Agenda and minutes

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Contact: Paul Frost - 0208 359 2205  Email: Paul.Frost@Barnet.gov.uk

Items
No. Item

1.

Minutes of last meeting pdf icon PDF 59 KB

    Minutes:

    Prior to the minutes being considered, Board Members requested that all Members of the Board be sent declarations of interest forms as requested at the previous meeting.

     

    The minutes of the meeting that took place on 11 September were signed as an accurate record.

     

2.

Absence of Members

3.

Disclosable Pecuniary interests and Non Pecuniary interests

4.

Public Question and Comments (if any)

5.

Report of the Monitoring Officer (if any)

6.

Members' Items (if any)

7.

Pension Administration Report pdf icon PDF 232 KB

    Additional documents:

    Minutes:

    The Head of Public Sector Pensions for Capita introduced the item.  He outlined that Board had a role in ensuring the effective and efficient governance and administration of the Pension Fund.    He outlined the information found within the appendices and requested that the Local Pensions Board consider the Recommendations.    Board Members were given the opportunity to ask questions.   In addition to this the Board noted that a draft Communication Strategy is being worked on. 

     

     

    Having considered the report the Local Pension Board Resolved:

     

     

    ·         That the Local Pension Board noted and considered the performance of Capita in relation to the provision of pension fund administration services as reported in Appendix A, including oversight of the Service Improvement Plan.

     

    ·         That the Local Pension Board noted the feedback regarding the proposed Fund Administration Strategy,(Appendix B) and approved that Capita begin consultation with employers for 1 month to consider comments and feedback before agreeing to the final version.

     

    ·         That the Local Pension Board noted appendix C and D of the report

     

    ·         That the Board requested the following additional information

    o   Information relating to Bereavements

    o   Comparison of data from previous periods

    o   Request for data in of respect to annual benefit statements and associated enquiries that outline timetabling of administration tasks. 

     

8.

Local Pension Board Update Report pdf icon PDF 272 KB

    Additional documents:

    Minutes:

    The Governance Team Leader introduced the report. 

     

    Having considered the report the Local Pension Board:

     

    Resolved:

     

    ·         That the Local Pension Board noted and approved its amended Terms of Reference as highlighted within Appendix A

    ·         That the Local Pension Board noted it’s proposed budget for

    2017/18 as document in 1.18 – 1.20 and requested that it be reviewed.

    ·         That the Local Pension Board noted the annual work plan attached at Appendix B and agreed that it be referred to the next meeting of the Pension Fund Committee for information.

    ·         The Local Pension Board noted that appointments be made to the two new Local Pension Board Member positions for agreement by Full Council.  The Local Pension Board also expressed the view that ideally its membership should reflect a greater degree of social, gender and ethnic diversity. 

     

     

9.

Decisions made by the Pensions Fund Committee pdf icon PDF 271 KB

    Minutes:

    The Head of Treasury & Pensions introduced the report and outlined that the paper captured recent decisions by the Pension Committee.  He therefore summarised the rationale, the processes followed and the link with policy documents and regulations.

     

    The Chairman noted that he had met with the Chairman of the Pensions Fund Committee, he added that both Chairman have committed to meeting regularly to discuss the action of both bodies.

     

     

    Having considered the report the Local Pension Board:

     

    Resolved:

     

    That the Local Pension Board considered and noted the appropriateness of the procedures applied by the Pension Committee when reaching decisions at recent meetings.

     

     

     

10.

Interaction with Pension Regulator pdf icon PDF 253 KB

11.

External Auditor’s Report pdf icon PDF 234 KB

    Additional documents:

    Minutes:

    The Head of Treasury & Pensions introduced the report. 

     

    The Local Pensions Board noted the following comments

    -          That the Board was concerned that LBB’s data set was among the poorest in the LGPS

    -          That late payments to the scheme presented a risk to the Fund. 

    -          That losses to the Fund following any late payments need to be recovered

     

    Following the consideration of the report the Local Pension Board Resolved:

    -       That the matters raised by the external auditor’s report in respect of the audit of the 2016/17 Accounts and Annual Report and the actions taken by management in response to the findings was noted.

     

    -       That the Board noted with concern that there were 15 late payments listed.  The Board noted that this risk should be reviewed.   The Local Pensions Board requested that Board Members be updated in respect to this.  Furthermore the Local Pensions Board requested that the Pension Fund Committee be notified of the concerns of the external auditors report and the concerns of the Local Pensions Board Members.

     

12.

Review of Pension Scheme Investment Risks pdf icon PDF 282 KB

13.

Any other item(s) the Chairman decides are urgent pdf icon PDF 261 KB