Issue - meetings
Pension Board Work Plan
Meeting: 16/11/2020 - Pension Board (Item 4.6)
Pension Board work plan
To follow
Additional documents:
Meeting: 16/03/2020 - Pension Board (Item 10)
Pension Board Training
To follow
Additional documents:
Minutes:
The Chair, Mr John Jones asked Board Members to indicate if they were attending the Pensions training scheduled for the 24th June 2020, subject to the moving situation with the Covid-19 pandemic. Two members indicated they were hoping to attend the training if this was to proceed.
Meeting: 16/03/2020 - Pension Board (Item 8)
Pensions Administration Update and Remediation Plan
To follow
Additional documents:
Minutes:
EXCLUSION OF PRESS AND PUBLIC
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 for this Item in order to give consideration of the Section Two business on the grounds that it contained information defined as exempt or confidential in Part 1 of Schedule 12A of the Local Government Act 1972.
Meeting: 16/03/2020 - Pension Board (Item 7)
7 Pension Fund Breaches Policy PDF 245 KB
Special circumstances justifying urgent consideration
This report was not available for publication by the statutory publication deadline because additional information was required. It is presented for consideration at this meeting as it is not possible to defer until the next meeting. It should also be noted that the report title was made available as part of the original meeting agenda.
Additional documents:
Minutes:
Ms Miriam Adams, Interim Pensions and Investment Manager introduced the report stating the policy outlined how breaches of the law should be reported and recorded. The policy covered a wide variety of tasks normally associated with the administrative function of a scheme such as keeping records, internal controls, calculating benefits and making investments or investment-related decisions. She said the emphasis was on self-reporting to the Pensions Regulator as per section 70 of the Pensions Act 2004.
Members of the Board welcomed the policy and said it was comprehensive and straightforward to understand.
o ACTION: Members of the Board requested they receive quarterly updates on the number of breaches reported.
The Board RESOVLED to:
1. Note the contents of the report;
2. Reviewed the Policy for reporting breaches of the law;
3. Noted the recommendation to delegate the responsibility for implementation of the policy to the S151 Officer; and
4. Recommend to the Pensions Committee to approve the policy appended at appendix A.
Meeting: 16/03/2020 - Pension Board (Item 7)
7 Pension Fund Conflict of Interest Policy PDF 254 KB
Special circumstances justifying urgent consideration
This report was not available for publication by the statutory publication deadline because additional information was required. It is presented for consideration at this meeting as it is not possible to defer until the next meeting. It should also be noted that the report title was made available as part of the original meeting agenda.
Additional documents:
Minutes:
Ms Miriam Adams, Interim Pension and Investments Manager introduced the report stating the Pensions Fund Conflict of Interest was a requirement of the Public Services Pensions Act 2013 and as such the Pensions Board and Committee were being asked to approve the policy.
Board Members welcomed the Policy and were told the Monitoring Officer reviewed Member conflicts of interest, although the policy applies to both members and officers alike.
The Board RESOLVED to:
1. Note the contents of the report;
2. Note the objectives of the Conflict of Interest Policy (Appendix A of the report)
3. Note that key advisers of the Fund were asked to provide copies of their policies dealing with Conflict of Interest;
4. Note that it is the responsibility of each individual covered by this policy to identify any potential instances where there personal, financial, business or other interests might come in conflict with their pension fund duties.
Meeting: 16/03/2020 - Pension Board (Item 7)
7 2020/21 Pension Fund Risk Register PDF 245 KB
Special circumstances justifying urgent consideration
This report was not available for publication by the statutory publication deadline because additional information was required. It is presented for consideration at this meeting as it is not possible to defer until the next meeting. It should also be noted that the report title was made available as part of the original meeting agenda.
Additional documents:
- AppendixALBofTowerHamletsRiskPolicy, item 7 PDF 477 KB
- AppendixBRiskSummaries28Feb2020161850, item 7 PDF 170 KB
- AppendixCRiskHeatMapsandRegistersAdminComms28Feb2020161432, item 7 PDF 129 KB
- AppendixDRiskHeatMapsandRegistersGovernance28Feb2020161432, item 7 PDF 262 KB
- AppendixERiskHeatMapsandRegistersFundingInvestment28Feb2020161432, item 7 PDF 126 KB
- AppendixFPreviousRiskRegisterAnnotated, item 7 PDF 248 KB
- Webcast for 2020/21 Pension Fund Risk Register
Minutes:
Ms Miriam Adams, Interim Pensions and Investment Manager introduced the report stating the Risk Management policy and risk register for the Pension fund needs to be annually reviewed by the Pension Committee, with the Board having responsibility to review the risk register on a quarterly basis.
Ms Adams stated AON an independent financial services company had been hired to review the risk management policy and risk register and to identify any further risks to the pension fund.
She said the key areas the policy covered were governance, investment, policy and administration. Ms Adams referred Board Members to the summary risk register at pages 31 to 33. She said the old risk register had been combined with the new register.
In answer to questions from Board Members the following was noted:
· The register at pages 31 -33 is the new risk register. This is the summary Members of the Board will receive in future.
o ACTION: There are 7 to 8 risks in each category. The risk register needs to be organised showing a separation of risks rated red, amber and green. The red and amber risks should be shown at the top of the register and the date the action is completed needs to be stated, rather than the date of review of the risk.
· The Vice-Chair, Mr John Gray stated he was not confident the green risks were actually green and said he’d like some assurance which demonstrated the risk had been dealt with.
· The Chair, Mr John Johns noted every action as assigned to Miriam Adams and asked how this can be delivered. He said he welcomed the new framework and agreed the Board needed to focus on the red and amber risks whilst not losing sight of the greens.
· Ms Adams confirmed the template at pages 28 and 29 of the agenda was the council-wide framework, which she had adapted for the Pensions Fund risk register. She said the values shown could be increased to show higher amounts, if that was required.
· With respect to the independent monitoring of the policy and its objectives, referred to on page 30, the Chair queried what the likely timing for this was to be and if it over-shadowed the Internal Audit review which was to be undertaken. Ms Adams stated it would not impinge on the Internal Audit review of the Pensions Fund.
o ACTION: The Chair, requested to see the terms of reference for the Independent Governance Review referred to at page 30.
The Board RESOLVED to:
1. Note and review the contents of the Risk Management Policy;
2. Note and review the contents of the revised Risk Register including new risks introduced;
3. Recommend that the Pensions Committee adopt and approve the Revised Risk Management Policy and its objectives; and
4. Recommend that the Pensions Committee adopt the revised Risk Register.
Meeting: 16/03/2020 - Pension Board (Item 11)
11 PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING PDF 148 KB
Additional documents:
Minutes:
The Board noted the next Pension Committee meeting was scheduled for 18th March 2020.