Agenda and minutes

Venue: Hendon Town Hall, The Burroughs, London NW4 4BQ. View directions

Contact: Maria Lugangira 020 8359 2761 Email: maria.lugangira@barnet.gov.uk 

Note: Public Questions and Comments must be submitted by 10am on the third working day before the meeting. The deadline for this meeting is 10am on Wednesday 2 November. 

Items
No. Item

1.

Minutes of last meeting pdf icon PDF 65 KB

2.

Disclosable Pecuniary interests and Non Pecuniary interests

3.

Absence of Members

4.

Public Question and Comments (if any)

5.

Report of the Monitoring Officer (if any)

6.

Members' Items (if any)

7.

Barnet Council Pension Fund Performance for Quarter April to June 2016 pdf icon PDF 251 KB

8.

Pension Board Budget 2016-17 pdf icon PDF 242 KB

    Additional documents:

    Minutes:

    Iain Millar presented the report. In response to a query raised by the Board he informed them that expenses incurred by the Pension Board incurs were met by LBB Pension Fund and that up to 25k is put aside for administration costs.  Final approval of the Board’s work plan and budget is given by Barnet Pension Fund Committee and this is done annually.

     

    At the Board’s requested, Mr Millar agreed where practical to inform Board Members when free training sessions relevant to the Board’s remit become available. [action] 

     

    To get a better understanding of their budget and allocation the Board requests if officers could provide details of last financial year’s budget and how much was spent. [action] 

     

    It was RESOLVED –

     

    That the Board noted the proposed Pension Board budget for 2016-17.

     

     

9.

Pension Fund Annual Report and External Auditor's Report under International Standard on Auditing (ISA) 260 for the year 2015/16 pdf icon PDF 243 KB

10.

Training Policy and Knowledge Understanding and Skills Framework pdf icon PDF 244 KB

11.

Update on Admitted Bodies Organisations pdf icon PDF 243 KB

    Additional documents:

    Minutes:

    The Head of Treasury Services introduced the report which provided the Board with an update position on admitted bodies participating in the Local Government Pension Scheme administered by the London Borough of Barnet.

     

    He informed the Board that the Pension Fund Committee had raised concerns about having admitted bodies that did not have Bonds in place and the risk if the employer went into receivership. The Committee requested assurance that all employers were paid up and that those who did not have a Bond in place, their contributions were paid up to date.

     

    The Chairman queried what impact the possible large Street Scene re-procurement would have.

     

    Mr Millar confirmed that staff would not transfer out of the Pension Fund; liability would transfer to the new employer which would become an admitted body of the Pension Fund.

     

    The Board queried why some employers’ ‘Bond Tag’ was red. Mr Millar clarified the red status indicated a lack of response or delay from the employer at the time of writing the report on information requested. It did not indicate the employer being at risk. He confirmed that at the meeting of Pension Fund Committee, Members were provided with the current position which was that the information was now up to date.

     

    It was further queried why for Cambridge Education (Mott Macdonald) (Education and Skills LBOB non-catering) no bond was required. Mr Millar advised he would check the bond arrangements in place and update the Board. [action]

     

    It was RESOLVED:

     

    That the Board noted and provided comment on the Admitted Bodies Organisations.

     

12.

Committee Work programme pdf icon PDF 227 KB

    Additional documents:

    Minutes:

    The Chairman introduced the Forward Plan which is a standing item on the agenda and lists the items for 2016/17.

     

    The Governance Officer informed the Board that to ensure they are operating effectively, officers have proposed developing a more comprehensive work programme focusing on (but not exclusively) the following areas;

    ·                     training, knowledge and understanding

    ·                     Avoiding any conflicts of interest

    ·                     Ensuring its own statutory compliance

    ·                     Checking fund governance

    ·                     Reviewing fund risks and internal systems and controls

    ·                     Checking fund external advisors/service providers and their internal controls

    ·                     Reviewing fund member record keeping

    ·                     Checking fund contributions

    ·                     Reviewing fund administration

    ·                     Benchmarking fund performance and Value for Money (VFM)

    ·                     Fraud prevention

    ·                     Employer and member communications

    ·                     Complaints and dispute resolution

    ·                     Reporting regulatory breaches

     

    In addition this would tie into areas of development already identified by the Board in previous items, namely;

     

    1          Identifying any areas of financially material breaches/ areas of regulatory non-compliance that need remediation action

     

    2)         Identifying the underlying causes of fund non-compliance and helping ensure rectification plans are being carried out to agreed timescales – for example in relation to:

     

    3)         Wherever possible undertake joint training and demonstrate it has a positive role in helping the fund deliver good-best practice relative to other LGPS funds.

     

    The detailed development of the plan would be carried out in consultation with the Chairman. The Board agreed

     

    It was RESOLVED:

    1.            That the Committee considered and comment on the items included in the 2016- 17 work programme.

    2.            That officers in consultation with the Chairman develop a work programme as detailed above.

     

     

     

     

     

13.

Any other item(s) the Chairman decides are urgent

14.

Motion to Exclude the Press and Public

15.

Any other exempt item(s) the Chairman decides are urgent