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 Meirion Rushworth Self Anthea Wellington Self and husband Daughter John Wright Self and wife Daughter
3.1 It was agreed that the minutes were an accurate record of the meeting. 3.2 Rhian Hayden entered the meeting and confirmed her declarations of interest, as outlined within paragraph 2.1.
4.1 With regards to the first action point, members of the Board thanked the HoP for the work conducted around remuneration of Board members and the HoP confirmed that instructions in order to make expense claims via iFOR would be circulated to members of the Board. 4.2 Steve Harford confirmed that the data within the Club Vita reports was positive, and the HoP confirmed that a further report around some of the elements within the report could be considered at a future meeting of the Pension Board if members were interested. 4.3 The Pension Board noted the Action Sheet.
5.1 The Pension Board considered the draft minutes of the Pensions Committee held on 13 March 2023. 5.2 Following questions from the Board, the HoP made the following points: • There was a strong appetite from the Pensions Committee and Responsible Investment Working Group (RIWG) for the Fund to work towards a net zero target regarding the Fund’s investments; however further research was required in order to make an informed judgement around specific timeframes. • With regards to the above, some portfolios were clearer around emissions, such as investments regarding fossil fuels; however other areas were less obvious and the ‘value chain’ would need to be explored further. Also, the developed world was moving in the right direction in terms of reporting and monitoring data in this area, but not the whole world. • The Fund was striving towards the target of having the vast majority of its investments in pooled arrangements; however 100% was unlikely due to the appetite for local investments that may be too small to pursue through the Wales Pension Partnership (WPP). 5.3 The Pension Board agreed to note the draft minutes.
6.1 The HoP outlined the report and provided an update on the Terms of Reference (ToR) of the Local Pension Board of Torfaen County Borough Council (“the Council”) as administering authority of the Fund. 6.2 The high-level areas of the ToR that had been specifically reviewed and updated were outlined in paragraph 3.3 of the report. Once approved by Council, a revised copy of the ToR would be shared with members of the Pension Board. 6.3 Following questions from the Board, the HoP made the following points: • The Fund had been keen to retain as many members of the Pension Board as possible, particularly in light of the significant change to the membership of the Pensions Committee following the local government elections in 2022. The recent renomination process had been considered by the Council’s legal department and officers had operated within the parameters of the existing ToR. • A vacancy still existed for a scheme member representative on the Pension Board and the Fund would be advertising this vacancy. • The Pensions Committee had approved a 2023/24 budget of £25,000 for the Pension Board in March 2023. This figure was the same as previous years, where an underspend had typically been carried. The budget should suffice in terms of the changes around remuneration; however it could be explored in future if required. 6.4 The Chair requested that a revised copy of the ToR be tabled at a future meeting of the Pension Board for formal noting, once it was approved by Council. 6.5 The Pension Board agreed to note the update and specifically the high-level areas of the existing ToR which had been substantially reviewed and would be considered by the Council in due course.
7.1 The Chair presented the report and asked members of the Pension Board for their views regarding the Draft Annual Pension Board Report 2022/23. 7.2 Members of the Pension Board made the following suggestions: · Within the Workplan section of the report, reference should be made to the internal audit plan and how it linked to the Fund’s Risk Register. · The Pension Board’s expenditure should be outlined briefly in terms of training costs, unpaid time, etc in order to provide openness and transparency. 7.3 The Chair agreed that the suggestions above should be incorporated within the Annual Pension Board Report 2022/23. 7.4 The Pension Board approved the inclusion of the Local Pension Board annual report in the Fund’s annual report and accounts for 2022/23, subject to the above amendments. 7.5 The CLO left the meeting.
8.1 The PM outlined the report and provided an update on the administrative services provided by the Pensions Section and highlighted several areas of current activity and development. 8.2 The PM provided the following updates: • An update regarding the 50/50 Section had been provided at the request of the Pension Board. The numbers were quite steady and low; however the 50/50 option was advertised and explained to any members who were considering opting out of the Local Government Pension Scheme (LGPS). • The Key Performance Indicators (KPIs) were pleasing overall and heading in the right direction; however there were some areas where improvements could be achieved. • Officers were reviewing the Department of Levelling up, Housing and Communities response to the Amendments to the Local Government Pension Scheme Statutory Underpin Consultation. The Local Government Association would also be reviewing the response and providing guidance in due course. 8.3 Following questions from the Board, the PM made the following points: • Mixed use of the 50/50 Section had been seen amongst members, with some only choosing to enter it for a matter months and others using it for the longer-term. It was the employer’s responsibility to inform members when they were automatically re-enrolled in the full LGPS; however members could then revert back to the 50/50 Section if they wished. Some members of the Pension Board suggested that trade unions could play a role in promoting the availability of the 50/50 Section to those individuals it may benefit. • Information was complex and provided by a number of sources regarding transfers in and out. The PM would be exploring this area in detail in the forthcoming months, including possible improvements around processes and reporting. • Officers were conscious of the age profile of the LGPS and that some members were reluctant to use IT, such as My Pension Online (MPO); however the amount of IT users would increase over time. • Hybrid working continued amongst staff and management kept in regular contact with those working from home. The Pensions Section met in person on a quarterly basis and a lot of in-person training was in place for new starters. The mental health of staff was good and access to counselling was available, should any member of staff require it. • During the last phase of recruitment the Fund received applications for all vacancies; however there were fewer applicants than in previous years. Due to the new ways of working it was important that job opportunities were desirable and offered career progression. The HoP added that the Fund performed well in terms of retention of staff and invested in this area, and management had recently started to explore structures and succession planning, including long-term opportunities for progression. • It was positive that the number of breaches within the Breaches Log had reduced. The PM agreed to circulate the value of the 5 Year Refunds within the Breaches Log with members of the Pension Board and include a verbal update at future quarterly reports. 8.4 The Pension Board agreed to note the contents of the report.
9.1 The HoP outlined the report and provided a quarterly update on how the Pension Fund approached its management of risk. The HoP provided a specific update regarding risk SR3. 9.2 Following a question from the Board regarding risk SR12, the HoP agreed to review the wording regarding his own post now being filled with effect from 1st June 2021 and update as necessary. 9.3 The Pension Board agreed to note the updated Risk Register.
10.1 The HoP outlined the report and asked members of the Pension Board to consider the draft Work Plan (appendix 1 of the report). 10.2 The HoP confirmed that delays were expected regarding the Audit Wales Plan 22/23, as per the previous year. Meirion Rushworth and Bob Campbell confirmed that similar delays had been experienced at local authority and community council level regarding the auditing of accounts by Audit Wales; however improvements were anticipated for the forthcoming year. 10.3 Following a request from the Board, the HoP agreed that the Audit Wales Plan 22/23 could be shared with members of the Pension Board prior to the meeting in July, once it had been received and digested by officers. 10.4 The Pension Board agreed to note the contents of the suggested Work Plan.
11.1 The HoP outlined the report, which reminded members of the Pension Board of the various policy documents that the Fund was required to prepare, maintain, and publish, together with the inclusion of an updated timetable for 2023/24. 11.2 The HoP confirmed that the Fund had the information available and that it would be brought together to form the Administration Strategy and it was proposed that updates to the Conflicts of Interest Policy would be made at officer level. He added that climate change currently formed part of the Investment Strategy; however work commissioned by the WPP on behalf of the eight constituent authorities would feed into the review of the Fund’s specific Climate Change Policy. 11.3 The suggested amendments to the Governance Statement & Compliance Policy were outlined within paragraph 5.1 of the report. 11.4 Following questions from the Board, the HoP made the following points: • An impact investment framework, to be approved by the Pensions Committee, would be beneficial to the Fund, particularly regarding environmental, social and governance (ESG) issues. • He agreed to include information around risk control and procedures regarding pooled investments within the Governance Statement & Compliance Policy and circulate an updated version with members of the Pension Board. 11.5 The Pension Board: i. Noted the updated policy timetable under appendix 1 of the report as well as officers review of existing Training and Conflict of Interest policies which had not determined any need for change; and ii. Noted the proposed revisions to the Governance Statement & Compliance Policy under appendix 2 of the report ahead of formal consideration and approval by the Pensions Committee at their next meeting.
12.1 The PM outlined the report and provided an update on training already undertaken by members of the Pension Board, for information, and to aid consideration of future training requirements. The PM also presented the draft annual training programme for 2023/2024 and asked for comments from members of the Pension Board. 12.2 Following questions from the Board, the HoP and PM made the following points: • The PM confirmed that members of the Pension Board would be made aware of all future training for the Pensions Committee in case they wished to attend. • The HoP confirmed that officers were conscious of the large amount of training and information offered to members of the Pension Board and Pensions Committee; however it was important that the appropriate level of training was provided prior to decisions being made. 12.3 The Pension Board agreed to note the draft annual training programme (Appendix 3 of the report) for 2023/2024.
13.1 The date of the next meeting was noted. 13.2 The meeting ended at 11.45am.
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.