Venue: By Teams. View directions
Contact: Carol Johnson 01597 826206
Note: This meeting is being held via Teams. Any member of the public who wishes to connect to the meeting please contact the person named on the agenda.
No. | Item | ||||
---|---|---|---|---|---|
Apologies To receive apologies for absence. Minutes: Apologies were received from county Councillor A Davies and Mr Martin Weale co-opted member.
|
|||||
Declarations of interest To receive any declarations of interest from Members relating to items to be considered on the Agenda. Minutes: Members of the Committee declared interests as members of the Local Government Pensions Scheme. These are personal interests, not prejudicial interests in accordance with Paragraph 12(b) (iv) of the Members Code of Conduct 2016.
|
|||||
To authorise the Chair to sign the minutes of the last meeting held on 9 October 2020 as a correct record. Minutes: The Chair was authorised to sign the minutes of the Pensions and Investment Committee meeting held on 9 October 2020 as a correct record.
In response to a question the Pension Fund Manager advised that guidance was still awaited from MHCLG as to what schemes should do if employers do not have the required data to enable them to fulfil their obligations to implement the McCloud decision.
|
|||||
Data Improvement Plan PDF 118 KB To consider and approve the Data Improvement Plan. Additional documents: Minutes: The Committee received the Data Improvement Plan and noted that it had been updated to reflect the changes in the data since 2018. The Pension Fund Manager highlighted the Action Plan and the high priority areas for correcting data. In response to questions the Pension Fund Manager advised that the document was revised at least once every two years or more frequently if required. He advised that the draft had been considered by the Pension Board and changes had been made as a result of its comments.
If the Committee approved the Plan it would be published on the Scheme’s website.
It was moved and duly seconded to approve the Plan.
|
|||||
Communications Strategy Statement PDF 13 KB To approve the revised Communications Strategy Statement. Additional documents: Minutes: The Committee received the draft Communications Strategy Statement which had been updated from the previous version published in 2018. The Pension Fund Manager advised that the draft had been considered by the Pension Board and changes had been made as a result of its comments. The Committee noted that the Strategy refers to communications with the Wales Pension Partnership.
If the Committee approved the Statement, it would be published on the Scheme’s website.
It was moved and duly seconded to approve the Statement.
|
|||||
Pension Fund Annual report 2019-20 PDF 114 KB To consider and approve the 2019-20 Pension Fund Annual Report. Additional documents: Minutes: The Committee received the Pension Fund Annual report 2019-20.
The Committee noted that the Audit Committee had approved the accounts on 19 November 2020 and the Auditor General had signed the Accounts off on 23 November 2020.
It was noted that the Audit Committee was pleased with all aspects of the report and the equity protection put in place by the Committee. The Financial Reporting & Policy Accountant advised that approval of the Funds accounts was delegated to the Audit Committee. However, the Accounts and Audit Regulations (Wales) (Amendment) Regulations 2018 removed the requirement that the Pension Fund forms part of the Councils Statement of Accounts and so the delegation to the Audit Committee could be reviewed.
The officers were thanked for producing an understandable and readable document. The Pension Fund Manager advised that if approved by the Committee the report would be published by 1 December 2020.
It was moved and duly seconded to approve the report.
|
|||||
Exempt item The Monitoring Officer has determined that category 3 of the Access to Information Procedure Rules applies to the following items. His view on the public interest test (having taken account of the provisions of Rule 14.8 of the Council's Access to Information Rules) was that to make this information public would disclose information relating to the financial or business affairs of any particular person (including the authority holding that information). These factors in his view outweigh the public interest in disclosing this information. Members are asked to consider these factors when determining the public interest test, which they must decide when considering excluding the public from this part of the meeting. Minutes: RESOLVED to exclude the public for the following items of business on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).
The Chair took the Wales Pension Partnership item next.
|
|||||
Wales Pension Partnership [WPP] To receive a report regarding the WPP. Minutes:
Following a discussion at the previous meeting, The Pension Fund Manager raised an additional point on the Global Growth sub-fund that the Powys Fund is currently invested in. Committee discussed the matter, and it was noted that the Pension Fund Manager would contact the WPP to request further information.
|
|||||
Equity Protection Minutes: The Chair welcomed Simon Mayne and Kenneth Ettles, Aon to the meeting.
The Committee received a presentation on the Equity Protection. The Committee noted the current protection and the market outlook. The impact of Covid 19, future spikes in cases and any vaccine, the US election and Brexit would all impact on markets. Although markets were seen as weak, they were not as volatile as in recent months. Two parts of equity protection strategy would mature in January and March 2021 and the Committee would need to consider whether it wished to continue protection and if so the options available.
The Committee considered the Decision Framework which was designed to assist in the consideration of what to do when protection was due to expire. In response to questions, the Committee was reminded that equity protection was utilised to protect the funding position prior to the valuation in 2019. However, it was also noted that protection has been rolled forward to March 2023 to provide some stability between the valuation in 2019 and the next in 2022/23 to offset any significant rises in demands on the fund and the affordability of contribution payments.
It was noted that the Committee may wish to consider protecting US equities within the strategy.
|