Meeting documents

Venue: Mezzanine Room 3, County Hall, Aylesbury. View directions

Items
No. Item

1.

Election of Chairman

Minutes:

Mr D Martin nominated Mr J Chilver to continue as Chairman. This was was seconded by Mr M Barber. No other nominations were received.

 

RESOLVED

Mr Chilver to be elected as Chairman of the Committee for the ensuing year.

 

2.

Appointment of Vice-Chairman

Minutes:

Mr Chilver appointed Mr Martin as his Vice - Chairman

 

RESOLVED

Mr Martin appointed as vice-chair for the ensuing year.

 

 

3.

Apologies for Absence / Changes in Membership

Minutes:

Apologies were received from Mr T Butcher, Ms A Cranmer and Mr M Preston.

 

The Chairman also noted Mr N Hussain had been nominated to replace Mr S Lambert as the opposition representative.

 

 

4.

Declarations of Interest

To disclose any Personal or Disclosable Pecuniary Interests

Minutes:

There were none

 

5.

Minutes pdf icon PDF 142 KB

of the meeting held on 01 March 2018 to be agreed.

Minutes:

Minutes of the Pension Fund Committee meeting held on 01 March 2018 were agreed as a correct record.

 

6.

Buckinghamshire Pension Board Minutes pdf icon PDF 158 KB

Minutes:

Minutes of the Buckinghamshire Pension Board meeting held on 14 March 2018 were agreed as a correct record.

 

It was noted that item 6 - Annual Review of Buckinghamshire Pension Board, was in draft form at the time of the Board meeting. It had since been submitted to Members and sent back to Officers with comments.

 

7.

External Audit Plan pdf icon PDF 352 KB

Grant Thornton

Minutes:

Discussion of report circulated with the agenda.

 

The report covered the year ending 31 March 2018. Ms J Edwards confirmed that the 3 key risks identified were:

·         Management over-ride of controls

·         The valuation of Level 3 investments was incorrect

·         Change in custodian

 

Ms Edwards confirmed the final report would be available for the next meeting on 20 July 2018, meaning it could be signed off by this Committee ahead of the next Reg and Audit Select Committee on 21 July. The statutory date for sign off was 31 July.

 

8.

Annual Accounts

Minutes:

Ms Edwards explained that the report presented at this meeting was still in draft due to delays caused by the change in custodian.

 

Questions and comments

 

  • With reference to page 13 of the report, Mr J Gladwin asked why there appeared to be a significant switch away from the UK public sector to overseas funds. He had no recollection of a shift in investment policy being agreed. Agreed Ms Edwards and Mr M Passey would investigate this further.

ACTION

Ms Edwards and Mr Passey by July

 

·         With reference to page 24 of the report, there was discussion regarding tax exemption on income from the USA. Mr Slaughter agreed to seek further information on the matter

ACTION

Mr Slaughter

  • With reference to page 24/25 of the report, Ms Edwards confirmed that a full valuation of Member data was carried out every 3 years with estimates used in the interim. The Chairman agreed Mr Gladwin’s request that the paragraph be re-written to clary the use of estimated data.

ACTION

Ms Edwards

 

  • With reference to page 27 of the report, Mr Gladwin asked for clarification around the dates used for Clerical Medical. Ms Edwards explained that Clerical Medical used a November-October accounting year and would only supply data on that basis. Therefore figures given were a mixture of comparable data for Clerical Medical and actual data from 7 May 2017 onwards when the fund was transferred to Scottish Widows. Ms Edwards agreed to include a brief paragraph to this effect in the final report.

ACTION

Ms Edwards

 

  • With reference to the list of Scheduled Bodies on page 28, Mr Gladwin stated that Little Kingshill and Little Missenden Schools did not appear to have any members in the Fund. This may have been correct if their members had left or they were not academy schools. Ms Edwards agreed to follow this up.

ACTION

Ms Edwards

 

  • With reference to page 8 of the report, Mr Martin noted that on the employers side Admitted Bodies appeared to have dropped significantly. Ms Edwards would review and feedback to the Committee.

ACTION

Ms Edwards

 

  • With reference to page 10 of report, item 8 – Investment Income, Mr Martin noted there had been a dramatic change to the performance of index-linked securities despite no changes being requested. Ms Edwards agreed to review the situation and feedback to the Committee.

ACTION

Ms Edwards

 

9.

Pension Fund Risk Register pdf icon PDF 222 KB

Additional documents:

Minutes:

Ms Edwards explained the risk register had been prepared using the Pantera risk management system for the first time and that most of the increases to risk levels were down to this.

 

The Chairman noted that there were several items rated at high amber but none that were red.

 

Ms Edwards confirmed that the plan would be reviewed again in one year.

 

10.

Forward Plan pdf icon PDF 20 KB

Minutes:

Annual accounts would be published on 20 July ahead of the 31 July deadline, and would then be reviewed by auditors.

 

11.

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)

Minutes:

RESOLVED

 

That the press and public be excluded for the following item which 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)

 

12.

Confidential Minutes

To agree the confidential minutes of the meeting held on 1 March 2018.

Minutes:

The confidential minutes of the Pension Board Committee meeting held on 01 March 2018 were agreed.

 

13.

Confidential Minutes of the Buckinghamshire Pension Board

14.

Pension Fund Performance

15.

Brunel Update/ Responsible Investment Policy

16.

Brunel Portfolio Mapping

17.

Date of Next Meeting

The next meeting will take place at 10am on Friday 20th July 2018 in Mezz Room 1, County Hall, Aylesbury.

Minutes:

Pension Fund Committee

20 July 2018, 10am

 

Pension Fund Board

18 July 2018, 10am