Agenda and minutes

Venue: Town Hall, Main Road, Romford

Contact: Victoria Freeman 01708 433862  Email: victoria.freeman@onesource.co.uk

Items
No. Item

121.

DISCLOSURE OF INTERESTS

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

 

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

 

 

Minutes:

There were no declarations of interest.

122.

MINUTES OF THE MEETING pdf icon PDF 126 KB

To approve as correct the minutes of the ordinary and extraordinary meetings held on 24 July 2019 (attached) and to authorise the Chairman to sign them.

Additional documents:

Minutes:

The minutes of the meeting of the Pensions Committee held on 24th July, 2019 were agreed and signed by the Chair as an accurate record of the same.

123.

MINUTES OF THE LOCAL PENSION BOARD pdf icon PDF 174 KB

To receive the minutes of the Local Pension Board (attached).

Minutes:

The minutes of the Local Pensions Board held on 24th July, 2019 were agreed and signed by the Chair as an accurate record of the same.

 

124.

INTERNAL CASH MANAGEMENT POLICY REVIEW pdf icon PDF 118 KB

Report attached. Appendix not available to press or public.

Additional documents:

Minutes:

The Cash Management Policy Review was presented to the Pensions Committee.

 

Appendix A of the report was exempt from publication.  The proposed policy to be adopted was outlined to the Committee and agreed the updated Cash Management Policy.

125.

GOOD GOVERNANCE IN THE LGPS pdf icon PDF 151 KB

Report attached.

Additional documents:

Minutes:

Consideration was given by the Pensions Committee to the Good Governance in the Local Government Pension Scheme report.

 

This report detailed the Good Governance Report in the LGPS produced by Hymans for the Committee to note.  The full report dated July 2019 was available at page 31 of the agenda pack.

 

Following discussion the Committee:

 

·         NOTED the report.

 

126.

INVESTMENT STRATEGY UPDATE - ALLOCATION TO MULTI ASSET CREDIT pdf icon PDF 149 KB

Report attached. Appendix not available to press or public.

Additional documents:

Minutes:

The Investment Strategy Update – Allocation to Multi Asset Credit was presented to the Pensions Committee.

 

Appendix A of the report was exempt from publication.  The report has been produced by the Fund’s Investment Advisor (Hymans) to consider the allocation to a multi-asset credit (MAC) product.

 

Following discussion, the Pension Committee:

 

·         AGREED the recommendations as set out in the report prepared by Hymans.

 

127.

LOCAL PENSION BOARD ANNUAL REPORT- YEAR ENDED 31 MARCH 2019 pdf icon PDF 101 KB

Report attached.

Additional documents:

Minutes:

The Committee noted the Annual report from the Local Pension Board. Members noted the expenses incurred by the Local Pension Board for the year 18/19.

 

The Committee agreed to have Annual Report published electronically.

128.

THE PENSIONS REGULATOR IN DEPTH ENGAGEMENT UPDATE pdf icon PDF 238 KB

Report attached

Minutes:

The report presented to the Committee informed it of the Pensions Regulator conducting an in depth review of Havering as part of a nationwide review of the governance and administration of the Local Government Pension Scheme. The members noted that the Pensions Regulator had found areas of good practice in the Havering Scheme. The Pensions Regulator will publish a report in autumn covering key learnings and good practice.

 

The Committee noted the report and the suggested actions by the Pensions Regulator.

 

129.

EXCLUSION OF THE PUBLIC

To consider whether the public should now be excluded from the remainder of the meeting on the grounds that it is likely that, in view of the nature of the business to be transacted or the nature of the proceedings, if members of the public were present during those items there would be disclosure to them of exempt information within the meaning of paragraph 3 of Schedule 12A to the Local Government Act 1972; and, if it is decided to exclude the public on those grounds, the Committee to resolve accordingly on the motion of the Chairman.

 

130.

PENSION FUND PERFORMANCE MONITORING FOR THE QUARTER ENDED JUNE 2019 pdf icon PDF 306 KB

Report attached. Appendices C to F not available to Press or Public.

Additional documents:

Minutes:

The Committee noted the report on the Pension Fund Performance for the quarter ending in June 2019. The report outlined the performance of the Havering Pension Fund, the Fund Manager Monitoring and any relevant Local Government Pension Scheme for the quarter ending 30th June 2019.

 

The Committee agreed all recommendations listed in the report.

131.

LONDON CIV - REMUNERATION POLICY REVIEW

Report attached (not available to Press or Public).

Additional documents:

Minutes:

The Committee was advised of the London CIV Board’s proposal regarding the London CIV Pension Scheme. Members of the committee noted the Board’s proposals following the 8th July 2019 meeting as set out below:

 

·         recognise that continuing with the status quo is unlikely to be appropriate in the longer term

 

·         keep the LGPS for existing staff and close it to new hires

 

·         recognise that to make the package competitive to new hires (given our current remuneration package) we will need to offer higher salaries (or a combination of a Defined Contribution (DC) scheme and higher salary)

 

·         explore the options for an appropriate DC scheme in more detail, bearing in mind that the current DC scheme is a “basic” NEST auto-enrolment scheme.

 

That the Committee agreed the London CIV Board’s preferred position: to retain the LGPS for existing staff and close it to new hires.