Venue: Ashburton Hall - HCC. View directions
Contact: Email: members.services@hants.gov.uk
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Apologies for Absence To receive any apologies for absence. Minutes: Apologies for absence were received from Councillor Andrew Joy.
Mr Paul Barber was in attendance as an observer.
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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 Personal Interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 5 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.
No declarations were made. |
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Confirmation of Minutes (Public) PDF 76 KB To confirm the public minutes of the previous meeting held on 30 May 2024. Minutes: The minutes of the previous meeting on 30 May 2024 were agreed as a true record and signed by the Chairman. |
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Deputations To receive any deputations notified under Standing Order 12. Minutes: No deputations were received by the Panel and Board on this occasion. |
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Chairman's Announcements To receive any announcements the Chairman may wish to make Minutes: The Chairman made Members aware that the contract currently held by Waystone was being re-tendered, with the expectation that the tender process would be concluded by the end of August and the outcome reported to the next meeting. |
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Appointments to the RI Sub-Committee PDF 109 KB To consider a report from the Director of Corporate Operations asking the Panel and Board to agree appointments of members and deputies to the Responsible Investment sub-committee. Minutes: The Panel and Board considered a report from the Director of Corporate Operations asking the Panel and Board to agree appointments of members and deputies to the Responsible Investment sub-committee.
RESOLVED: That Cllrs Kemp-Gee, Thacker, Glen, Hiscock and Smyth and Mr Reynolds were appointed to the Responsible Investment Sub-Committee, with Cllrs Mocatta, Harrison, Letts and Mr Walker appointed as substitute members. |
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ACCESS Joint Committee minutes 4 March 2024 (Public) PDF 67 KB To receive the public minutes of the ACCESS Joint Committee held on 4 March 2024. Additional documents: Minutes: The Panel and Board received and noted the public minutes of the ACCESS Joint Committee on 4 March 2024. |
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Governance: Annual Report and Accounts PDF 195 KB To consider a report of the Deputy Chief Executive and Director of Corporate Operations introducing the 2023/24 draft Pension Fund annual report and annual highlights document. Additional documents:
Minutes: The Panel and Board considered a report of the Deputy Chief Executive and Director of Corporate Operations introducing the 2023/24 draft Pension Fund annual report and annual highlights document.
Members heard that new guidance had been issued at the end of March 2024, outlining changes required to the format of annual reports. It was noted that officers had responded to the guidance and made the required changes within the short timeframe allowed.
It was noted that, in order to comply with the new guidance, the order and volume of information within the report had increased significantly, therefore officers had produced a separate one page summary of the key messages of the annual report, to enable it to be more accessible to stakeholders. This highlights document will be published on the Pension Fund’s website alongside the annual report.
It was reported that, as at 31 March 2024, the value of the Pension Fund had increased to £10bn, which was its highest year-end value to date. The Fund’s investments produced a 9% absolute return in the 12 months to 31 March 2024, which represents the Fund outperforming the market, although below the target set as a result of market conditions in year.
Officers informed the Panel and Board that the report was being presented in draft, as the accounts were subject to external audit, which was being undertaken at the time of the meeting.
Members identified the report did not include all training which had been undertaken during the year, with this to be added before the final publication.
In response to Members questions it was heard that:
· The final report would be published once the external auditors had completed their work, with a draft of the report to be published on the Pension Fund website by the end of July 2024 subject to any further amendments. · ACCESS had undertaken a recent peer review of governance arrangements, with a report to be taken to the next meeting of the ACCESS Joint Committee in September 2024. · It was noted that reliance upon and confidence which comes from the experience of the Chairman and Vice Chairman of the Panel was significant, with suggestion that Members’ skills and experience should be considered within the risk register for the Pension Fund, particularly considering forthcoming County elections in 2025. The Chairman, who was also the Chairman of the ACCESS Joint Committee, noted that the joint committee operated collectively, and the membership was politically diverse and had a strong collective knowledge and skill base. · The delay in completion of external audit was a national issue, which central government was seeking to address. · Members questioned the cost of investment management, reflecting that the cost per member was higher than national average. It was heard that the investment cost benchmarking, as reported to the previous meeting of the Panel and Board, demonstrated that the cost of investment management funds was more favourable than peers, due to the class of the investments within the portfolio. It was suggested that this be ... view the full minutes text for item 211. |
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Investment: Cash Outturn report PDF 124 KB To receive a report from the Director of Corporate Operations updating the Pension Fund Panel and Board on the policy for managing the Hampshire Pension Fund’s cash balance. Minutes: Members received a report from the Director of Corporate Operations updating the Pension Fund Panel and Board on the policy for managing the Hampshire Pension Fund’s cash balance.
It was noted that all activity had complied with the cash strategy and all necessary statute and guidance and that the cash balance was £79m at the end of 2023/2024.
In response to Members questions it was heard that £40m to £60m would be held in cash by the Fund as a minimum. During the year cash balances rose significantly due to a number of employers making pre-payments of employer contributions, which were then invested within the Fund’s investment manager portfolios.
RESOLVED:
That the outturn report on the Pension Fund’s cash management in 2023/24 be approved.
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Governance: Letter from the Minister PDF 117 KB To receive a report from the Deputy Chief Executive and Director of Corporate Operations outlining questions received from the previous Minister at the Department of Levelling-up, Housing and Communities (DLUHC) and the current draft response from the Deputy Chief Executive and Director of Corporate Operations. Minutes: The Panel and Board received a report from the Deputy Chief Executive and Director of Corporate Operations, outlining questions received from the previous Minister at the Department of Levelling-up, Housing and Communities and the current draft response from the Deputy Chief Executive and Director of Corporate Operations.
Members observed that the draft response was well structured with the salient points clearly made.
RESOLVED:
That the report is noted. |
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Governance: Administration update PDF 238 KB To receive a report from the Director of Corporate Operations updating the Panel and Board on administration performance for 2023/24 and developments affecting the pension scheme in the first part of 2024/25. Additional documents:
Minutes: Members received a report from the Director of Corporate Operations, updating the Panel and Board on administration performance for 2023/24 and developments affecting the pension scheme in the first part of 2024/25.
It was heard that the team had paused work on the data upload for the McCloud remedy until the Autumn, in line with the McCloud Judgment guidance, but continued to process payments for all leavers on a case by case basis where the guidance applied.
Members noted the positive performance of the pension administration team and commended the meeting of targets across the board.
It was noted that whist the report showed that there had been a significant value of late payments, 90% of the late payments related to one particular employer.
Members were informed that the table at paragraph 13 should state that all coursework was measured against a 30 days, rather than 15.
RESOLVED:
That the Panel and Board note the continuing good performance of the administration team and the information contained in this report.
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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 and 5 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 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. |
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Confirmation of the Minutes of the Previous Meeting (Exempt) To confirm the exempt minutes of the meeting held on 30 May 2024. Minutes: The exempt minutes of the Pension Fund Panel and Board held on 30 May 2024 were agreed as a true record and signed by the Chairman. |
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ACCESS Joint Committee minutes 4 March 2024 (Exempt) To receive the exempt minutes of the ACCESS Joint Committee held on 4 March 2024. Minutes: The Panel and Board received and noted the exempt minutes of the ACCESS Joint Committee on 4 March 2024. |
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Governance: Administration update (Confidential Appendix) To receive a confidential appendix to the Administration update (Item 11 of the agenda). Minutes: The Panel and Board received a confidential appendix to the Administration update.
RESOLVED: The Panel and Board noted a confidential appendix to the Administration update (Item 11 of the agenda). |
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Governance: Letter from the Minister (Confidential Appendix) To receive a confidential appendix to the Letter from the Minister (Item 10 of the agenda).
Minutes: The Panel and Board noted a confidential appendix to the Letter from the Minister.
The Panel and Board noted a confidential appendix to the Letter from the Minister (Item 10 of the agenda).
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Investment - Investment Update To consider the exempt report of the Deputy Chief Executive and Director of Corporate Operations updating the Panel and Board on the Pension Fund’s investments since the last meeting of the Pension Fund Panel and Board. Minutes: The Panel and Board received an exempt report of the Deputy Chief Executive and Director of Corporate Operations updating the Panel and Board on the Pension Fund’s investments since the last meeting of the Pension Fund Panel and Board. [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]. |