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 Chairman advised members of actions to take if they were disconnected from the video call.

(if any) – receive.

There were no apologies received.

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.

To approve as correct the minutes of the meeting held on 15 November 2022 (attached) and authorise the Chair to sign them.

The minutes of the meeting of 15 November 2022 were accepted as a true and accurate record.

The meeting minutes from the 22 December 2022 Pension Committee are attached for noting.

The Pensions Committee minutes and feedback by officers 22 December 2022 meeting were noted.

Members were reminded that there would be a training session titled: Education session on climate metrics - 2023 Key Action from Embedding Climate Risk Management into the Fund’ paper presented in December 2022. This would take place via Teams on 6 March 2023 at 16:00.

2023 at 16:00.

The sign in is as follows:

Meeting ID: 337 258 427 124

Passcode: seN5hP

The Board were presented a report from Greg Smith of the Local Pensions Partnership.

GS explained that LPPA had moved to a new pension system called UPM. Clients were phased onto the system and there was a relaxation of service levels for November, December and January to allow for teething problems.

Things were still not on track and it was expected that service level agreements would return to the targeted 95% after approximately six months. There were also currently waiting times of 9 minutes and there was a target to get those times down to under 4 minutes.

Members raised concerns over communication with LPPA and needed assurances that year end information would be provided. GS assured that communications would be improved in the future given that there was a new executive team in place that had significant LGPS experience. There was also a client forum scheduled for the end of February whereby they would be going through how to get to back to level within the agreement, how wait times would be reduced, how to make tangible improvements and how to roll out the new pensions administration system whilst improving customer relationships.

The Board agreed that LPPA needed to be kept to account and any further issues would be raised with them.

Report attached.

The Board were presented with a summary of the risk register. It was explained that it was presented to the Pensions Committee. They requested that coloured wording be added because the risks were not clear when reading in Black and White.

Officers suggested the Board select a risk category for the next meeting for an in-depth review. The board requested that they review those controls classified as Amber.

The Board noted the report.

Report attached.

The Board were presented with a report outlining the Pension Administration Strategy. It was explained a 12 month strategy was created and communications were sent to employers with a short paragraph about sourcing in the hopes of raising awareness. It was noted that Caroline Guyon (CG) was happy to take feedback and that it was up to the LPPA to report the next steps; however she was happy to take any comments or suggestions back to them. It was agreed that it was important to consider any items that the LLPA were not able to help with and to further decide what could be done with the information provided.

Action: CG would bring back an update to the next meeting.

The Board noted the report.

Report attached.

The Board were presented with a report that contained the COP14 Checklist.

It was explained that there were robust processes in place and there were no issues with employers and late payment of contributions.  Work was required around the LLPA reports against SLA disclosure timescales. CG would discuss with Greg and his team to see if that could be implemented.

It was explained to the Board that initially when the advertisement was posted for position of Chair, there were a number of people interested in the positon.

However, once the packs, the terms of reference and the information about the allowances were sent through to the interested parties, no one applied. The feedback CG received was that the pay was not sufficient.

After research of what other London Boroughs were paying, it was suggested that £8000 should be allocated from the Pension Board budget. This amount is subject to approval by the S151 officer and then the position would be re-advertised.

The requirements for the position would be as follows:  attendance of 5 meetings a year including the AGM, the expectation of the ability to challenge officers and have a strong understanding of the regulatory requirements. Therefore, the allowance would reflect that level of importance. The job description with terms of reference was already a part of the pack and the Committee would need to review the performance of the Chair.

CG thought the Scheme manager would be involved in the process of overseeing the role as well; however, she would look into this further. CG would also enquire to the Pension Officer Group for clarity on where the responsibility sits for specific aspects of the chair.

Action: The next step would be to investigate the performance review process further to ensure the Board were happy with the process of monitoring performance output before appointing a Chair for the 4 year term and pending approval of the 151 Officer.

The board agreed the recommendation of an independent chair at a cost of no more than £8000 and dependent on outcome of how to review performance.

The Board was presented with the LPB Draft Budget for 23/24-26/27. Officers explained the change in the proposed budget from the previous four-year budget.

 Members allowance and traveling budget was increased to £12,000 from 23/24 onwards to include an  allowance for the new Independent Chair and an increase in board membership.

Communications and computing budget of £500 is now incorporated with printing and stationery and office expenses. Professional advice budget reduced to £5000 based on no usage in the four years previously and can be used to offset the cost of the new chair. Training and development of £10,000(shared with Pensions Committee) - no change.The budget for the next four years was set at £31,900.

Officers reminded members to claim any outstanding expenses.

Officers reminded the Board of the importance of training and to continue to undertake the Hymans LOLA training modules and the need to revisit them on an ongoing basis.

Action: Members who did not plan on claiming their allowances were asked to email LT as soon as possible.

Action: DF would chase the Ill Health Liability Insurance (IHLI) notifications.

Action: Budget to be approved by S151 officer.

The Board noted the Officers’ recommendations for the Draft budget and that it is subject to S151 officer approval.