Agenda item

The committee to consider an updated draft of the Pension Fund Governance Compliance Statement in compliance with the Local Government Pension Scheme (Administration) Regulations 2008 and to consider the appointment of an independent adviser to the Committee in relation to Pension Fund matters.

The committee were asked to consider an updated draft of the Pension Fund Governance compliance statement  this was in compliance with the Local Government pension scheme (Administration Regulations 2008). The compliance statement was attached at appendix one and provided information to the Committee on how the council were compliant with the statement . The committee were further asked to consider  the appointment of an independent adviser to the committee in relation to Pension fund matters.

Debate ensued  on the appointment of an independent  advisor to the committee with favourable  comments on the previous independent  advisors work for the council .  His  support was felt to be essential in the revision of the strategy   and attendance at pension meetings felt to be  value for money compared to the fees that were now being put forward for  a new appointment. The committee asked whether the resignation  was confirmed and if there was any opportunity to speak to the previous advisor about  remaining in post. The Lead Finance officer adviser that confirmation had been received from the independent advisor of his resignation. He had communicated that the reason for his resignation was due to other work commitments held  and the feeling that his work with the council had come to a natural end.   However the Lead Finance officer offered to  speak with him informally   and advise him of the committee’s high regard for his work and ascertain the possibility of him continuing in this role. Notwithstanding this, it was agreed that a letter  thanks  should be sent to  him. Going forward with the appointment, it was suggested that there was need to explore the cost of an independent advisor against the duties that  he/she would be expected to fur fill given the cost of the previous advisor against the cost of recruiting a  new advisor.

 There was a comment  about the full advice from the Local Government pension scheme (Administration Regulations 2008) not being appended to the report. Although,  the relevant sections of this advice were  included in  Appendix 1of the attached report, it was agreed that the full documentation from which this advice was extracted would be provided to interested committee members.

Following comments from the non voting representatives of  pensioners, employees and admitted bodies  on the essential contributions of the independent advisor in revising the investment strategy  and given that there was more work to be done on the remaining part of the pensions structure. the  chair concluded that  there was a need to continue with the Pensions member and officer working group .  Nominations for membership of this group would be sought from the Liberal Democrat Chief Whip .The Corporate committee would task this group would it would provide reports back to  the committee on its work  as before.

It was agreed that recommendations 4.2 and 4.3  regarding the appointment of the independent advisor and the engagement with Crispin Derby to support this appointment process be subject to discussions with the chair.

RESOLVED

1. That the revised Governance Compliance Statement be approved.

2. That the proposed appointment of an independent adviser to the Committee on Pension Fund matters be  the subject of  further discussions with the Chair.

3. That the proposal to engage with Crispin Derby Limited to support this appoint process be the subject of discussions with the Chair.