Agenda and draft minutes

Venue: Virtual meeting via MS Teams

Contact: Anne-Marie Kenward 

Items
No. Item

1.

Election of Chairman and Vice-Chairman

Minutes:

RESOLVED

That Mr Tim Butcher be elected Chairman of the Committee for the ensuing year.

 

RESOLVED

That Mr John Gladwin be elected vice-chairman of the Committee for the ensuing year.

 

2.

Apologies for Absence / Changes in Membership

Minutes:

No apologies were received.

 

3.

Declarations of Interest

Minutes:

No declarations of interest were made.

4.

Governance Compliance Statement pdf icon PDF 557 KB

To be presented by Claire Lewis-Smith, Pensions Administration Manager, Buckinghamshire Council

Additional documents:

Minutes:

Mrs C Lewis-Smith, Pensions Administration Manager, Buckinghamshire Council, gave an overview of the report circulated with the agenda.

 

RECOMMENDATION

The Committee is asked to approve the Governance Compliance Statement.

 

RESOLVED

Members of the committee AGREED the reports recommendation.

 

5.

Buckinghamshire Pension Board pdf icon PDF 565 KB

To be presented by Claire Lewis-Smith, Pensions Administration Manager, Buckinghamshire Council.

Additional documents:

Minutes:

Mrs C Lewis-Smith, Pensions Administration Manager, Buckinghamshire Council, gave an overview of the report circulated with the agenda.

 

The following points were discussed as a result of questions from members of the committee.

  • It was confirmed that existing members were still eligible to serve. Their 3 year terms would begin again as members of the newly formed Buckinghamshire Council Pension Fund Board.
  • The Chairman asked the Pension Fund Board meetings take place shortly before the Pension Fund Committee meeting to allow their minutes to be considered.

 

RECOMMENDATION

The Committee is asked to approve the establishment of the

Buckinghamshire Pension Board.

 

RESOLVED

Members of the committee AGREED the reports recommendation.

6.

External Audit Plan

To be presented by colleagues from Grant Thornton.

 

Additional documents:

Minutes:

Mrs R Martinig, Pensions & Investment Accountant, Buckinghamshire Council gave an overview of the report circulated as a supplement to the main agenda.

 

The following points were discussed:

  • Grant Thornton would carry out the final audit from 6 July 2020, to take approximately two weeks. The final document would be brought to the next committee meeting.
  • There had been a large increase in fees, £29k compared to £19k for the previous year. This had been down to extra work necessary to meet changes to national audit requirements.

 

RESOLVED

Members of the committee NOTED the report.

 

7.

Annual Accounts pdf icon PDF 557 KB

To be presented by Rachael Martinig, Pensions & Investments Accountant, Buckinghamshire Council.

Additional documents:

Minutes:

Mrs R Martinig, Pensions & Investment Accountant, Buckinghamshire Council referred to the draft accounts circulated with the agenda.

 

RESOLVED

Members of the committee NOTED the update.

 

8.

Forward Plan pdf icon PDF 21 KB

Updated Forward Plan for the year ahead.

Minutes:

Ms J Edwards, Head of Pensions, Buckinghamshire Council, referred to the document circulated with the agenda.

 

RESOLVED

Members of the committee NOTED the update.

 

9.

Exclusion of 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)

 

10.

Pension Fund Performance

To be presented by Julie Edwards, Pensions & Investments Manager, Buckinghamshire Council.

11.

Investment Strategy

An update from Mercer

12.

Funding Strategy Statement

To be presented by Julie Edwards, Pensions & Investments Manager, Buckinghamshire Council.

13.

Date of the next meeting

24 September 2020, 1.30pm

Further details to be confirmed.

Minutes:

24 September 2020.