Members are reminded to consider the categories of interest, identified in the Code of Conduct for Members to determine: whether they have an interest in any agenda item and any action they should take. For further details, see the attached note from the Monitoring Officer.

Members are also reminded to declare the nature of the interest at the earliest opportunity and the agenda item it relates to. Please note that ultimately it is the Members’ responsibility to identify any interests and also update their register of interest form as required by the Code.

If in doubt as to the nature of an interest, you are advised to seek advice prior the meeting by contacting the Monitoring Officer or Democratic Services.

There were no pecuniary declarations of interest declared at the meeting by members.

To confirm as a correct record the unrestricted minutes of the meeting of the Committee held on 12^th January 2023.

The unrestricted minutes of the meeting of 12 January 2023 were agreed to be an accurate record of the meeting and were approved by the Committee.

No Petitions relating to the matters for which the Pensions Committee is responsible had been received by the Officer.

Mr John Jones, Chair of the Pensions Board presented his report on behalf of the Pensions Board.

Mr Jones highlighted the agenda at the last Pensions Board meeting, including a presentation from Barry Dodds, the Fund’s Actuary.

He informed members around the risk register and the importance of keeping the data up to date. Members should continue to raise this issue.

The Chair thanked Mr Jones for attending the meeting.

Mr Barry Dodds, Actuary presented the 2022 Triennial Valuation Draft Results to the Committee and highlighted the Contribution rates and the Funding position contained within the Report, and the Rates and Adjustments Certificate.

Members raised the following comments and questions:

• Members raised the timeline for completion of the Draft Rates and Adjustment Certificate, and asked if completion should be deferred given the uncertainty in financial markets? Mr Dodds confirmed that sign off would be by the end of March 2023. He said the impact of the market is always analysed and taken into account and that contribution rates can be revisited.
• Members enquired as to why some employer contribution rates were much higher than others at around or over 60%? Mr Dodds described what is referred to as closed employers and why the funding target is higher for them.

The Chair thanked Mr Dodds for attending the meeting.

RESOLVED:

Members noted the draft results.

To Follow.

Ms Miriam Adams introduced the report on the Risk Register Quarterly Update December 2022. Ms Adams highlighted risks for members to be aware of and those which have been downgraded. There was a discussion about the revised Risk Register ratings and some amendments were made.

Members raised the following comments and questions:

• Members asked about pension provision for those within the scheme that have died and how this is monitored, locally and abroad. Ms Adams detailed how this is monitored and how this is escalated when communications are not answered.
• The effects of the Covid -19 pandemic are still being felt by some employers. How are they being supported and how is this recorded? Ms Adams detailed the policies that are still in place from the pandemic, saying that there are dedicated members of staff who are reviewing these financial concerns. Currently no employer has come forward to say they need additional support due to the pandemic.

RESOLVED:

Members noted the Risk Register.

Ms Miriam Adams introduced the report on ESG, Voting, Engagement and Stewardship Update.

Members of the Committee had no questions for Ms Adams relating to the update.

RESOLVED:

Members noted the update.

Ms Miriam Adams introduced the report on the Pensions Administration and LGPS Quarterly Update.

Members of the Committee had no questions for Ms Adams relating to the update.

RESOLVED:

Members noted the update.

The chair informed the committee that the item had been withdrawn.

Nil Items.

Resolved:

Members noted the workplan.

There was no other business to be discussed.

In view of the contents of the remaining items 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 remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act,1972.”

EXEMPT SECTION (Pink Papers)

The Exempt/Confidential (pink) papers for consideration at the meeting will 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 Democratic Services Officer present or dispose of them in the confidential bins.

The Chair MOVED and it was

RESOLVED

“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 remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act, 1972.”

To confirm as a correct record the restricted minutes of the meeting of the Committee held on 12^th January 2023.

The restricted minutes from the 12 January 2023 meeting were agreed to be an accurate record of the meeting and were approved by the Committee.

Mr Steve Turner, Mercer, and Mr Colin Robertson, Independent Adviser, presented the training on Asset Allocation Training, highlighting the importance of understanding investment strategy and market conditions.

The Chair thanked Mr Robertson and Mr Turner for delivering the training.

This item was adjourned to the re-scheduled meeting of 22^nd March 2023.

This item was adjourned to the re-scheduled meeting of 22^nd March 2023.

This item was adjourned to the re-scheduled meeting of 22^nd March 2023.

TO BE PROVIDED IN A SEPARATE SUPPLEMENT VIA EMAIL.

This item was adjourned to the re-scheduled meeting of 22^nd March 2023.