Agenda and minutes

Hampshire Pension Fund Panel and Board
Monday, 9th April, 2018 10.00 am, NEW

Venue: Mitchell Room, EII Podium, Winchester

Contact: Email: members.services@hants.gov.uk 

Items
No. Item

67.

Apologies for Absence

To receive any apologies for absence.

Minutes:

Councillors Carter, Glen, Giddings, Thacker, Mr Robbins, Dr Allen and Mrs Dobson sent their apologies.

 

68.

Declarations of Interest

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.

 

Minutes:

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.

 

69.

Confirmation of Minutes (Non-Exempt) pdf icon PDF 60 KB

To confirm the Minutes of the meeting held on 15 December 2017.

Minutes:

The minutes of the Pension Fund Panel and Board held on 15 December 2017 were confirmed.

 

70.

Chairman's Announcements

To receive any announcements the Chairman may wish to make

Minutes:

The Chairman informed the committee that he had received a letter from Unison covering a number of topics, including representation within ACCESS, to which he had replied.

 

The Chairman announced that it was agreed at County Council in February 2018 that a special responsibility allowance for the co-opted members representing scheme members would be paid from April 2018.

 

 

71.

Reporting of ACCESS Joint Committee Minutes (non exempt items) 13 December 2017 and 29 January 2018 pdf icon PDF 166 KB

To receive the ACCESS Joint Committee Minutes for 13 December 2017 and 29 January 2018.

Additional documents:

Minutes:

The Panel and Board received the minutes of the ACCESS Joint Governance Committee held on 13 December 2017 and 29 January 2018.

 

72.

Governance: Internal Audit Progress Report pdf icon PDF 131 KB

To consider a report of the Director of Corporate Resources – Corporate Services providing the Pension Fund Panel and Board with an overview of the internal audit work completed in accordance with the approved plan.

Additional documents:

Minutes:

The Panel and Board received and noted a report of the Director of Corporate Resources (item 6 in the Minute Book) setting out an overview of internal audit work completed in accordance with the approved audit plan.

 

Internal Audit’s work to date had concluded reviews of pensions payroll and benefit calculations and the payment of pensions refunds, and that a substantial assurance can be placed on both processes based on a sound framework of internal control being in place and is operating effectively.

 

 

73.

Governance: Internal Audit 2018/19 Plan pdf icon PDF 133 KB

To receive a report from the Director of Corporate Resources-Corporate Services providing the Pension Fund Panel and Board with the Internal Audit Plan 2018/19 for Pension Services.

Additional documents:

Minutes:

The Panel and Board received and noted a report of the Director of Corporate Resources (item 7 in the Minute Book) setting out an overview of internal audit work planned for 2018/19. The plan includes reviews of the process for starters and leavers, the governance of the Pension Fund and pooling.

 

74.

Governance: Funding Strategy Statement and Employer Policy pdf icon PDF 105 KB

To consider a report from the Director of Corporate Resources-Corporate Services seeking approval from the Panel and Board for changes to the Funding Strategy Statement and Employer Policy.

Additional documents:

Minutes:

The Panel and Board received a report from the Director of Corporate Resources (Item 8 in the Minute Book) on changes to the Pension Fund’s Funding Strategy Statement and Employer Policy in relation to the treatment of wholly owned companies and funding targets for new admission bodies.

 

Employers were consulted on the changes to the strategy and the policy in January and February 2018. Two comments were received from employers about the impact of the changes, but this did not result in any changes being made.

 

An additional change had been made to the Employer Policy following the receipt of legal advice, to clarify the way in which the Fund will seek to achieve a scheme employer guarantee.

 

            RESOLVED:

 

That the changes to the Funding Strategy Statement and Employer Policy were approved.

 

75.

Governance: Training Plan 2018/19 pdf icon PDF 541 KB

To consider a report from the Director of Corporate Resources-Corporate Services setting out proposals for the training arrangements for members of the Pension Fund Panel and Board in 2018/19.

Minutes:

The Panel and Board considered a report of the Director of Corporate Resources (item 9 in the Minute Book) setting out the proposed training arrangements for members of the Pension Fund Panel and Board in 2018/19. In particular members noted the importance of training for Panel members in their role in the governance of the Pension Fund and how the training programme is underpinned by the Training Needs Analyses that the members complete.

 

Members commented about the increasing popularity of Smart Beta and Factor Driven investment strategies and asked this was considered for the training plan in 2018/19.

 

            RESOLVED:

 

That the 2018/19 training programme was approved, noting that it may be adapted based on changing circumstances, and the remainder of the report was noted.

 

76.

Exclusion of the Press and Public

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.

 

Minutes:

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 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.          

 

77.

Confirmation of the Minutes of the Previous Meeting

To confirm the exempt minutes of the meeting held on 15 December 2017.

Minutes:

The exempt minutes of the Pension Fund Panel and Board held on 15 December 2017 were confirmed.

 

78.

Reporting of ACCESS Joint Committee Exempt Minutes for 2 October 2017, 13 December 2017 and 29 January 2018

To receive the exempt minutes of the ACCESS Joint Committee for 2 October 2017, 13 December 2017 and 29 January 2018.

Minutes:

The Panel and Board received the exempt minutes of the ACCESS Joint Governance Committee held on 2 October 2017, 13 December 2017 and 29 January 2018.

 

79.

Investment: Custodian Performance

To consider an exempt report from the Director of Corporate Resources-Corporate Services giving a review of custody services provided in 2017/18 and an update on the Pension Fund’s tax claims and class actions.

Minutes:

 

The Panel and Board considered the exempt report from the Director of Corporate Resources (Item 13 in the Minute Book) detailing the performance of the Pension Fund’s custodian.  [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]

 

80.

Investment - Investment Update

To consider the exempt report of the Director of Corporate Resources - Corporate Services updating the Panel and Board on the Pension Fund’s investments since the last meeting of the Pension Fund Panel and Board on 15 December 2017.

Minutes:

The Panel and Board received an exempt report from the Director of Corporate Resources (Item 14 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]

 

 

81.

Investments - Alternative Investments Portfolio Update

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 alternative investments portfolio.

 

Minutes:

The Panel and Board received an exempt report from the Director of Corporate Resources (Item 15 in the Minute Book) updating the Panel and Board about the progress of the Pension Fund’s alternative investments.  [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]