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 meeting held on 25^th October were agreed as a correct record with the following amendments:

-  To amend, in line 2 of paragraph 4, GDRR to GDPR

-  To insert 2017 after April in line 3 of paragraph 8.1

4.1  The Board received a training presentation from Rachel Cowburn and Catherine Pearce (Aon) on the requirements of the Pensions Regulator including:

-  having clear roles and responsibilities, purpose and strategy

-  proper record keeping and data improvement and measurement

5.1  Rachel Cowburn introduced the report on progress made on issuing the 2016/17 Annual Benefits Statements to active members of the fund.  The Board also noted actions taken to help improve the quality of data provided by the Council as an employer and the processes being followed to help the timely provision of data for the 2017/18 ABS exercise.

5.2  Rachel Cowburn reported that the category of ‘Missing Data – statement outstanding’, had not yet been completed. It was not possible to issue a statement as no meaning data was available for the individual. Ongoing concerns over the level of provision for LGPS employer functions by the Council had escalated. The Head of HR was to attend the Pensions Committee on 21^st March to discuss these concerns and provide further detail on the Council’s approach to ensuring that the Fund was provided with timely and accurate member data. Members asked to be circulated the minutes of the Committee in regard to this issue.

That members of the Board be circulated the minutes of the Pensions

Committee.

    Action: Rachel Cowburn

5.3  The Board emphasised the need to ensure that any costs are borne by the Pensions Fund. 

5.4   Rachel Cowburn reported that there was now more certainty around active members of the scheme are. A new interface existed and this was more accurate. The Funds active membership was lower than was expected.

RESOLVED:

To note the actions taken to issue the remaining 2016/17 statements and help ensure improvements for 2018/19.

6.1 Rachel Cowburn introduced the updated Communications Policy Statement for the Pensions Fund. The Board noted the regulatory requirement for the Fund to have a Communications Policy Statement and for the Statement to be kept updated as required.

RESOLVED:

To note the update to the Communications Policy Statement 2018/19.

7.1 Rachel Cowburn presented the report introducing the draft Pension Administration Strategy. The report introduced the draft PAS for 2018/19, which has been updated to reflect changes to the Fund’s third party administration contract. She stressed the need to provide employers with the support that they needed.  

RESOLVED:

To note the updated Pension Administration Strategy for publication.

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

RESOLVED:

To note the report.

9.1  Rachel Cowburn introduced the report providing the Pensions Board with an update on the Fund’s GMP reconciliation (Guaranteed Minimum Pensions) exercise, which was being undertaken to ensure that scheme member records for periods spent contracted out of and second state pension are properly accounted for. The biggest challenge was to bring active members into the scope of the exercise. It was noted that total spend so far was in the region of £200,000.

9.2  The Board considered the exempt appendices in the confidential section of the meeting.

RESOLVED:

To note the report.

RESOLVED:

To note the report.

11.1  There was no other non-confidential business.

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.

RESOLVED:

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 would 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.