Agenda and minutes

Apologies were received from Mr M Barber and Mr N Miles.

There were no declarations of interest.

To agree the minutes of the Pension Fund Committee, 19 November 2020.

Regarding actions from the last meeting it was confirmed the final audit sign off had taken place as ahead of the 30 December 2020 deadline.

RESOLVED

The minutes of the Pension Fund Committee, 19 November

2020 were AGREED as an accurate record.

To note the minutes of the Pension Fund Board, 16 December 2020.

RESOLVED

The minutes of the Pension Fund Board, 16 December 2020 were NOTED.

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

Mrs C Lewis-Smith, Pensions Administration Manager, Buckinghamshire Council, referred to the report circulated with the agenda.

The Committee were being asked to approve changes to the Governance Compliance Statement originally adopted by Buckinghamshire Council in 31 July 2020. Mrs Lewis-Smith confirmed the only changes made were to relevant dates and web site links.

RESOLVED

Members of the Committee APPROVED changes to the Governance Compliance Statement as per the report circulated with the agenda.

To be presented by Rachel Martinig, Pensions & Investment Accountant, Buckinghamshire Council.

Ms R Martinig, Pensions & Investment Accountant, Buckinghamshire Council, referred to the report circulated as a supplement to the agenda.

The Committee were being asked to agree the continued use of the Treasury Management Service Level Agreement. This allowed officers to manage the treasury management bank account including moving surplus cash as necessary.

RESOLVED

Members of the Committee AGREED the continued use of the Treasury Management Service Level Agreement as per the report circulated with the agenda.

To be presented by Julie Edwards, Head of Pensions, Buckinghamshire Council.

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

Ms Edwards highlighted the following points:

• New Ministry of Housing, Communities and Local Government (MHCLG) and the Scheme Advisory Board of the Local Government Pension Scheme (SAB) have both issued new guidance that will assist employers in managing their ongoing LGPS liabilities and the costs triggered on exit is due to be announced by the end of February 2021 which will required the Funding Strategy Statement to be updated.
• The delays in signing the 2020 pension accounts had been caused by delays in preparing and signing the wider Buckinghamshire Council accounts, which must be signed at the same time. For this reason no changes were needed to the Committees timeframes to improve compliance.
• The schedule for signing off accounts was expected to change from 31 to the end of September but there had not been formal confirmation of this.

RESOLVED: Members of the Committee NOTED the update.

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)

To agree the confidential minutes of the Pension Fund Committee, 19 November 2020.

To note the confidential minutes of the Pension Fund Board, 16 December 2020.

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

To be presented by Julie Edwards, Head of Pensions, Buckinghamshire Council.

To be presented by Julie Edwards, Head of Pensions, Buckinghamshire Council.

To be presented by David Vickers and Catherine Dix, Brunel Partnership.

To be presented by Mercer.

To be presented by Julie Edwards, Head of Pensions, Buckinghamshire Council.

To be presented by Rachel Martinig, Pensions & Investment Accountant, Buckinghamshire Council.

22 April 2021