Agenda and minutes

The Chair will announce details of the arrangements in case of fire or other events that might require the meeting room or building’s evacuation.

The Chair announced details of the arrangements in case of fire or other event that would require the evacuation of the meeting room.

(if any) – receive.

There were no apologies for absence, all members of the Board being present.

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.

There were no disclosures of interest.

The minutes of the meeting held on 14 April 2016 are attached for information purposes only.

The minutes of the meeting held on 14 April 2016 were noted.

The Board’s Terms of reference state:

‘ 5)   Appointment of Chair

5.1       A Chair is to be appointed by the employer and scheme member representatives of the Board from amongst their own number on a rotating basis with the term of office shared between an employer and a scheme member representative on an equal basis.

5.2       The Chair of the Board:

(a)  Shall ensure the Board delivers its purpose as set out in these Terms of Reference,

(b)  Shall ensure that meetings are productive and effective and that opportunity is provided for the views of all members to be expressed and considered, and

(c)  Shall seek to reach consensus and ensure that decisions are properly put to a vote when it cannot be reached. Instances of a failure to reach a consensus position will be recorded and published.’

The Board were advised that in accordance with the Terms of Reference a Chair was to be appointed by the employer and scheme members from amongst their own number, on a rotating basis with the term of office being shared between an employer and a scheme member representative on an equal basis.

After discussion it was felt that this first year had been a learning experience and therefore it was agreed that Justin Barrett be reappointed Chair for a second term and that next year a scheme member be appointed to the position of Chair.

The Board will determine the style and content of the 2015/15 Annual Report, which will be made available on line for all Pension Fund members.

The Board gave consideration to the format and content of the Annual report.  They have agreed that it should include reference to this being the inaugural year and a learning experience for all involved.

The report should also look back at the reports they have considered and the actions taken. This would include reference to Fair Deal and TUPE, the issue of indemnities and bonds, early redundancy gap and other matters covered.

An opportunity should be taken to reconsider what the Boards role was and how it’s interaction with officers should develop.

We have asked the Clerk to draft the Annual Report for our consideration.

At the meeting on the 6 January 2016 the Local Pension Board agrred it’s work plan for the forthcoming year. The following priorities were identified:

·         Priority 1 – Fair Deal and TUPE Transfer;

·         Priority 2 – Review of Governance Compliance Statement, training and development strategy and how this is implemented;

·         Priority 3 – Tendering Processes for Fund Managers;

·         Priority 4 – Pooled Investments

·         Priority 5 – Risk Strategy Review;

·         Priority 6 – Pensions Administration Strategy and Benchmarking;

·         Priority 7 – Early Redundancy Gap – Impact on Pensions;

·         Priority 8 – Rationalisation of member organisations and impact on deficit payments.

Given recent changes the Board should review these priorities and            assess how well it has achieved its work in the previous year.

The work plan agreed for 2015/16 had been a first step to try to identify key matters which needed to be considered. With a number of meetings held we were now in a better place to consider a work plan for 2016/17.

A key area to consider in 2016/17 is Pensions Administration. We were aware that the oneSource finance team were being reorganised and we need to ascertain from the Pension Committee whether or not they were confident that the proposed structure was adequate to meet all the demands on it.

We would also like to know from the Pensions Committee whether they were happy with the Pension Administration performance in achieving or not achieving its KPI’s and whether those measures were the ones which they should be focussing on.

We wish to finalise our review of Fair Deal and TUPE and have a report on how the current changes, i.e. introduction of Multi Academy Trusts and College reorganisation would impact on the Pension Scheme. DH advised that under the current proposals colleges could merge, not necessarily on geographic location and staff could be transferred from one scheme to another.

With regard to risk assessment we would be seeking an assurance that the risk strategy had been updated to meet the current needs with specific reference to the possible threats to Havering.

The work Plan would be a live document and subject to change as necessary.

We have discussed whether it is necessary for officers to attend every meeting and agreed that the agenda should be structured to allow officers to attend just to deal with just items which require their attention.

The following were the items we wish to discuss at the next meeting on 28 June 2016:

1.    Review of Terms of Reference (JG to provide samples of over Terms of Reference)

2.    Review of Code of Conduct (JG to undertake research)

3.    Update on where we are on Fair Deal and TUPE

4.    Brainstorming on the way forward

5.    Feedback from Pensions Committee on 14 June 2016.

6.    Position re officer support i.e. access to legal support.

DH would circulate the latest consultation from the Department of Communities and Local Government with particular emphasis on any implications for governance.