Venue: remote
Contact: Angela Guest
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Additional documents: Minutes: There was an apology from Fiona Skene. An apology for lateness was received from Trevor Willington who arrived at 10.12am.
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MINUTES FROM THE PREVIOUS MEETING: PDF 344 KB
To agree the minutes as a true record of the meeting. Additional documents: Minutes: The minutes were agreed as an accurate record of the meeting. |
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DECLARATIONS OF INTEREST
To receive any declarations of disclosable pecuniary interests from Members in respect of any item to be considered at the meeting.
Notes: · In line with the Relevant Authorities (Disclosable Pecuniary Interests) Regulations 2012, declarations may relate to the interest of the member, or the member’s spouse or civil partner, or a person with whom the member is living as husband or wife, or a person with whom the member is living as if they were civil partners and the member is aware they have the interest. · Members need only disclose interests not currently listed on the Register of Disclosable Pecuniary Interests. · Members must notify the Monitoring Officer of any interests disclosed at the meeting so they may be added to the Register. · Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest.
Additional documents: Minutes: There were none.
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QUESTIONS AND PETITIONS
To receive any questions or petitions.
Notes:
1. The deadline for Member’s questions is 12.00pm four working days before the meeting (14/02/22). 2. The deadline for public questions is seven days before the meeting (11/02/22) 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received. Additional documents: Minutes: There were none. |
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FORWARD PLAN AND ACTION TRACKER PDF 105 KB
The Board is asked to review its forward plan and action tracker.
Additional documents: Minutes: There was a typographical error on the listing for May on the Forward Plan: Valuation Update was listed twice and one of these should read Turnaround Programme Update.
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SUMMARY OF THE PENSION FUND COMMITTEE MEETING OF 10 DECEMBER 2021 PDF 236 KB
The Board is asked to note the content of this report. Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Nick Harrison, Chairman of Surrey Pension Fund Committee
Key points raised during the discussion: · that the suggested changes to the risk register were approved by the Committee. · In relation to paragraphs 8-11 of the submitted report the sub committee had its second meeting to discuss the Responsible Investment Policy draft. Both this and the Task Force Climate Disclosures paper would be discussed by the main Committee in March and would be presented to the Board for comments. · In relation to paragraph 20 of the submitted report, the Fund’s value as at 30 September 2021 was above £5bn now making the funding level 110%. · In relation to paragraph 22 of the submitted report the transition of the Diversified Growth Fund was now completed and was now in the Border to Coast listed alternatives.
Actions/ further information to be provided: None.
Recommendations: That the report be noted.
Trevor Willington arrived during the discussion on this item.
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RISK REGISTERS 2021/22 QUARTER 3 PDF 233 KB
The Board is asked to note the content of this report and annexes and make recommendations to the Pension Fund Committee if appropriate.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Collette Hollands, Head of Service Delivery
Key points raised during the discussion:
Actions/ further information to be provided:
Recommendations:
That the Fund Risk Register and the Administration Risk Register be noted and noted that the register was in transition.
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ADMINISTRATION PERFORMANCE REPORT AND UPDATE PDF 283 KB
The Board is asked to note the content of this report and annexes and make recommendations to the Pension Fund Committee if appropriate.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Colette Hollands, Head of Service Delivery Clare Chambers, Pensions Service Delivery Manager
Key points raised during the discussion: 1. The Assistant Director - LGPS Senior Officer explained that a combined set of key performance indicators would be brought forward, and proposals brought to the Board. These would cover the new service teams Investment & Stewardship, Accounting & Governance and Service Delivery. The Head of Service Delivery highlighted annex 2 to the submitted report which showed trends in performance comparing this quarter to the same quarter last year. 2. There was some discussion around the amount of work and improvements made. The Pensions Service Delivery Manager explained improvements made in clearing the backlog. 3. The Board were informed that this was the last meeting for the Pensions Service Delivery Manager who was leaving the Council.
Actions/ further information to be provided: None.
Recommendations: 1. That the report be noted. 2. That the Board wished the Pensions Service Delivery Manager best of luck for her new position and thanked her for work undertaken for Surrey.
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TURNAROUND PROGRAMME UPDATE PDF 270 KB
The Board is asked to note the content of this report and make recommendations to the Pension Fund Committee if appropriate.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer
Key points raised during the discussion:
Actions/ further information to be provided: That a copy of the new structure slide be sent to Board Members.
Recommendations:
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PROGRESS OF 2021/22 INTERNAL AUDIT PLAN PDF 333 KB
The Board is asked to note the content of this report.
Additional documents: Minutes: Speakers: Neil Mason, Assistant Director - LGPS Senior Officer Elaine Laycock, Principal auditor Tom Lewis, Pensions Support & Development Manager Colette Hollands, Head of Service Delivery
Key points raised during the discussion:
Actions/ further information to be provided: None.
Recommendations: That the report be noted.
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DATE OF THE NEXT MEETING
To note the next meeting will be held on 27 May 2022. Additional documents: Minutes: The Board noted that the next meeting would be held on 27 May 2022.
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