Agenda and minutes

To receive any apologies for absence.

Cllrs Latham and Mason, Mr Wood and Mr Robbins sent their apologies.

All Members who believe they have a Disclosable Pecuniary Interest in any matter to be considered at the meeting must declare that interest and, having regard to Part 3 Paragraph 1.5 of the County Council's Members’ Code of Conduct, leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code.  Furthermore all Members with a Personal Interest in a matter being considered at the meeting should consider, having regard to Part 5, Paragraph 4 of the Code, whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, consider whether it is appropriate to leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with the Code.

Members were mindful that where they believed they had a Disclosable Pecuniary Interest in any matter considered at the meeting they must declare that interest at the time of the relevant debate and, having regard to the circumstances described in Part 3, Paragraph 1.5 of the County Council's Members' Code of Conduct, leave the meeting while the matter was discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code.  Furthermore Members were mindful that where they believed they had a Non-Pecuniary interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 2 of the Code, considered whether it was appropriate to leave the meeting whilst the matter was discussed, save for exercising any right to speak in accordance with the Code.

To confirm the Minutes of the meetings held on 29 September 2017 and 13 October 2017.

The minutes of the Pension Fund Panel and Board held on 29 September 2017 and 13 October 2017 were confirmed.

To receive any announcements the Chairman may wish to make.

The Chairman asked members to give updates on events they had attended or ask any questions.

Cllr Tennent asked about the liability insurance arrangements for the members of the Pension Fund Panel and Board. Paul Hodgson from Hampshire Legal Services confirmed that the members of the committee (including co-opted members of the County Council) are covered by the County Council’s insurance arrangements if they are properly acting in carrying our their business as members of the committee.

To receive the minutes of the ACCESS Joint Governance Committee held on 31 July 2017.

The Panel and Board received the minutes of the first ACCESS Joint Governance Committee held on 31 July 2017.

 To consider the report of the Director of Corporate Resources – Corporate Services seeking  the Panel and Board’s approval for proposed changes to the Pension Administration Strategy and the plan to consult on these changes with employers.

The Panel and Board received a report from the Director of Corporate Resources (Item 6 in the Minute Book) on changes to the Pension Administration Strategy. An number of key changes have resulted in the strategy needing updating, including the new 2014 CARE scheme and an increased number of employers making structural changes to their organisations which impact on the provision of pensions. The updated administration strategy including the following changes will be sent to employers for their comments in a 4 week consultation period.

            The key changes to the strategy are:

·         The provisions to charge a flat rate to employers for the pension administration resource of dealing with employers’ structural changes.

·         Changing the employer service standard for reporting notification of leavers to Pensions Services.

·         The provision to ask employers to carry out a mid-year data cleanse.

·         A new service standard for employers changing payroll providers and outsourcing.

·         To reduce Pension Services’ service standard for processing retirements and estimates to reflect improvements that have been made in the pensions administration systems and processes.

            RESOLVED:

(a)          That the changes to the draft Administration Strategy are approved.

(b)          That the draft strategy is shared with employers for consultation.

(c)          That the remainder of the report was noted.

That in relation to the following items the press and public be excluded from the meeting, as it is likely, in view of the nature of the business to be transacted or the nature of proceedings, that if a member of the public were present during the items there would be disclosure to them of exempt information within Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972, and further that in all circumstances of the case, the public interest in maintaining the exempt information outweighs the public interest in disclosing the information, for the reasons set out in the report.

RESOLVED:

            That the public be excluded from the meeting during the following items of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during these items there would be disclosure to them of exempt information within Paragraphs 3 and 5 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports. 

To confirm the exempt minutes of the meetings held on 29 September and 13 October 2017.

The exempt minutes of the Pension Fund Panel and Board held on 29 September 2017 and 13 October 2017 were confirmed.

To receive the exempt minutes of the ACCESS Joint Governance Committee held on 31 July 2017.

The Panel and Board received the exempt minutes of the first ACCESS Joint Governance Committee held on 31 July 2017.

To consider an exempt report from the Director of Corporate Resources-Corporate Services which presents further analysis of proposals for changes to the Pension Fund’s investment strategy following the reports already considered by the Panel and Board on 7 July and 13 October 2017 and sets out a proposal for the Pension Fund’s future allocation across asset classes and choices about individual investment portfolios.

The Panel and Board received an exempt report from the Director of Corporate Resources (Item 10 in the Minute Book) with proposals for amendments to the Pension Fund’s investment strategy.  [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]

To consider the exempt report of the Director of Corporate Resources - Corporate Services updating the Panel and Board on the performance of the Pension Fund’s investments since the last meeting of the Pension Fund Panel and Board on 13 October 2017.

The Panel and Board received an exempt report from the Director of Corporate Resources (Item 11 in the Minute Book) updating the Panel and Board on the performance of the Pension Fund’s investments.  [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]

To consider the exempt report of the Director of Corporate Resources - Corporate Services updating the Pension Fund Panel and Board on the progress of the property portfolio.

The Panel and Board received an exempt report from the Director of Corporate Resources (Item 12 in the Minute Book) updating the Panel and Board on the performance of the Pension Fund’s property portfolios.  [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]