Venue: Committee Room A - County Hall, Llandrindod Wells, Powys. View directions
No. | Item | ||||
---|---|---|---|---|---|
Apologies To receive apologies for absence. Minutes: Apologies were received from Wayne Thomas, Employers Representative.
|
|||||
Declarations of interest To receive any declarations of interest. Minutes: The Chair advised he was an Associate in The Chartered Institute of Public Finance and Accountancy [CIPFA] and declared an interest if reference was made to CIPFA when discussing the Board’s training.
|
|||||
Minutes of the Board PDF 75 KB To authorise the Chair to sign the minutes of the previous meeting of the Board held on 14th July, 2017 as a correct record. Minutes: The minutes of the last meeting held on 14th July, 2017 were agreed as a correct record.
|
|||||
Matters arising |
|||||
Item 5a - The Pension Regulator [TPR] Annual return 2017 PDF 169 KB Minutes: The Board received the Pensions Regulator [TPR] Annual return 2016 – 2017 and the Secretary advised the report had been returned ahead of the required deadline. It was noted that the TPR had fined a Council last year for non-return of the report.
|
|||||
Item 5b - Scheme Advisory Board [SAB] Board Survey PDF 14 KB Minutes: The Board received the completed survey submitted to the Scheme Advisory Board.
The Chair advised that four schemes which had completed the survey had advised that they do not have planned training programmes. It was noted that training was to be considered later on the Agenda.
|
|||||
Item 5d - Board Work Programme PDF 55 KB Minutes: The Board noted the Work Programme for the period to January 2020.
The following was noted: · Section 13 Government Actuaries Department [GAD] report – GAD had been asked to develop a tool for making comparisons of the funding levels of schemes and their assumptions on such things as inflation, returns on investments etc. The Secretary advised that GAD’s report would probably be available toward the end of 2018. · Administration Strategy Statement, Communications Strategy Statement and Governance Policy & Compliance Statement – the Board asked that it has an opportunity to see the draft statements prior to the final consideration by the Pensions & Investment Committee · Pension Fund Annual Report & Accounts - the Board offered to consider the draft report and accounts, if the timings made this possible · The Board’s training programme would be incorporated into the Work Programme · Wales Pension Partnership – this should be a standing item on each Agenda rather than “until completion”.
|
|||||
Item 5f - Scheme Member Information - a verbal report Minutes: The Board noted that this was discussed at a previous meeting and some examples had been emailed to the Board for consideration. As no comments had been received it was agreed that the information would be emailed again and members were asked to bring their thoughts to the next meeting.
|
|||||
Exercise of Voting Rights PDF 60 KB Additional documents: Minutes: The Board noted the responses from Equity Managers regarding voting rights exercised. The Chair advised he would share a guide to voting for pooled funds with the Board.
|
|||||
Chairman's Announcements Minutes: The Chair advised he had attended a Local Government Association training event for Chairs of Fire & Rescue Boards. The Pension Regulator [TPR] had attended and was putting pressure on the public sector pension funds to comply with regulations. TPR would be attending the Welsh Boards Chair meeting. The Chair advised he would ask the Regulator in what circumstances he would consider placing fines on Board members.
|
|||||
Minutes of Pensions and Investment Committee PDF 74 KB Minutes of Pensions and Investment Committee held on 29 September, 2017. Minutes: The Board received the Pensions and Investment Committee’s minutes for 29 September, 2017.
The Chair advised that after the meeting he asked about an inconsistency that he had spotted in the annual pension fund accounts in relation to one of the Notes to the Accounts. The Secretary advised that the Financial Reporting and Policy Accountant had agreed to review the note in the Annual Report.
The Board noted the action plan agreed by the Committee in respect of the General Data Protection Regulations. It was noted that an English Pension Fund had been fined by the Information Commissioner as they had been subject to a cyber-attack.
|
|||||
Markets in Financial Instruments Directive II [MIFID2] PDF 194 KB Minutes: The Board noted the questionnaire sent to Asset Managers relating to the Markets in Financial Instruments Directive II – Opting Up. The Board noted the process required to ensure the Pensions Fund operated at the required level from 3 January 2018. The Secretary advised that one Asset Manager had already responded stating that the Fund met the required criteria to operate at this level. The Secretary agreed to keep Committee and Board Members aware of progress made on opting-up.
It was noted that due to the recent election the average period of service of Pension & Investment Committee members was two years. The Secretary advised that if this was seen to be a concern the option of co-opting individuals to the Committee had been considered. |
|||||
Review of Compliance with The Pension Regulator's [TPR] Code 14 PDF 100 KB To consider the initial position. Additional documents:
Minutes: The Board received the Public Service Pension Schemes Self Assessment report.
|
|||||
Board Key Performance Indicators To discuss the key performance indicators. Minutes: The Board discussed whether there was a need to identify Key Performance Indicators [KPIs] and how these would fit into and add to the overall governance arrangements of the Pensions & Investment Committee, actuaries, Fund Managers etc.
|
|||||
Board Member Training [Standing Item] PDF 35 KB To note the training undertaken. Minutes: The Board considered topics for the training programme and how these could be delivered and whether solely for the Board or for the Board and Pension & Investment Committee.
|
|||||
Review of Risk Register [Standing Items] |
|||||
Legal status of Pooled Funds Minutes: The Secretary advised that he was still waiting clarification on this issue and would report to the next meeting.
|
|||||
PEN004 - systems failure PDF 64 KB To receive a report regarding the management of cyber security. Minutes: The Board received the report regarding the entry PEN004 of the Risk Register which had been amended to include the specific risk of a systems failure occurring as a consequence of the failure of cyber security and the assurances from systems providers in relation to the management of cyber security.
The Board noted that the Fund’s pension administration system provider had identified three unresolved issues and was working to resolve these.
|
|||||
Wales Pension Partnership - Investment Pooling Update [Standing Item] To receive a verbal report. Minutes: The Secretary advised that the procurement process for appointing the operator had finished but had taken longer than originally planned. Officers would be making a recommendation regarding the preferred operator to the Joint Governance Committee. Once approved the eight Funds would be asked to consider and approve the appointment and this would be completed by the end of November/early December. A press release would then be issued.
Officers had already started work on drafting single policies for the Pool.
|
|||||
Audit Reports [Standing Item] Minutes: The Secretary advised that a report would be available for consideration at the next meeting.
|
|||||
Administration Activity Report [Standing Item] PDF 112 KB To receive the report regarding the Membership and Financial Statistics for the period 1st April to 30th September 2017. Minutes: The Board received the financial activity and membership statistics for the period 1 April to 30 September 2017. The Board welcomed this information.
|
|||||
Cessation of contracting out - Update [Standing Item] To receive a verbal report. Minutes: The Board noted that the final project document would be available before the end of December 2017 and the project would be completed within 10 months. It was note that 40 Local Government Pension Schemes had not started this work.
|
|||||
Internal Dispute Resolution Procedure [IDRP] Update [Standing Item] To receive a verbal report.
Minutes: There were no issues to report.
|
|||||
Future Board Meetings 12 January 2018 7 June 2018 6 September 2018 23 November 2018 Minutes: The Board noted the following meeting dates: 12 January, 2018 7 June, 2018 6 September 2018 23 November 2018
|