Agenda and minutes

1.1  There were no apologies for absence.

2.1  There were no declarations of interests.

3.1  The minutes of the previous meeting was agreed as correct record with the correction of the spelling of Henry Colthurst’ name at paragraph 5.1.

4.1  Rachel Cowburn introduced the report on training for Board members on General Data Protection Regulation and cyber security, to assist them in meeting the requirements set out in CIPFA’s Knowledge and Skills Framework and in the Fund’s training policy.

4.2  The Board noted the importance of having an understanding of the new General Data Protection Regulations and of the importance of cyber security in helping to ensure that Pension Board members are able to discharge their duty to assist the administering authority in the efficient and effective administration of the Pension Fund.

RESOLVED:

To note the report.

RESOLVED:

To note the report.

6.1   Rachel Cowburn introduced the report providing an update on the outcome of the Fund’s third party administration procurement exercise, which concluded in May 2017, and a timetable for implementation of the new contract.  The report proposed the award of a five year contract term, with the option to extend by up to 3 years. The new contract would provide the Fund with an enhanced level of service at a competitive cost per member.  In response to a question from Henry Colthurst in relation to scores awarded and recommendation Rachel Cowburn told the Board that prices charged were averaged out.

RESOLVED:

To note the report.

RESOLVED:

To note the report.

8.1  Rachel Cowburn introduced the report providing the Board with an updated Compliance Checklist for the London Borough of Hackney Pension Fund.  The Board noted that from 1^st April the Pensions Regulator assumed responsibility for public service pension schemes covering a number of area relating to the management of schemes. The Code of Practice for Public Service Pension Schemes came into force from 1^st April 2017 and all schemes must now consider whether they comply with the scheme. Rachel Cowburn would circulate all relevant documents to the Board.

RESOLVED:

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

9.1  Rachel Cowburn introduced the report providing the Pensions Board with an update on the Training Policy, introducing a version updated to reflect guidance for administering authorities on governance principles for investment pooling, issued by Aon Hewitt on behalf of the CIPFA Pensions Panel. The Board would now have scheduled training sessions before the start of each meeting.

RESOLVED:

1.  To note the report.

2.  To ensure adherence to the Training Policy and maintenance of the required level of knowledge and skill.

10.1  Rachel Cowburn introduced the report outlining the work undertaken by the London Borough of Hackney and the performance of the pension administrators, in regard to the administration of the LGPS Hackney Pension Scheme for the financial year 2016/17.

RESOLVED:

To note the report

RESOLVED:

1. To note the report.

2.  That members complete the self-assessment questionnaire.

RESOLVED:

To agree the indicative work plan for the Board for 2017-2018.

31.1  There was no other non-confidential business

THAT the press and public be excluded from the proceedings of the Pensions Board 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.

15.1  The exempt minutes of the Pensions Board on 20^th March were agreed as a correct record.

16.1  Rachel Cowburn introduced the report providing the Pensions Board with the results of an updated employer data audit undertaken on behalf of the Fund by its benefits advisers, AON. It was noted that there had been improvements in the accuracy of data held in the administration system although this remained a concern. In relation to a question from Samantha Lloyd on what measures were being taken in relation to high risk, Rachel Cowburn told the Board that efforts were made to ensure that costings were correctly documented.  Charges were being issued on 3 month non-compliance. Reputational and financial risk are taken into account. The data improvement plan was to be submitted to the next meeting of the Board. 

RESOLVED

To note the confidential appendix.

17.1  The Board noted the exempt appendices: Quality and Services Fit Questions, Quality and Service Fit Scores and the Pricing Schedule.