Agenda and minutes

Local Pension Board
Tuesday, 26th September, 2017 4.00 pm

Venue: Committee Room 2 - Town Hall. View directions

Contact: James Goodwin (01708) 432432  Email: James.Goodwin@onesource.co.uk 01708 432432

Items
No. Item

10.

APOLOGIES FOR ABSENCE

(if any) – receive.

Minutes:

There were no apologies for absence.

11.

DISCLOSURE OF INTERESTS

Members are invited to disclose any interest in any items on the agenda at this point of the meeting.

 

Members may still disclose any interest in an item at any time prior to the consideration of the matter.

 

Minutes:

There were no disclosures of interest.

12.

MINUTES OF THE MEETING pdf icon PDF 124 KB

To approve as correct the minutes of the meeting held on 27 June 2017 (attached) and authorise the Chair to sign them.

 

Minutes:

It was noted that David Holmes was present at the meeting. It was also that the new employee position on the Board was to be advertised rather than as stated. The minutes were otherwise agreed as a correct record and signed by the Chairman.

13.

BOARD WORK PLAN pdf icon PDF 106 KB

Attached for discussion and agreement by the Board.

Additional documents:

Minutes:

It was agreed that the head of the pensions team would be the lead officer for all items on the work plan. It was also agreed that feedback from the Board should be given to the Pensions Committee.

 

The workplan for the Board (as attached) was agreed.

14.

LIABILITY INSURANCE pdf icon PDF 181 KB

Report attached.

Minutes:

Officers recommended to the Board that the quote for liability insurance from a certain company should be taken up as this had been the cheapest and also the quickest to be received. A final decision could not however be taken until all options had been considered by the insurance team and it had been established that procurement rules had been met.

 

Caroline Berry would take this matter forward and feed back to the Board on progress. 

 

The Board agreed to take up the quotation recommended by officers, subject to the agreement of the Havering insurance team and to procurement rules being met.

15.

TUPE MANUAL pdf icon PDF 789 KB

Draft attached for information.

Minutes:

A more abridged version of the manual had now been produced showing the pension implications if a service left or entered the fund. It was planned to take the manual, which had cost £6,500 to produce, to the Pensions Committee in November 2017 for approval.

 

There would be a training session on the manual once it had been approved to which Board members would be invited.

 

It was agreed that Board members should submit any comments on the manual to officers by 21 October 2017.

16.

COMPLIANCE CHECKLIST

Verbal update to be given by officers.

Minutes:

Officers advised that a completed compliance checklist would be available for the next meeting. It was agreed that the completed checklist would be circulated to Board members as soon as possible and the checklist should be considered at each Board meeting initially. An update would be given on when the completed checklist was ready for circulation.

17.

LPFA UPDATE ON ADMIN CHANGES

Verbal update from officers.

Minutes:

The implementation of the agreed new arrangements had been delayed until 1 November 2017 due to issues with the property lease and liabilities. LPP will move staff into the Town Hall. Only two part-times roles had been required to transfer across from the Council under TUPE.

 

A service level agreement schedule (including performance indicators) was included in the contract between the Council and LPP and officers would share the contract and schedule with the Board. Contract costs themselves remained confidential however. 

 

18.

KEY PERFORMANCE INDICATIORS pdf icon PDF 372 KB

Anonymised example of monthly report attached.

Minutes:

An updated version of the monthly breakdown report, applicable to Havering, would be brought to the Board. It was planned to implement the case management system in Havering by November 2017. It was uncertain at this stage how many outstanding Havering cases would need to be entered onto the system. Additional staff would be brought in to clear the backlog which would be reported on separately.

 

Performance reports could be shared with the Board and Board members would inform officers if they wished to focus on different performance indicators each quarter. It was agreed the Board should see a full report until the backlog of cases had been cleared.

 

It was agreed that the first report would be circulated in time for the January 2018 meeting of the Board.

 

19.

EXPENDITURE OUTTURN REPORT FOR LOCAL PENSION BOARD pdf icon PDF 147 KB

Attached.

Minutes:

The budget for the Board itself covered a four-year period and was met from the Havering Pension Fund. The budget, which had been underspent for the first two years, totalled £34,900. Budget figures would be included within the Board annual report. Whilst there was no statutory deadline for an annual report, it was suggested that this should be completed by December 2017. It was agreed that the Chair would draft an annual report to be agreed at the next meeting of the Board.  

 

The expenditure outturn report was agreed by the Board.

 

 

20.

TO RECEIVE FEEDBACK FROM RECENT MEETINGS OF THE PENSIONS COMMITTEE

Officers will update on outcomes from recent meetings of the Pensions Committee.

Minutes:

It had been agreed that Havering would become a member of the Local Authority Pension Fund Forum, initially for one year.

 

As part of the Markets in Financial Instruments Derivative (MIFID) work was in progress to move Havering from retail back up to professional status by 3 January 2018. It was aimed to have the relevant paperwork sent to investment managers by the end of September 2017.

 

The pension fund accounts were due to go to Audit Committee on 28 September. The fund assets had grown by £98m and now totalled £671m. Two further funds had joined the London Collective Investment Vehicle (CIV). A final copy of the ISA260 form would be forwarded to the Board. No issues were raised concerning the annual report of the Pension Fund.

 

A new passive manager had been appointed that offered lower fees and had a business association with the CIV. A training session was being arranged on the new debt products that the Board would be invited to.