Agenda and minutes
PDF 305 KBVenue: Remote via Microsoft Teams
Contact: Angela Guest
Media
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Additional documents: Minutes: Apologies were received from David Stewart, Paul Bundy and Graham Ellwood.
The Chairman announced that John Orrick, a previous vice chairman, had died and a minute silence was held.
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MINUTES FROM THE PREVIOUS MEETINGS
To agree the minutes as a true record of the meeting. Additional documents: Minutes: The minutes of the meeting held on 13 February and the notes of the informal meeting held on 31 July were agreed as accurate records. |
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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
Due to the Covid-19 pandemic all questions and petitions received will be responded to in writing and will be contained within the minutes of the meeting.
To receive any questions or petitions.
Notes:
1. The deadline for Member’s questions is 12.00pm four working days before the meeting (6 November 2020). 2. The deadline for public questions is seven days before the meeting (6 November 2020) 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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The Board is asked to review its action tracker.
Additional documents: Minutes: Witnesses: Neil Mason, Strategic Finance Manager (Pensions Clare Chambers, Pensions Service Delivery Manager
Key points raised during the discussion: 1. A4/20 - The Chairman stated that things had moved on with responsible investments and ESG and it would be relevant to have some training for the Board around working with Minerva. The Strategic Finance Manager reported that there would be a training session at the start of the next meeting to cover that. 2. A1/20 - At the request of the Board the Pensions Service Delivery Manager gave an update on this item. She reported that members with frozen refund payments had been contacted. One third had so far responded and the team were undertaking repayments. She further explained how the team were trying to track members and that if they could not access them within five years of their leaving then a breach of law would have to be declared, unless they were settled into an escrow account.
Actions/ further information to be provided: That there be some Board training at the next meeting with regard to working with Minerva and responsible investments.
Recommendations:
The Board reviewed and noted its action tracker.
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The Board is asked to review its forward plan. Additional documents: Minutes: Witnesses: Mr Nick Harrison, Chairman
Key points raised during the discussion: 1. The Chairman ran through the changes to the forward plan and noted the reinstatement of the standing items on IDRP cases and breach of law update. A Member requested that an update on the Turnaround Board be on each agenda.
Actions/ further information to be provided: That the Turnaround Board be added as a standing item.
Recommendations:
The Board reviewed and noted its forward plan.
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SUMMARY OF THE PENSION FUND COMMITTEE MEETING OF 11 SEPTEMBER 2020
The Board is asked to note the content of this report.
Additional documents: Minutes: Witnesses: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: 1. The Strategic Finance Manager (Pensions) introduced the summary of the Pension Fund Committee held on 11 September 2020. He highlighted the sections on: · Investment core beliefs and the United Nation’s Sustainable Development Goals (UN SDGs) and that a Member workshop had been held. Minerva were to produce a report on the back of that to go to the December Committee. · That the Fund was working toward a less carbon intensive allocation. · Update on the property portfolio.
2. The Board discussed allocations and the transition of the property portfolio to Border to Coast. The Chairman requested a table of information on future transition plans be put together for the next Board meeting.
Actions/ further information to be provided: That a table of information on allocations and transitions to Border to Coast be included in the report for the next Board meeting.
Recommendations:
The Board noted the report.
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ADMINISTRATION UPDATE
The Board is asked to note the content of this report and make recommendations if any further action is required.
Additional documents: Minutes: Witnesses: Tom Lewis, Pensions Support and Development Manager Clare Chambers, Pensions Service Delivery Manager Collette Hollands, Senior Pensions Programme Manager
Key points raised during the discussion: 2. The Board heard how individual work processes were changing and being streamlined, and the benefits this would bring to improve performance. There was a lot of project work happening and the team were fully engaged. The timetable for Annual Benefit Statements had been met. Audit risks were being mitigated. Annual address tracing was to be introduced The Chairman praised the team for the work they were doing and noted that the full audit was due in quarter 4, 2021 which he hoped would reflect the good progress made.
Actions/ further information to be provided: None. Recommendations:
The Board noted the report.
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ADMINISTRATION PERFORMANCE REPORT
The Board is asked to note the content of this report and make recommendations to the Pension Fund Committee if appropriate.
Additional documents: Minutes: Witnesses: John Smith, Pension Governance and Employer Manager Clare Chambers, Pensions Service Delivery Manager Collette Hollands, Senior Pensions Programme Manager Neil Mason, Strategic Finance Manager (Pensions) Ayaz Malik, Pensions Finance Specialist
Key points raised during the discussion:
Actions/ further information to be provided: That a column be added to the KPI table to show longstanding outstanding cases to provide a focus on the backlog.
Recommendations:
The Board noted the report.
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RISK REGISTERS 2020/21
The Board is asked to note the content of this report and the Fund Risk Register (shown as Annex 1) and Administration Risk Register (shown as Annex 2) and make recommendations to the Pension Fund Committee if required.
Additional documents: Minutes: Witnesses: Ayaz Malik, Pensions Finance Specialist
Key points raised during the discussion:
Actions/ further information to be provided: None.
Recommendations:
The Board noted the Risk Registers.
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McCLOUD AND EXIT CAP
The Board is asked to note the content of this report and make recommendations to the Pension Fund Committee if appropriate.
Additional documents: Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion:
Actions/ further information to be provided: None.
Recommendations:
It was resolved that the Board’s concerns be expressed to the Pension Fund Committee and RECOMMENDED that further representations be made by the Committee.
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RECENT DEVELOPMENTS IN THE LGPS
The Board is asked to note the content of this report and make recommendations to the Pension Fund Committee if appropriate.
Additional documents: Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager
Key points raised during the discussion: The Chairman brought paragraph eight of the submitted report to the Board’s attention. This covered the Pensions Ombudsman making awards due to delays in paying a transfer.
Actions/ further information to be provided: None.
Recommendations:
The Board noted the report.
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Review of Internal Dispute Resolution cases in 2020/21
The Board is asked to note the content of this report and make recommendations to the Pension Fund Committee if appropriate. Additional documents: Minutes: Witnesses: John Smith, Pensions Governance and Employer Manager
Key points raised during the discussion: There were no comments made on the report.
Actions/ further information to be provided: None.
Recommendations:
The Board noted the report.
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To note the Annual report and financial statements set out in Annex 1. Additional documents: Minutes: Witnesses: Ayaz Malik, Pensions Finance Specialist
Key points raised during the discussion: There were no comments made on the report.
Actions/ further information to be provided: None.
Recommendations:
The Board noted the report.
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COMMUNICATIONS UPDATE
The Board are asked to note the Autum 2020 newsletters to members. Additional documents: Minutes: Witnesses: Ayaz Malik, Pensions Finance Specialist Neil Mason, Strategic Finance Manager (Pensions) Clare Chambers, Pensions Service Delivery Manager
Key points raised during the discussion:
Actions/ further information to be provided: That an annual communications plan is prepared and newsletters are shared with the Board before they get published.
Recommendations: The Board noted the report.
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EXCLUSION OF THE PUBLIC
Additional documents: 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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Turnaround Board Update
The Board is asked to note the content of this report and make recommendations to the Pension Fund Committee if appropriate.
Minutes: Witnesses: Neil Mason, Strategic Finance Manager (Pensions) Anna D’Alessandro, Director for Corporate Finance
Key points raised during the discussion:
Actions/ further information to be provided: None.
Recommendations:
The Board noted the report.
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DATE OF THE NEXT MEETING
The next meeting will be held on 11 February 2021.
Additional documents: Minutes: The next meeting was scheduled for 11 February 2021. |