Agenda and minutes

There were no apologies for absence.

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.

There were no disclosures of interest.

Protocol attached to be noted by Committee.

The protocol was noted by the Committee.

To approve as correct the minutes of the meeting held on 1^st October 2020 and authorise the Chairman to sign them.

Councillor Goode raised a mistake in which he was noted under the incorrect party and has since been corrected.

The minutes of the meeting of the Committee held on 1^st October 2020 were otherwise agreed as a correct record and, due to COVID-19, will be signed by the Chairman at a later date.

To receive the minutes of the Local Pension Board held on 22^nd September 2020.

The Committee were given a brief summary of the minutes of the previous Local Pension Board meeting held on 2^nd September 2020. The minutes were noted by the Committee.

Report and appendix attached.

The report presented to the Committee gave an update on the Overpayment write-off policy.

Members noted the policy had been implemented in March 2019 to write off any overpayment after the death of a pensioner of up to £250 as it was deemed not cost effective as the administration cost was £77 per case. It was noted that the net write-off would not equal more than £5,000 per annum and in 2019/20 the Committee noted the write-offs had totalled £3361.62.

The Committee agreed to the continuation of the Policy for the overpayment of pension following the death of a pensioner or dependant member for a further year.

Report attached.

The report presented to the Committee have an update on the whistleblowing requirements of the Pensions Act 2004.

The Committee noted that the requirements is for all persons involved with the pension scheme to report any breaches of law which is likely to case material significance to the Council. It was noted that there had been no breaches reported during the year to 30 September 2020 and therefore no reports had been made to the regulator.

The Committee noted the results of the annual review.

Report attached.

The report presented to the Committee gave details of the performance review for the Custodian, Northern Trust (not State Street as stated in the report) for the period of 1^st October 2019 to 30 September 2020.

Members noted Northern Trust were appointed on the 1^st October 2019 for a duration of 4 years. Members were updated on the functions of the custodian and that performance of the custodian is measured annually. The Committee noted that officers were satisfied with the performance of the custodian but it was reported that there were issues with the timeliness of invoices being received. Officers reassured members that there would be no material financial impact but as this was the first instance of processing invoices for Northern Trust that an understanding of the composition of the invoices is being sought and once received will proceed with processing the invoices.

The Committee noted the performance report submitted by officers.

Report attached.

The report put before the Committee summarised the performance of the actuary, Hymans Robertson, between 1^st October 2019 and 30^th September 2020.

Hymans Robertson was appointed in July 2018 for a term of 5 years with an option to extend by a further 2 years. Members noted that officers were satisfied with the service provided by the Actuary.

The Committee noted the views of officers on the performance of the Actuary.

Report and appendix attached.

The final report presented to the Committee gave detail on the performance of the investment consultant for the period 1st October 2019 and 30th September 2020 against strategic objectives previously set.

Members noted that Hymans and Havering had met to discuss the service review and agreed on areas for improvement.

The Committee noted the views of officers on the performance of the Investment Consultant.