Agenda and minutes

Contact: Glenn Barnfield, Principal Committee Co-ordinator 

Items
No. Item

331.

FILMING AT MEETINGS

Please note this meeting may be filmed or recorded by the Council for live or subsequent broadcast via the Council’s internet site or by anyone attending the meeting using any communication method. Although we ask members of the public recording, filming or reporting on the meeting not to include the public seating areas, members of the public attending the meeting should be aware that we cannot guarantee that they will not be filmed or recorded by others attending the meeting. Members of the public participating in the meeting (e.g. making deputations, asking questions, making oral protests) should be aware that they are likely to be filmed, recorded or reported on.  By entering the meeting room and using the public seating area, you are consenting to being filmed and to the possible use of those images and sound recordings.

 

The chair of the meeting has the discretion to terminate or suspend filming or recording, if in his or her opinion continuation of the filming, recording or reporting would disrupt or prejudice the proceedings, infringe the rights of any individual or may lead to the breach of a legal obligation by the Council.

Minutes:

The Chair referred Members present to agenda Item 1 as shown on the agenda in respect of filming at this meeting, and Members noted the information contained therein.

332.

Apologies for absence

Minutes:

Apologies for absence were received from Councillor James Chiriyankandath and Randy Plowright.

 

Apologies for lateness received from Councillor Tucker.

333.

Urgent Business

The Chair will consider the admission of any late items of Urgent Business.  (Late items of Urgent Business will be considered under the agenda item where they appear. New items of Urgent Business will be dealt with under item 14 below).

Minutes:

There were no items of urgent business.

 

334.

Declarations of interest and conflicts of interest

A member with a disclosable pecuniary interest or a prejudicial interest in a matter who attends a meeting of the authority at which the matter is considered:

 

(i) must disclose the interest at the start of the meeting or when the interest becomes apparent, and

(ii) may not participate in any discussion or vote on the matter and must withdraw from the meeting room.

 

A member who discloses at a meeting a disclosable pecuniary interest which is not registered in the Register of Members’ Interests or the subject of a pending notification must notify the Monitoring Officer of the interest within 28 days of the disclosure.

 

Disclosable pecuniary interests, personal interests and prejudicial interests are defined at Paragraphs 5-7 and Appendix A of the Members’ Code of Conduct

 

The Public Service Pensions Act 2013 defines a conflict of interest as a financial or other interest which is likely to prejudice a person’s exercise of functions. Therefore, a conflict of interest may arise when an individual:

 

i)             Has a responsibility or duty in relation to the management of, or provision of advice to, the LBHPF, and

 

ii)            At the same time, has:

-       a separate personal interest (financial or otherwise) or

-       another responsibility in relation to that matter,

 

giving rise to a possible conflict with their first responsibility. An interest could also arise due to a family member or close colleague having a specific responsibility or interest in a matter.

 

At the commencement of the meeting, the Chair will ask all Members of the Committee and Board to declare any new potential conflicts and these will be recorded in the minutes of the meeting and the Fund’s Register of Conflicts of Interest. Any individual who considers that they or another individual has a potential or actual conflict of interest which relates to an item of business at a meeting must advise the Chair prior to the meeting, where possible, or state this clearly at the meeting at the earliest possible opportunity.

 

Minutes:

No declarations of interest were made.

 

335.

Record of training undertaken since last meeting

Note from the Assistant Director of Corporate Governance and Monitoring Officer

When considering the items below, the Committee will be operating in its capacity as ‘Administering Authority’. When the Committee is operating in its capacity as an Administering Authority, Members must have due regard to their duty as quasi-trustees to act in the best interest of the Pension Fund above all other considerations.

Minutes:

Cllr White, Cllr Ross, Cllr Bevan, Cllr Dennison, Keith Brown and Ishmael Owarish attended a training session delivered by the Head of Pensions on ‘Custody’, and the Fund’s Independent Advisor on the ‘Good Governance’ project – 20/01/2020.

 

Further notification of training received prior to the meeting had been submitted as follows:

 

Councillor Bevan:

·         LBH Pension training 19/11/19;

·         Local Authority Pension Fund Forum, 04/12/2019 – 06/12/2019;

·         SPS Annual Bond Investment Strategies 09/01/20; and

·         Local Authority Responsible Investment Seminar 15/01/20.

 

336.

Minutes pdf icon PDF 245 KB

To resolve

 

To agree the minutes of the Pensions Committee and Board meeting held on the 19th November 2019.

Minutes:

RESOLVED

 

That the minutes of the meeting held on the 19th November 2019 be approved as a correct record of the meeting.

 

337.

Pensions Administration Report pdf icon PDF 270 KB

The report gives updates regarding:

·         The amount of visits made to the Haringey pension fund website.

·         The McCloud ruling and the implications for Haringey.

·         An employers forum meeting held in December to discuss the draft valuation and employers’ contribution results.

Minutes:

The Pensions Manager, Janet Richards, introduced this report which detailed: the number of visits made to the Haringey Pension Fund website; the McCloud ruling and the implications for Haringey; and the employers forum meeting held in December which discussed the draft valuation and employers’ contribution result. The Pensions Committee and Board (PCB) were taken through the report as set out at pages 9 to 13.

 

In response to questions on the report, the following information was provided:

·         Six employers’ attended the Employers’ Forum. Regarding the vacant employer representative position on the Pensions Committee and Board, Officers noted there had been interest expressed from certain employers wanting to know more but no individual had directly nominated themselves. Officers would attempt to engage individuals they think might be suited to the position when the position is advertised imminently.

·         Officers noted that the employer’s who did not attend the Employer’s Forum were those tended to not have many employees’ in the scheme. For the employers’ where there was concern over their funded position, Officers encouraged them to attend the meeting but would meet with them individually if they did fail to attend.

·         Officers informed that up until 2014, an individual’s pension entitlement was calculated on final salary. Following 2014, an individual’s pension entitlement was calculated on career average. If a person had worked before and after 2014, then part of their pension would be calculated on final salary before 2014 and then career average after 2014. 

·         Officers noted that the vast majority of individuals will be better off under the new career average calculation.

·         Regarding the number of visits to Haringey’s Pensions website, Officers informed that, despite one of the four months not showing an increase, there was an increase overall from the previous year.

·         If there was to be an increase in the level of work amongst the Pensions team following the McCloud judgement, then temporary staff would likely be employed.

 

RESOLVED

 

1.    To note the update regarding the McCloud case and implications for Haringey.

2.    To note the information provided regarding the employers’ forum.

3.    To note the number of visits made to the Haringey pension fund website.

 

338.

Fund Investment Strategy Review pdf icon PDF 145 KB

This report provides information regarding a review of the Fund’s Investment Strategy following the completion of the 2019 triennial valuation of the Fund, and to agree a change to the Fund’s Index Linked Gilts portfolio.

Minutes:

The Head of Pensions, Thomas Skeen, introduced this report which provided information on a review of the Fund’s Investment Strategy following the completion of the 2019 triennial valuation of the Fund, and proposed that the PCB agree a change to the Fund’s Index Linked Gilts portfolio. The PCB were taken through the report as set out at pages 15 to 17.

 

(The PCB further discussed this item in the exempt session.)

 

Following discussion in private, the PCB agreed that it would make a change to the Fund’s current Investment Strategy, to switch its current Index Linked Gilts portfolio to a Fixed Interest Gilts portfolio of broadly the same duration.

 

RESOLVED

 

1.    That the Committee and Board note the information provided regarding the review of the Fund’s Investment Strategy, including verbal updates provided by Officers, the Independent Advisor and Investment Consultant in the meeting.

2.    That the Committee and Board approve a change to the Fund’s current Investment Strategy, to switch its current Index Linked Gilts portfolio to a Fixed Interest Gilts portfolio of broadly the same duration.

3.    That the Committee and Board delegate authority to the Head of Pensions, Treasury and Chief Accountant to take all steps necessary to effect this change, including updating the Fund’s Investment Strategy Statement. 

 

339.

Local Government Pension Scheme Governance Update from Independent Advisor pdf icon PDF 134 KB

This report provides information to members of the Pensions Committee and Board regarding various changes underway within the Local Government Pension Scheme (LGPS).

Additional documents:

Minutes:

The Fund’s Independent Advisor, John Raisin, introduced this item which provided information to members of the Pensions Committee and Board regarding various changes underway within the Local Government Pension Scheme (LGPS). The PCB were taken through Appendix 1, ‘LGPS Update - A paper by the Independent Advisor, January 2020’ at pages 21 to 40.

 

In response to questions on the report, the following information was provided:

·         Responding to a query on succession arrangements should the Head of Pensions or Pensions Manager leave the Council, Officers confirmed no such arrangements were in place. They confirmed they would look to ensure that, wherever possible, no role would be uniquely carried out by one member of the team without another colleague being able to cover that role if required.

·         Officers confirmed the Council’s IT staff carried out penetration testing. Once a year, a member of the Pensions Team would be contacted by the IT staff and requested to log onto a separate server to test that the team are still able to access the admin software from the temporary setup in the eventuality where the Council’s servers are inaccessible.

·         Officers confirmed that more than two officers at the Council were required to make one payment.

 

RESOLVED

 

The Committee and Board note the contents of this report, and any other verbal updates provided by officers and the fund’s Independent Advisor in the meeting.

 

 

340.

Forward Plan pdf icon PDF 73 KB

The purpose of this report is to identify topics that will come to the attention of the Committee and Board in the next twelve months and to seek Members input into future agendas.  Suggestions on future training are also requested.

Additional documents:

Minutes:

The Head of Pensions invited the PCB to note this report on the Forward Plan, which detailed the topics that would be brought to the attention of the PCB over the next 12 months. The report also sought Members’ input into future agenda items.

 

RESOLVED

 

That the Committee and Board note the update on member training attached at

Appendix 3.

 

341.

Risk Register pdf icon PDF 124 KB

This report provides an update on the Fund’s risk register and an opportunity for the Committee and Board to further review the risk score allocation.

Additional documents:

Minutes:

The Head of Pensions introduced this report on the Risk Register. This was a standard item on the agenda and the PCB had a legal duty to review internal controls and the management of risks. The PCB were informed of the main changes to the Risk Register, as shown in Appendix 1. 

 

RESOLVED

 

1.    That the Committee and Board note the risk register.

 

2.    That the Committee and Board note the area of focus for this review at the meeting is ‘Governance’ and ‘Legislation’ risks.

 

342.

Pension Fund Quarterly Update pdf icon PDF 137 KB

To report the following in respect of the three months to 30 September 2019:

·         Funding Update

Minutes:

The Head of Pensions, Thomas Skeen, introduced this report which requested Members’ note the funding position as updated on 30 September 2019.

 

(The PCB further discussed this item in the exempt session.)

 

RESOLVED

 

That the information provided in respect of the funding position updated to 30 September 2019 be noted.

 

343.

New items of urgent business

To consider any items admitted at Item 3 above.

Minutes:

N/A.

344.

Exclusion of the Press and Public

To resolve

 

That the press and public be excluded from the meeting for consideration of item 15 and 16 as they contain exempt information as defined in Section 100a of the Local Government Act 1972 (as amended by Section 12A of the Local Government Act 1985); para 3; namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

Minutes:

RESOLVED

 

That the press and public be excluded from the meeting for consideration of item 15 and 16 as they contains exempt information as defined in Section 100a of the Local Government Act 1972 (as amended by Section 12A of the Local Government Act 1985); para 3;  Page 6 namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

 

345.

Fund Investment Strategy Review

As per item 8.

Minutes:

As per item 338.

 

346.

Pension Fund Quarterly Update

As per item 12.

Minutes:

As per item 342.

 

347.

Exempt minutes

To agree the exempt minutes of the Pensions Committee and Board meeting held on the 19th November 2019.

Minutes:

As per the exempt minutes.

 

RESOLVED

 

That the exempt minutes of the meeting held on the 19th November 2019 be approved as a correct record of the meeting.