Meeting documents
Venue: Mezz 2, NCO Aylesbury
Contact: Anne-Marie Kenward
No. | Item |
---|---|
Apologies/Declarations of Interest/Minutes PDF 188 KB To note apologies and declarations of Interest. To confirm the minutes of the meeting held on 14 March 2019.
Minutes: There were no apologies.
There were no declarations of interest.
There were no comments or amendments to the minutes of the previous meeting.
RESOLVED: The minutes of the meeting held on 14 March 2019 were AGREED and signed by the Chairman.
|
|
Minutes of the last Pensions Fund Committee PDF 151 KB To note the minutes of the Pension Fund Committee held on 18 March 2019 Minutes: On page 12 of the agenda pack the minutes referred to a £560k return on cash investment. Ms J Edwards, Pensions & Investments Manager, and Mr M Preston, Head of Finance -Pensions, Investments and Projects, confirmed this should read £56k. Ms A Kenward, Committee Assistant, would feed this back for correction. ACTION: Ms Kenward
|
|
BCC Pension Fund Employer Newsletters - March & June 2019 PDF 129 KB Report from Chery Platts, Communications Officer. Minutes: Mrs C Platts, Communications Officer, gave an overview of the report circulated with the agenda.
Mrs Platts highlighted the following:
· Changes to late retirement factors will come into effect from 1 September 2019. The new methodology removes the under the ‘cliff edge’ effect which reduced the value of LGPS benefits held by members who were over their Normal Pension Age when the current factors last changed in January 2017/methodology.
RESOLVED: The Board NOTED the report.
|
|
Pension Fund Annual Report 2018/19 PDF 128 KB Report by Cheryl Platts, Communications Officer. Additional documents: Minutes: Mrs C Platts, Communications Officer, gave an overview of the report circulated with the agenda.
The following points were discussed as a result of questions from members of the board:
ACTION: Mrs Edwards
RESOLVED: The Board NOTED the report.
|
|
Review of Buckinghamshire Pension Board Policies PDF 145 KB Report by Claire Lewis-Smith, Pensions Administration Manager. Additional documents:
Minutes: Mrs C Lewis-Smith, Pensions Administration Manager, gave an overview of the report circulated with the agenda.
Mrs Lewis-Smith highlighted the following:
The following points were discussed as a result of questions from members of the board:
ACTION: Mrs Lewis-Smith
ACTION: Mrs Edwards
RESOLVED: The Board AGREED the changes as per the amendments suggested above.
|
|
Annual Benefit Statements - Administration Year End Update PDF 151 KB Report by Claire Lewis-Smith, Pensions Administration Manager. Additional documents:
Minutes: Mrs C Lewis-Smith, Pensions Administration Manager, gave an overview of the report tabled at the meeting. Incorrect documents had been circulated with the agenda and the correct version would be appended to these minutes.
Mrs Lewis-Smith highlighted the following:
Members of the board asked what was done to keep records of beneficiaries up to date. Mrs Lewis-Smith explained that the onus was on scheme members to keep their details up to date. It was hoped the Pensions Dashboard would make it easier for people to track pensions in future. In the meantime the team worked with the Department of Works and Pensions (DWP) and used methods such as member tracing and mortality screening to keep records up to date. Decisions would be taken on a case by case basis on whether larger pensions nearing their retirement date would be subject to more expensive search options. Mrs Lewis-Smith would share figures relating to "gone away" beneficiaries at the next meeting. ACTION: Mrs Lewis-Smith
RESOLVED: The Board NOTED the report.
|
|
Administration performance statistics PDF 160 KB Report from Sam Price, Assistant Pensions Administrator. Minutes: Ms S Price, Assistant Pensions Administration Manager, gave an overview of the report circulated with the agenda.
Ms Price highlighted the following:
The following points were discussed as a result of questions from members of the board:
ACTION: Ms Price
RESOLVED: The Board NOTED the report.
|
|
Report by Claire Lewis-Smith, Pensions Administration Manager. Additional documents: Minutes: Mrs C Lewis-Smith, Pensions Administration Manager, gave an overview of the report circulated with the agenda.
Mrs Lewis-Smith highlighted the following:
RESOLVED: The Board NOTED the report.
|
|
Report from Julie Edwards, Pensions and Investment Manager. Additional documents:
Minutes: Ms J Edwards, Pensions & Investments Manager, gave an overview of the report circulated with the agenda.
Members of the board asked if the impact of the McCloud judgement should be included as a risk. Mr M Preston, Head of Finance – Pensions, Investments & Projects, stated it was still unclear what the impact may be.
RESOLVED: The Board NOTED the report.
|
|
Report by Claire Lewis-Smith, Pensions Administration Manager. Minutes: Mrs C Lewis-Smith, Pensions Administration Manager, gave an overview of the report circulated with the agenda.
Mrs Lewis-Smith stated there would be a report to the board that summarised breaches of the law at the next meeting. It was a statutory requirement to present this once a year.
RESOLVED: The Board NOTED the report. |
|
Exclusion of the Press and Public To resolve to exclude the press and public as the following item is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information) |
|
Confidential Minutes of the previous meeting To confirm the confidential minutes of the Pension Fund Board held on 14 March 2019
To note the confidential minutes of the Pension Fund Committee held on 18 March 2019
|
|
Brunel Pension Partnership Update Report from Julie Edwards, Pensions and Investments Manager. |
|
Employer Risk Analysis Report by Claire Lewis-Smith, Pensions Administration Manager. |
|
Local Pension Board Insurance Report by Claire Lewis-Smith, Pensions Administration Manager. |
|
Any Other Business Team structure attached for information only. |
|
Date of Next Meeting 2 October 2019, 10am. Mezz Room 2, New County Offices.
Minutes: 2 October 2019, 10am Mezzanine Room 2, New County Offices, Aylesbury |