Agenda and minutes

1.1  Apologies for absence were submitted on behalf of Councillor Chapman.

2.1  There were no declarations of interest.

3.1  The minutes of the meeting held on 2^nd December were agreed as correct record.

4.1  Rachel Cowburn introduced the report on the work undertaken by the Pensions Committee at its meetings in the period from September 2016 to march 2017 and to note items that are relevant to the work of the Pensions Board.  Henry Colthurst told the Sub-Committee that he sympathised with the reduction in carbon but was not supportive of the policy. 

5.3 The Chair asked if there were sufficient resources available for this work and Michael Honeysett confirmed that additional resources had been identified for this. The chair went on to ask that the Board receive monthly updates on progress on …

RESOLVED:

To note the implementation update and actions taken to secure adequate year end contribution data.

6.1  Rachel Cowburn introduced the report on the updated Pension Fund Risk Register, which detailed potential significant risks to which the Fund was exposed and which the Board as an oversight body for the Pension Fund should be aware. The Register also detailed the controls in place to manage these risks.

6.2  In response to a question from Henry Coldhurst in relation to training in data protection, Rachel Cowburn confirmed that refresher training was now due. The Chair asked if an experienced team was in place to undertake this work and it was confirmed that such a team was in place. Michael confirmed to the Board that there was currently one vacancy in the administration team. The team had not been subject to reduction as part of the Council’s savings exercise and was well resourced.

RESOLVED:

To note the report.

7.1  Rachel Cowburn introduced the updated communications policy statement for the Pension Fund. The chair encouraged the ongoing work in this area.

RESOLVED:

To note the report.

8.1   Rachel Cowburn introduced the report providing the Pensions Board with an introduction to GMP reconciliations, which the Fund was required to undertake to ensure that scheme member records for periods spent contracted out of the second state pension were properly accounted for. The report also provided an update on the progress of Phase 1 of the Fund’s reconciliation exercise and outlined factors for consideration before the Fund embarked on Phase 2.

6.2 

9.1  Rachel Cowburn introduced the report covering an updated compliance checklist from 1^st April and all schemes must now consider whether they comply with the code.

RESOLVED:

To note the Code of Compliance Checklist and where further work is required and being undertaken.

Proposed resolution:

THAT the press and public be excluded from the proceedings of the Cabinet meeting during consideration of Exempt items on the agenda on the grounds that it is likely, in the view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in Schedule 12A to the Local Government Act 1972 as amended.

12.   Rachel Cowburn introduced the overview of the process being used by Fund for the procurement of the third party pension’s administration services.  The current administrators, Equiniti had been in place since April 2009, and were now approaching the end of their contract period. The new contract would start on 1 January 2018. She told the Committee that she expected that the new system should improve the quality of data produced.

RESOLVED:

To note the process being used for the Fund’s Third Party Administration procurement as outlined in the report.