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 Councillor Chris Tew. 1.2 The Chair opened the meeting and gave welcome to Jade Harvey as the new Democratic and Member Services officer. 1.3 Thanks were given to Geraint Thomas for his hard work as the previous Democratic Officer.
2.1 Members confirmed the following declarations of personal interest: Councillor In Receipt of Pension Contributor Alfie Best NONE NONE Karl Gauden NONE Self, wife, step-daughter and step-daughter’s partner Jon Horlor NONE Self David Williams Self and wife Self and wife Nathan Yeowell Father and two other family members (aunts) Self 2.2 In addition to the above, Councillor Gauden also declared a personal interest due to his work as a Unison official. 2.3 The PS left the meeting.
3.1 It was raised that the previous committee minutes did not show that Councillor Tew had given his apologies. It was asked that this be amended. The minutes of the meeting dated 05.06.23 were then noted as an accurate record.
4.1 The committee noted the minutes.
5.1 The HoP outlined the report. The purpose of the report was to set out the audit plan of The Greater Gwent pension fund. 5.2 The HoP reminded Members that the financial materiality level was calculated as a percentage of the fund and acknowledged that in relation to the fair value of private market investments this level had been exceeded in 2022/23. The significant risks of materiality misstatement were set out on page 34 of the report. 5.3 The HoP explained that the deadline to publish the audited annual report and accounts was the 1st of December 2023. Therefore, it was suggested to members that a special pensions committee meeting take place in November in order to review any final drafts. 5.4 Following questions from the committee the HoP confirmed that: - The Welsh Pension Partnership were subject to a separate audit which had already taken place. It was agreed that the statements and annual reports from this audit could be shared with Members.
6.1 The HoP outlined the report and updated the Committee regarding the Fund’s Annual Report and Accounts for the year ended 31 March 2023. 6.2 The HoP explained that Members had an opportunity to review the annual report detail prior to the final version being drafted. It was asked that any comments on the report were sent by the end of September in order for a final draft to be presented at the special meeting taking place in November. 6.3 The Chair thanked those who had written the report as it showed a clear and comprehensive picture. 6.4 After questions from the committee the HoP confirmed that there were no significant changes anticipated in respect of the bodies listed within the report. It was acknowledged that in spite of this periodic changes could occur. 6.5 The Pensions Committee noted the draft Annual Report and Accounts for 2022/23 and raised any questions on the contents as appropriate.
7.1 The HoP gave a summary of the report. The purpose of the report was to provide members of the Pensions Committee with an update on the work undertaken by the Wales Pension Partnership (WPP) on behalf of the eight LGPS funds in Wales. 7.2 As ever it was acknowledged that there was a quarterly timing delay in the information provided. The Joint Governance Committee (JGC) minutes, as seen in Appendix 1, showed information for March 2023. The next JGC meeting was due to take place 20th of September and the information from which would be presented at the December committee meeting. The report surrounding the outcome of the portfolio transition was also due to be seen imminently. 7.3 Link Fund Solutions were in the final stages of acquisition by the Waystone Group. The contract that was due to be signed in December 2024 would transfer from Link Fund Solutions to Waystone Group which was explained to be positive in respect of continuity for the fund. 7.4 The Chair added that there was a virtual meeting being held with the WPP next week and Members of the committee would be updated on the outcome of this. 7.5 Members of the Pensions Committee noted the content of this report as well as the respective appendices.
8.1 The HoP outlined the report. The purpose of the report was to report Pension Fund investment performance for the period 1st April 2023 through to 30th June 2023 (Q2 2023). 8.2 The HoP defined the key messages within the report. There had been a positive return of over 1% during this period which was consistent with the benchmark set. Members were reminded that the key point of this report was the long-term performance remaining ahead of the benchmark which has been the case since the inception of the fund. 8.3 The IR shared the following information regarding current macroeconomic factors: • It had been a resilient year for most markets after a disastrous previous year with most avoiding a recession. It was acknowledged that whilst UK markets had been stagnant in comparison to other markets, the current portfolio had still shown resilience due to its diversification. • The UK markets stagnancy was felt to be due to its inability to participate in Technology. It was currently unadvisable to stay out of technology, including Artificial Intelligence. • The average consumer still looked strong which had helped the economy stay strong, as a result inflation rates had started to reduce. • Retail estate had been impaired which could partly be to the new hybrid approach to working and reduced need for office spaces. • With suggestion that there could be a retiring of the term “ESG” it was likely that a push towards net zero goals would be seen. Blackrock were given as an example as their climate alignment plan had been voted against as it was not robust enough. • China and Russia were still focused on as risks. There was a suggestion that there would need to be more exposure to India and less to China. 8.4 In response to members questions the following was confirmed: • ESG was now seen to be too broad a term which had led to weaponisation of the term. There was now a suggestion that ESG was not compatible with investing for return. 8.5 Pension Committee members noted the investment performance that has taken place during quarter two of 2023.
9. 1 The PM outlined the report and provided an update on the administration services provided by the Pension Section and highlighted a number of areas of current activity and development. 9.2 The number of new registrations for My Pension Online had increased significantly. 30% of pension contributors were now signed up to the service. 9.3 It was currently Pensions Awareness week. The Pension Fund were holding drop-in sessions for Torfaen staff to attend to discuss their pensions. It was explained that there had been a lot of interest in this, and it was hoped that this could also take place at other Local Authorities next year. 9.4 The committee members praised this initiative. 9.5 Pensions Committee noted the content of this report.
10.1 The HoP outlined the report and provided a quarterly update on how the Pension Fund approaches its management of risk. 10.2 It was acknowledged that the Local Pensions Board had played a very crucial and important part of creating this new report. It was added that whilst this is a new approach to recording risk, there had been no change in how risk was monitored. 10.3 This was a two-tier report that showed strategic and operational risk clearly. There were two risk changes proposed during this quarter which could be seen in paragraph 4.6 of the report. It was added that in respect of the risk surrounding expertise, knowledge and skill, there was now a stable pensions team therefore there was a justified risk reduction. 10.4 The Chair praised the new report format and remarked that it was now easier for Members to absorb this information. 10.5 The Pensions Committee noted the updated Risk Register.
11.1 The PM outlined the report and provided an update of training already undertaken by members of the Pensions Committee, for information, and to aid consideration of future training requirements. 11.2 The PM invited Members to attend the “Fundamentals” training. The Chair confirmed that he wished to re-attend this training this year and highly recommended this training to all Members. 11.3 Members were reminded that if there was any further training they wished to undertake, this could be arranged. 11.4 Pension Committee Members: - Noted the training update provided within this report for information and commented where appropriate. - Were invited to attend the Fundamentals training.
12.1 The next meeting is scheduled to take place on 11 December 2023 with a Special Meeting to be looked at in November.
13.1 The Committee 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 members of the Pension Board in attendance 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.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.