Agenda and draft minutes

Pensions Committee
Tuesday, 12th November, 2019 7.00 pm

Venue: Town Hall, Main Road, Romford

Contact: Luke Phimister 01708 434619  Email: luke.phimister@onesource.co.uk

Items
No. Item

132.

APOLOGIES FOR ABSENCE AND ANNOUNCEMENT OF SUBSTITUTE MEMBERS

(if any) - receive

133.

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.

134.

MINUTES OF THE MEETING pdf icon PDF 286 KB

To approve as correct the minutes of the meeting held on 17 September 2019.

 

 

Minutes:

The minutes of the previous Pensions Committee meeting held on 17th September 2019 were agreed and signed by the Chair.

135.

MINUTES OF THE LOCAL PENSION BOARD pdf icon PDF 135 KB

To receive the minutes of the Local Pension Board.

Minutes:

The minutes of the previous Local Pension Board meeting held on 1st October 2019 were agreed and signed by the Chair.

136.

ACTUARIAL PERFORMANCE REVIEW pdf icon PDF 193 KB

Minutes:

The report presented to the committee reviews the performance of the Funds Actuary

 

The Committee noted the report of officers on the performance of the Actuary during the period 1 October 2018 and 30 September 2019.

137.

INVESTMENT CONSULTANCY PERFORMANCE REVIEW pdf icon PDF 168 KB

Additional documents:

Minutes:

The report asks the committee to agree the strategic objectives set for the Fund’s Investment Consultant and to review the performance of the Investment Consultant against those objectives for the period 1 October 2018 to 30 September 2019.

 

The Competition and Markets Authority issued a new order (“The Investment Consultancy and Fiduciary Management Market Investigation Order 2019”) and it requires al trustees to set strategic objectives for their investment consultants. This order takes effect from 10th December 2019.

 

Members were advised that paragraph 2.5 in the report should have a 6th objective which is the ‘Relationships and Service Standards’.

 

The Committee agreed the objectives set out in Appendix A and noted the views of officers.

138.

REVIEW OF GOVERNANCE COMPLIANCE STATEMENT pdf icon PDF 156 KB

Additional documents:

Minutes:

The Committee noted that the annual review of the governance compliant statement had taken place in line with the Pensions Scheme Regulations. Members of the Committee noted that Havering is still not fully compliant with Principle B in respect of appointing an independent observer for the Fund. Officers advised the Committee that we may need to revisit the Governance Statement when the Good Governance report recommendations have been agreed.

 

The Committee considered and agreed any issues that need to be amended in the Governance Compliance Statement.

139.

REVIEW OF PENSIONS FUND CUSTODIAN pdf icon PDF 222 KB

Minutes:

The Committee was presented with a report that reviewed the performance of the Funds custodian for the period 1 October 2018 to 30 September 2019.

 

The Committee noted the report and the views of officers.

 

140.

WHISTLEBLOWING REQUIREMENTS OF THE PENSIONS ACT pdf icon PDF 187 KB

Minutes:

The annual report was presented before the Committee. Members noted that there had been no changes to the Act and no breaches had been reported.

 

The Committee noted the report.