above.

Next steps:
None.

The report explains the implemented changes to the governance of the Local Government Pension Scheme (LGPS) as a result of the Public Service Pensions Act 2013 and Regulations issued on 28 January 2015. The key requirement is for a proposed new Local Pension Board to assist the Administering Authority in the running of the Pension Fund, and to monitor compliance with rules and standards. The Council’s Constitution was amended on 17 March 2015, following a report to full Council. This report provides an update on progress achieved.

Declarations of interest:

None.

Key points raised during the discussion:

1.    The Strategic Finance Manager (Pension Fund and Treasury) introduced the report and confirmed that the Local Pension Board had been created at full Council on 17 March 2015.

2.    The Strategic Finance Manager (Pension Fund and Treasury) explained that he would continue providing primary support to the Surrey Pension Fund Board while the Senior Advisor (Pension Fund) would provide primary support to the Local Pension Board. 

3.    It was clarified that appointments of the Borough/District representatives on Surrey Pension Fund Board would continue to be made through the Surrey Leaders’ Group.  For the Local Pension Board, all employer bodies would put nominations through to the Appointment Panel.  All employer bodies had been sent notification of this process.

Actions/Further information to be provided:

None.

Resolved:

The report was NOTED.

Next steps:

None.