Agenda and minutes
Venue: Council Chamber, Town Hall, Mulberry Place, 5 Clove Crescent, London E14 2BG
Contact: Antonella Burgio, Democratic Services. Tel: 0207 364 4881. Email: antonella.burgio@towerhamlets.gov.uk
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APPOINTMENT OF CHAIR FOR THE DURATION OF THE MEETING Minutes: It was noted that George Bruce had been invited to act as administrative Chair for the duration of the meeting pending the appointment of an independent Chair as prescribed in New LGPS regulations.
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INTRODUCTIONS Minutes: INTRODUCTIONS
George Bruce, introduced himself and informed all present that he had been invited to act as interim Chair for the inaugural meeting pending the appointment of an independent Chair. He welcomed all to the meeting and asked each person attending to introduce themselves and state their role at the meeting.
QUORUM
It was noted that no employee representative was present at the meeting and therefore the meeting was inquorate. On the recommendation of the Interim Administrative Chair, it was agreed that the meeting would proceed on an informal basis and the proceedings ratified at the next quorate meeting.
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APOLOGIES Minutes: Apologies for absence were received from employee representative Stephen Thompson and his deputy Mike Markson
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DECLARATIONS OF DISCLOSABLE PECUNIARY INTEREST PDF 64 KB To note any declarations of interest made by Members, including those restricting Members from voting on the questions detailed in Section 106 of the Local Government Finance Act, 1992. See attached note from the Monitoring Officer.
Minutes: No declarations of disclosable pecuniary interests were declared.
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PENSIONS BOARD REPORTS FOR CONSIDERATION |
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Pensions Board, Membership, Quorum and Dates of Meetings PDF 82 KB To note the composition of the Board and determine the preferred stating time of the Pensions Board meetings. Additional documents: Minutes: The Clerk presented the report which asked members to note their powers and responsibilities under legislation and to determine their preferred meeting time.
Members discussed the preferred meeting time and determined that future meeting would take place at 10am. Members then noted that the scheduled date of 17th September was not convenient and agreed that an alternative meeting date should be canvassed.
RECOMMENDED
1. That the report be noted.
2. That future meetings be held at 10.00am
3. That the meeting scheduled for 17 September 2015 be postponed and an alternative date be canvassed amongst the Board members.
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Pensions Board Update July 2015 PDF 98 KB To inform Members of progress on the establishment of the new Pensions Board under the Public Service Pensions Act 2013 Additional documents: Minutes: The Administrative Chair introduced the reported and highlighted the following matters:
In discussion, Members raised the following issues:
The Board recommended that its Terms of Reference should be displayed in each meeting agenda.
RECOMMENDED
1. That the report and discussion be noted
2. That the Pension Board Terms of Reference be displayed in each published agenda
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LGPS Governance Training PDF 77 KB To receive a presentation from Ms Tobun Investment & Treasury Manager. Minutes: The Administrative Chair asked members to consider how they wished to undertake the required training. Following discussion the Board determined that an appropriate training plan be devised to include the following elements:
RECOMMENDED
1. That the requirement for training be noted and
2. That a training plan be devised and brought to a future meeting
3. That an in-house training session be arranged and notified to members of the Board
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Pension Fund Business Plan and Budget for 2015/16 PDF 121 KB To consider the report which outlines the Work Plan for the Council’s statutory function as the administering authority of the London Borough of Tower Hamlets Pension Fund. Additional documents: Minutes: The Administrative Chair introduced the item which asked members to consider its business/work plan and what matters it wished to incorporate into the plan. Members agreed that issues of Fund sustainability should be added to the plan.
RECOMMENDED
That a draft plan be drawn up and presented at the next meeting.
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Investment in London LGPS Collective Investment Vehicle (CIV) PDF 97 KB To inform the Committee on the progress of setting up the London Collective Investment Vehicle (CIV), and the work that is currently underway. Minutes: The Investments and Treasury Manager introduced the report which provided an update on the establishment of the London Collective Investment Vehicle (CIV). The Board heard that: · the body had recently been incorporated and registered with FCA. · The share capital of LBTH LGPS would be £75,000 · During the recent budget statement, the Government had indicated that it favoured national pooling.
RECOMMENDED
That the update be noted.
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Pension Fund Investment Performance Review for Quarter End 31 March 2015 PDF 618 KB To inform Members of the performance of the Fund and its investment managers for the quarter ending 31 March 2015.
Additional documents:
Minutes: The Investments and Treasury Manager introduced the report which informed the Board of the performance of the Fund’s investment managers in the quarter ending 31 March 2015. The Administrative Chair highlighted the opportunities afforded to the Board to monitor the performance of the Fund and ensure that it was kept abreast of financial markets
RECOMMENDED
That the quarterly investment performance review for the quarter ending 31 March 2015 be noted.
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2014/15 Local Government Pension Fund Annual Report PDF 93 KB To consider the draft Annual Pension Fund Report and Statement of Accounts.
Additional documents: Minutes: The Chief Accountant introduced the report which provided the draft annual accounts for the Board to consider prior to referral to the Council’s external auditors. It was suggested that the external auditors be invited to the Board’s forthcoming meeting to discuss their findings, the processes employed in operating the Fund and how this complied with legislation.
RECOMMENDED
That the draft accounts be noted.
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ANY OTHER BUSINESS CONSIDERED TO BE URGENT Minutes: The Board was asked to respond to a canvass to be undertaken to determine a suitable date for the forthcoming meeting.
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