Agenda and minutes
Venue: Committee Room 3 - Town Hall, Mulberry Place, 5 Clove Crescent, London, E14 2BG. View directions
Contact: David Knight, Principal Committee Services Officer Tel: 020 7364 4878; E-mail: david.knight@towerhamlets.gov.uk
Media
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APOLOGIES Additional documents: Minutes: Apologies for absence were received from Councillor Kyrsten Perry, Roger Jones, Colin Robertson and Tim Deane.
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DECLARATIONS OF DISCLOSABLE PECUNIARY INTERESTS PDF 117 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. Additional documents: Minutes: Mr John Gray disclosed an interest in item 7.3, stating that he may have been a policyholder with Equitable Life but no longer holds a policy with them.
Mr Gray also declared that he is the joint Vice-Chair of LAPFF in relation to the report 8.1.
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UNRESTRICTED MINUTES PDF 279 KB To confirm as a correct record of the proceedings the unrestricted minutes of the meeting of the Pensions Board held on 19th September, 2019. Additional documents: Minutes: The minutes of the meeting from the 19th September 2019 were agreed and approved as a correct record save for the following amendment:
Page 9 – Councillor Kyrsten Perry and N Adedeji were in attendance for the meeting.
Matters arising
Page 12 – The risk register is under review however the Board will be presented with the risk register at its next meeting.
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TERMS OF REFERENCE The Board’s terms of reference were published at the inaugural meeting. The Board decided that it was not necessary to publish these with each agenda, however, if required, a copy may be obtained from the clerk to the meeting. Additional documents: Minutes: The terms of reference for the Pensions Board were noted by the Members of the Board.
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SUBMISSIONS FROM FUND MEMBERS To consider any written submissions from Fund Members/Stakeholders.
(Submissions must be received by the Clerk to the meeting no later than 5.00p.m. on the day before the meeting.) Additional documents: Minutes: No submissions were received at the meeting from Fund Managers.
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SUBMISSIONS / RESPONSES FROM PENSION COMMITTEE To consider any submissions/responses from the Pensions Committee Additional documents: Minutes: The written report conveying the views of Board Members was well received at the Pensions Committee meeting. The Chair said the relationship between the Board and the Committee was working very well.
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REPORTS FOR CONSIDERATION Additional documents: |
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Actuarial Valuation Update The Board will receive a verbal update on the Actuarial Valuation. Additional documents: Minutes: Ms Miriam Adams, Interim Pensions and Investment Manager provided the Board with a verbal update with regard to the Actuarial Valuation. Ms Adams said the deadline had not been achieved because there had been a change in the methodology used to calculate the actuarial valuation.
Ms Adams said there were a large number of queries which needed to be solved. The dataset did not match with payroll and as such there were early warning signs that a whole system analysis was required to attain the full results.
The Chair, Mr John Jones thanked Ms Adams for her update.
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Additional documents:
Minutes: Ms Miriam Adams, Interim Pensions and Investment Manager, introduced the report stating the purpose of the report was to update Board Members on the recent and key developments in relation to the LGPS.
The Chair, Mr John Jones referred to page 16 of the agenda, second bullet point and said it was clear the Pensions Board had a clear role to play in ensuring the LGPS scheme was performing to a high standard.
Mr Jones also referred to the eighth and ninth bullet point, on page 16 and said it was good the Pensions Regulator agreed Scheme Managers needed to take a holistic approach when considering the governance and administration risks to the fund.
With regards to the Competition and Markets Authority and the setting of objectives, Mr Jones referred to point 6.2 stating he was heartened to see these had to be measurable objectives.
The Board RESOLVED to:
1. Note the contents of the report.
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Equitable Life Additional Voluntary Contribution (AVC) PDF 237 KB Additional documents: Minutes: Ms Miriam Adams, Interim Pensions and Investments Manager introduced the report stating the report provided an update on the historic Equitable Life AVC investments for active and deferred members of the Tower Hamlets Fund.
Ms Adams referred Members to point 3.2 and said the proposed transfer of Fund was subject to a vote of policy holders as well as approval of the High Court.
The Board RESOLVED to:
1. Note the contents of the report.
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Pensions Administration Quarterly update- Quarter End September 2019 PDF 328 KB Additional documents: Minutes: Mr David Stephen-Thompson proposed and Mr John Jones MOVED that the Board take this item in Private Session.
The Board agreed the issues raised within the report, where commercially, legally or personally sensitive and should not be divulged to third parties.
The Board RESOLVED :
That in accordance with the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contained information defined as exempt or confidential in Part 1 of Schedule 12A to the Local Government, Act 1972.
The Pensions Board discussed and AGREED a root and branch exercise was required, to ensure better processes were in place for the administration of the Pension Fund.
The Board AGREED a further briefing, including the remedial action plan and the Pension Regulators response would be provided to the Board in January 2020.
The Board RESOLVED to AGREE:
1. To note the report contents; 2. To note the identified regulatory breaches to be reported to The Pension Regulator; 3. To note that a detailed remediation plan which has the deadlines for all actions, owners and up to date status will be provided to the Board in February.
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EXCLUSION OF THE PRESS AND PUBLIC In view of the contents of item 8.1 on the agenda the Committee is recommended to adopt the following motion:
“That, under the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the meeting for the consideration of Item 8.1 on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act, 1972.”
EXEMPT/CONFIDENTIAL SECTION (Pink Papers)
The exempt committee papers in Item 8.1 contain information, which is commercially, legally or personally sensitive and should not be divulged to third parties. If you do not wish to retain these papers after the meeting, please hand them to the Committee Officer present.
Additional documents: Minutes: The Chair Moved and it was:
RESOLVED:
That in accordance with the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contained information defined as exempt or confidential in Part 1 of Schedule 12A to the Local Government, Act 1972.
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Quarterly Voting and Engagement Update for September 2019 Minutes: The Board RESOLVED to:
1. Note the contents of the report.
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PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING To follow
Additional documents: Minutes: The Board received and noted the agenda for the Pension Committee meeting scheduled for 28th November 2019.
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Work Plan Additional documents: |
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Local Pension Board Updated LBTH Pensions Board Work Plan For 2019/20 PDF 267 KB Additional documents:
Minutes: Board Members were asked to note the Pension Board’s updated work plan for 2019/20.
The Chair, Mr John Jones reiterated the Board’s desire to receive a report on the corporate risk register and an update concerning the Pensions Administration report.
The Board expressed their wish to invite Mr Paul Rock, Head of Internal Audit, Fraud and Risk to a future meeting of the Board to examine how Internal Audit reports on Fund activity.
The Board RESOLVED to:
1. Note the contents of the report; 2. Note the pension board terms of reference attached at appendix 1; and 3. Agree the updated work plan attached as Appendix 2 to the report.
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