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There is no summary of this meeting yet. One is written once the council publishes the minutes. The agenda and papers are below.
1.1 Apologies were received from Councillor Gauden.
2.1 2.2 Members confirmed the following declarations of personal interest: Councillor In Receipt of Pension Contributor Alfie Best NONE NONE David Williams Self and wife Self and wife Nathan Yeowell Father and two other family members (aunts) Self The PS left the meeting.
3.1 The HoP outlined the report for members to consider in order to approve the Annual Report and Accounts for the year to 31st March 2023. 3.2 There had been few amendments made to the draft copy of this report that was initially presented to the Committee on the 11th of September for information. The Local Pensions Board considered the completed report at their October meeting and raised no comments and concerns. 3.3 JR outlined the report and presented the Greater Gwent (Torfaen) Pension Fund Annual Report and Accounts 2022/23. This report was now completed and awaiting the final checks which would be undertaken imminently. There were no misstatements or significant issues to be brought to the Committee’s attention as the only errors on the accounts were minor presentational errors. It was noted that this marked the second consecutive year with such minor errors, and thanks were extended to the Pensions team for their hard work. 3.4 The HoP explained that once the report was approved, the Chair and Finance Officer would sign the final documentation and the audit would be published before the deadline of 1st December 2023. 3.5 Following questions from the Committee, the HoP & JR made the following point: • In recent years, Pension Funds in Wales were believed to have only received unqualified audit opinions. 3.6 The DCE noted that this concluded the Audit activity within Torfaen County Borough Council and thanked Audit Wales for their hard work. 3.7 It was agreed by the Committee that Recommendation iii would be updated to reflect that the Chief Financial Officer would also sign the Letter of Representation. The Committee: i. Approved the Pension Fund Annual Report and Accounts 2022/23. ii. Endorsed the Chair of Pensions Committee and the Chief Financial Officer signing the accounts indicating their approval. iii. Endorsed the Chair of Pensions Committee and Chief Financial Officer signing the Letter of Representation in respect of the Pension Fund.
4.1 The HoP outlined the report and provided an update on the cash management strategy. 4.2 In recent years, the cash management strategy had remained static due to a low interest rate environment. Interest rates had now started to improve, creating a more attractive environment for the Pension Fund. Due to two of the Fund’s long-term investments undergoing a merger and liquidation imminently, the Fund would be in receipt of £160 million in proceeds from such investments in December and January respectively. This would materially exceed the existing 1% strategic allocation to cash. The proposal to broaden the cash management parameters on a short-term basis lasting no longer than an initial six months could be seen on page 146 of the report which would look to utilise 7-to-30-day deposit accounts based on the advice of the Treasury Team and their treasury advisor, Link. 4.3 Following questions from the Committee, the HoP made the following points: • Torfaen County Borough Council administer the Treasury Service on behalf of the Local Authority and under a separate contract for the Greater Gwent (Torfaen) Pension Fund, however, this is managed through brokers and advice is taken from expert services provided by Link. • Risk of default would, as always, be managed by using a number of high credit worthy UK bank accounts as advised by Link. • Following conclusion of the investment strategy review, the long-term cash management strategy would be reconsidered alongside new investment opportunities to reinvest the £160m of proceeds arising from the closure of existing investments. 4.4 Councillor Horlor abstained from voting on the recommendations as he had joined the meeting late and stated he would instead observe Committee. 4.5 The Pensions Committee agreed: (i) Members approved, on a short-term basis lasting no more than 6 months, the revised parameters set out in section 4 of this report. 4.6 The meeting ended at 17:25pm. Members approved, on a short-term basis lasting no more than 6 months, the revised parameters set out in section 4 of this report.
5.1 The next meeting was to be held on 11th of December 2023.
Councillors must say when they have a personal link to something being discussed, such as a job, a property or a family member. A prejudicial interest is one strong enough that the councillor usually leaves the room and takes no part.
Declarations are read from the minutes once they are published.
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