Agenda and minutes

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

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

Items
No. Item

1.

Minutes of last meeting pdf icon PDF 73 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 pdf icon PDF 227 KB

    Minutes:

     Mr Stephen Ross introduced his Members Item and outlined his concerns on the processing of payments made to all Board Members, which all Board Members agreed with.     He informed Members that he had received two payslips within the week but was not sure what each was for and he outlined his concern that accurate payments be made to members of the Board.  Board Members therefore requested that payslips should show what Board Members are being paid for. 

     

    The Chairman, agreeing with Mr Ross’ concerns requested that all Board Members receive clarity on what the payment process is. It was acknowledged that Board Members had not received accurate and prompt payment. The Chairman requested that Mr Chris Dixon from Capita respond.    Mr Dixon said that a report would be submitted to Board Members following a meeting with Officers, he said that he would communicate with Members as to what the payments had been made and how they are processed in order to ensure they are promptly and accurately made. 

     

    Resolved:

    That the Local Pensions Board note the Members Item

    That the Local Pensions Board requested that an update be provided in order to be assured that payments to Board members be accurately and promptly processed.

     

7.

External Auditor’s Report under International Standard on Auditing ISA 260 for the year 201718 pdf icon PDF 239 KB

    Additional documents:

    Minutes:

    The report was presented by external auditor Mr Leigh Lloyd -Thomas from BDO.  He gave a summary of the report and highlighted Appendix A.  

     

    Members were informed that the audit had not been completed and the item is to be reported to the Pension Fund Committee on 16 October.   In addition to this Members were informed of Mr Lloyd-Thomas’ concerns that related to quality of data.  He said that the administration requires more work that included the coordination of data. 

     

    Mr George Bruce reported to the Board that that the Administration team would respond positively to the auditor’s recommendations and were in the process of reviewing internal control processes and reconciliations.

     

    Mr Hem Savla said that the administration should reach a CPIFA standard.  He requested that CPIFA benchmarking should be undertaken which Mr Bruce agreed with.  Mr Savla thanked Mr Lloyd –Thomas for an excellent report and gave some background to the underperformance that included the 2015 annual benefit statement. 

     

    Resolved

    -       That the Local Pensions Board noted the matters raised by the external auditor in respect of the audit of the 2017/18 Accounts and Annual Report

    -       That the Local Pensions Board requested that the final document be sent to the Board when published

     

     

8.

Decisions made by the Pension Fund Committee pdf icon PDF 344 KB

    Minutes:

    Mr George Bruce introduced the item and gave a summary of the report. 

     

    He stated that the Pension Fund Committee had agreed to commit 10% into a property fund(s).

     

    The Chairman requested that Board Members consider the recommendation.  He reminded Members that he attended a Pension Fund Committee earlier in the year to provide feedback. 

     

    Having considered the report the Local Pensions Board:

    -          Noted the report 

    -          That the Chairman of the Local Pension Board be requested to contact the Chairman of the Pension Fund Committee to express relevant concerns.

     

     

9.

Local Pension Board Pension Administration Report

    Minutes:

    The Chairman noted that the report had not been circulated.   The attending Governance Officer stated that the item was expected but the report was not available for publication, public inspection and in time for the consideration and determination.    Mrs Edmunds stated that the report was in draft format and suggested that the document be circulated for information.

     

    The Chairman, with the concurrence of the Board, described this situation as wholly unsatisfactory.

     

    Resolved

    That the Local Pensions Board request that the draft report be circulated as soon as possible and that a full submission be reported to the next meeting.

     

10.

Verbal update on the Annual Benefit Statement process for 2018

11.

Any other item(s) the Chairman decides are urgent

12.

Minutes - Exempt