Wrthi'n llwytho
Does dim crynodeb o'r cyfarfod hwn eto. Caiff un ei ysgrifennu pan fydd y cyngor yn cyhoeddi'r cofnodion. Mae'r agenda a'r papurau isod.
1.1 Apologies were received from Jane Waters.
2.1 Board Members confirmed the following declarations of personal interest: Board Member In Receipt of Pension Contributor Bob Campbell Self Steve Harford Self Sister Rhian Hayden Mother Self and sister Ian Reese Self Clive Rogers Self Anthea Wellington Self and husband Daughter John Wright Self and wife Daughter 2.2 The CLO left the meeting.
3.1 It was agreed that the minutes were an accurate record of the meeting.
4.1 The HoP confirmed that the Fund was keen to retain as many members of the Pension Board as possible, and he would circulate an email that day outlining the process for renomination. He added that any vacancies would be discussed with employer and scheme representatives once it was clear how many members were willing to remain on the Pension Board. 4.2 The HoP confirmed that the Pension Board’s terms of reference would be reviewed, and it was hoped that Council could consider this item in March 2023. 4.3 The PM confirmed that the 50/50 scheme, work around the cost of living crisis and Pension Awareness Week were included in the newsletter to employers in October 2022 and was also available via the Fund’s website. She added that the Fund’s website was currently being reviewed and officers would appreciate feedback from members of the Board. 4.4 Following a question from a member of the Board, the HoP confirmed that he would explore the issue of remuneration for members of the Pension Board. 4.5 The Pension Board noted the Action Sheet.
5.1 The Pension Board agreed to note the draft minutes.
6.1 The HoP highlighted the following key headlines from the report: • The meeting of the Joint Governance Committee (JGC) of the Wales Pension Partnership (WPP) scheduled for 21 September 2022 had been cancelled due to the death of HM The Queen and the JGC would next meet during December 2022. • The Sustainable Active Equity Sub-Fund had a targeted launch date of January 2023 and a proposal around investing in the sub-fund was due to be presented to the Pensions Committee on 12 December 2022. • A training session regarding the above sub-fund would be held for members of the Pensions Committee and Pension Board during November 2022. • With regards to the JGC minutes in Appendix 1 of the report, the Annual Return / Audit 2021/22 had been published on the WPP website, the Whistleblowing Policy was a welcome addition, and it was hoped that an overview report of the exempt items of the JGC agenda could be provided to members in future, following further progress in this area at officer level. • Dye & Durham had removed themselves from negotiations to takeover Link Group. The Fund was comfortable with the service that Link continued to provide and the above would have no impact on the Fund at present; however the situation would be monitored. Link’s current contract with the WPP was due to end in December 2024. 6.2 Following a question from the Board, the HoP confirmed that individual pension funds were responsible for their own investments and some preferred to invest regionally or in the UK, whereas others preferred a global approach. 6.3 The Pension Board agreed to note the content of the report.
7.1 The HoP outlined the report and explained that the Responsible Investor Working Group (RIWG) had provided a really effective forum for officers and the Pensions Committee during recent years. 7.2 The HoP confirmed that the RIWG meeting during August 2022 was the first involving the new membership, following the local government elections in May 2022, and it was positive that the chairs of the Pensions Committee and Pension Board were both members of the RIWG. Future meetings would consider the RIWG’s terms of reference and responsible investment risks. 7.3 The Pension Board agreed to note the content of the report.
8.1 The PM outlined the report on the internal audit carried out on the Fund. The objectives and scope of the audit were shown in paragraph 5 of the report and the PM was pleased to confirm that a full assurance had been provided to management, with no high priority issues identified. A few observations and recommendations had been received, which had been accepted by management and measures were being put in place to address them. 8.2 Following questions from the Board, the PM agreed that it would be beneficial for members of the Pension Board to consider the scope of future internal audits during the planning stage, and also focus those audits on what members viewed as the key risks within the risk register. 8.3 The Pension Board praised the officers for the full assurance that had been provided regarding the audit. 8.4 The Pension Board agreed to note the content of the report.
9.1 The PM outlined the report and provided the following updates: · The increase in the number of new starters during the quarter was largely due to the auto re-enrolment process that had occurred amongst some employers. · Since the report was published, the number of members registered for My Pension Online (MPO) had increased to 14,727, which was significantly higher than the 12,950 members registered on the previous MPO system when it too had been operational for one year. · The value of the frozen refunds referred to in the Breaches Log (Appendix 1 of the report) totalled approximately £101,000, which was spread over more than 300 members. 9.2 Following questions from the Board, the PM made the following points: • With regards to the membership data in paragraph 6.1 of the report, the PM agreed to share comparative data from other funds with members of the Board, if it was available. • The Fund’s Annual Report, which was available online, provided figures around the number of members of the Fund compared to the number of employees across all contributing employers. • With regards to the 5 Year Refund issues within the Breaches Log, there was a possibility that the regulations would be amended to stop these issues being classed as a breach. 9.3 With regards to the Actuarial Valuation, the HoP confirmed that the Fund was on an improving trajectory around funding levels. 9.4 The Pension Board congratulated the three members of the team who had obtained the Chartered Institute of Payroll Professionals (CIPP) foundation degree in Pension Administration and Management. 9.5 The Pension Board agreed to note the contents of the report.
10.1 The HoP outlined the report on how the Pension Fund approached its management of risk following feedback received from members of the Pension Board. 10.2 The HoP explained that as feedback had focussed on the size and complexity of the risk register, officers proposed a new two-tier approach, where risks were sorted into ‘strategic’ or ‘operational’ risk categories according to the severity of the potential consequences. No changes were being proposed in terms of how risks were monitored or managed, and WPP risks would also be included within the new format. 10.3 Following a question from the Board, the HoP agreed that there was scope to develop a high level risk management policy, and it was possible this could be presented to the Pension Board at its meeting in January 2023. 10.4 The Pension Board praised officers for their work and commented that the new format was a positive step forward. 10.5 The Pension Board agreed to note the proposed update to the risk monitoring process.
11.1 The PM presented the report and thanked those members of the Board who had submitted their recent training logs and completed the Local Government Pension Scheme (LGPS) National Knowledge Assessment (NKA) and encouraged other members to take part as it would help shape future training. 11.2 The PM reminded members of the Board of upcoming conferences and seminars and confirmed there was still time for members to register for these events. 11.3 Following questions from the Board, the HoP and PM made the following points: • The HoP appreciated that some questions within the NKA were challenging; however he reminded everyone that officers did not expect members to be experts in every area. • The PM agreed to review the template and guidance around training logs and share an update with members of the Board. • The PM urged members of the Board to email their views regarding the NKA to her and she would provide feedback to Hymans Robertson. 11.4 The Chair confirmed that the Local Authority Pension Fund Forum (LAPFF) Conference would be held on 7th-9th December 2022 in Bournemouth, and invitations were imminent. 11.5 The Pension Board agreed to note the training update provided in the report.
12.1 The date of the next meeting was noted.
13.1 The Board agreed to the exclusion of the press and public from the meeting as presentations and meeting papers were not for publication because in accordance with paragraphs 12 and 14 of part 4 of Schedule 12a of the Local Government Act 1972 (as amended by the Access to Information Variation Order Wales 2007), it contained information about a particular individual and information relating to the financial and business affairs of particular persons including the Council and in all the circumstances of the case the public interest in maintaining the exemptions outweighs the public interest in disclosing the information. 13.2 The Chair invited the three members of the Pensions Committee to continue observing the meeting.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
Caiff datganiadau eu darllen o'r cofnodion unwaith y byddan nhw wedi'u cyhoeddi.
Dyw'r cyngor ddim wedi cofnodi presenoldeb ar gyfer y cyfarfod hwn.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.