Agenda item
UNRESTRICTED MINUTES
To confirm as a correct record of the proceedings the unrestricted minutes of the meeting of the Pensions Board held on 12 March 2018
Minutes:
The minutes of the meeting held on 12 March 2018 were agreed and approved as a correct record subject to the below amendments.
Item 11 Pensions Committee Agenda for the forthcoming Meeting. (6.1 Revised Investment Strategy Statement and Investment Options Considerations)
Sentence which reads ‘The Fund’s current funding level is at 90% and this equates to £150million be amended to ‘The Fund’s deficit level is at 90% and this deficit equates to £150million’.
Matters Arising
· Item 4 Unrestricted Minutes: Matters Arising
Members requested that the LCIV be asked to provide an update on what actions had been undertaken in relations to Tesla refusal to engage with Trade Unions.
· Item 7 Discussion And Presentation From the Pensions Regulator (TPR)
Members were advised that an assessment on data quality was to be undertaken later in the month.
· Item 11 Pensions Committee Agenda for the forthcoming Meeting.
Item 6.2 - Pensions Scheme Administration Update) Pensions Administration / Finance Restructure
Neville Murtion, Divisional Director, Finance, Procurement and Audit briefed members about the Finance Service Area restructure. The Board was advised that consultation with staff members in the respective areas had been undertaken. The final proposals are currently being drafted and there are ongoing discussions on which ‘job titles’ should be assimilated. Members were advised that staff members had advocated for the Pensions Team and Pension Payroll Team to remain as two separate teams.
The Board was advised that a Pensions and Pensions Investment Team was to be created and that a Team Manager would oversee two senior level posts. These Posts will be graded as P04. Members were advised that the grades had been revaluated and the posts were now in parity with similar senior roles in other service areas. One of the post hold will focus on Accountancy and Investment. There have been no changes in the number of Scale 6 and SO2 posts. A ‘career grade pathway’ has now been created for both administrators and officers.
Members held discussions about the restructure and stressed the importance of the service areas responsible for the Pensions Administrations and Investments being adequately resourced and staffed. The Board noted that the administration of Pensions Schemes was becoming more complicated and commented that the Financial Regulators were increasingly monitoring this area and stressed the importance of officers having the requisite ‘skills sets’ to undertake the above role.
Following questions from Members, Officers advised that under the new structure, the Senior Officers roles will focus on Pensions and Strategy. These post holders will be graded at LPO9 and LPO7 and be expertise in their fields.
Officers advised that the proposed restructure would ensure that the Service Area is resilience and led to an increase focus on the Pensions Fund. Senior Officers will also be provided with more support.
o Item 6.4 - Update on Pensions Fund Procurement Plans 2017/2018
Officers advised the Board that a meeting was to be held with State Street in the forthcoming weeks and that ‘Class Action Reports’ were to be discussed. The Board agreed that it was prudent to ensure that they are compensated for any negligence and losses.
RESOLVED:
That Officers request feedback from the LCIV about actions taken in relation to Tesla non-engagement with Trade Unions.
Supporting documents: