Hounslow Council


Agenda and minutes

Venue: Committee Room 2, Civic Centre, Lampton Road, Hounslow. View directions

Contact: Wendy Merry Tel: 020 8583 2066 Email:  wendy.merry@hounslow.gov.uk 

Items
No. Item

1.

Declarations of interest or any other communications from Members

Minutes:

The Chair advised that Councillor Malhotra, Chair of the Pension Fund Panel, would be attending at 3 pm and he asked members to provide any questions they might have for Councillor Malhotra in advance of the meeting in future.

 

The Chair noted that the Risk Register was not on the agenda. Lorelei Watson, Head of Treasury, Pensions and Capital, advised that it had not been to the June meeting of the Pension Fund Panel and the Chair asked that the reason be noted in the minutes.

2.

Minutes of the meeting held on 25 January 2016 pdf icon PDF 143 KB

Minutes:

Both Part I and Part II of the minutes of the meeting held on 25 January 2016 (agenda item 2) were agreed, with the following amendments:

 

Remove the word ‘Councillor’ from members of the panel (first para. page 1 refers), who were not Councillors and to be consistent in using either ‘Mr/Ms’ or the person’s name.

 

Matters Arising

 

Mr Cassell advised that the Retired Staff Association now had a treasurer, Hugh Godsland. Mr Mason referred to the role of the Pensions Board at the Fund’s AGM and felt that they should provide information on the Annual Benefits Statement. Hitesh Sharma, Strategic Pensions Manager, advised that it was too late for this year, but they might be able to do an inset. The Chair felt that information should be put on the Pensions web site about the Board. Mr Sharma advised that they could put something in the newsletter (Item 23, page 6 refers).

3.

General Matters - Report of Head of Treasury, Pensions & Capital pdf icon PDF 121 KB

Minutes:

See report by Councillor Sam Hearn, Chair of Pension Board and Lorelei Watson, Head of Treasury, Pensions and Capital (agenda item 3).

 

Members gave the following updates on their training regarding TPR trustee toolkit.

 

  • Mr Cassell advised that he did not yet have an email address, but would get one.
  • Mr Williams advised that he had not yet done the training
  • The Chair advised that he had only done one part.
  • Mr Mason advised that he had done the training.

 

Ms Watson gave an update on The Modern Slavery Act and how it affected all UK businesses. She advised that the Board could get quarterly reports about active engagement.

 

Resolved:

 

a)    That updates from Board members on their training re. TPR trustee toolkit be noted.

b)    That Board members inform Lorelei Watson whenever they undertake any training for a Training Log to be kept.

4.

Response to DCLG 'Opportunities for collaboration, cost savings and efficiencies' - Report of Head of Treasury, Pensions & Capital pdf icon PDF 203 KB

Additional documents:

Minutes:

See report by Councillor Mukesh Malhotra, Chair of the Pension Fund Panel and Lorelei Watson, Head of Treasury, Pensions and Capital (agenda item 4)

 

Lorelei Watson presented the report and advised that all London Boroughs were now part of the CIV.

 

The following issues were discussed:

 

·         There was some discussion about Brexit and Councillor Malhotra advised that fund managers were trying to be as prudent and conservative as they could be.

·         It was noted that the Pension Regulator Checklist had not been through the Pension Fund Panel.

·         The Chair of the Board felt that the Board should look at the scrutiny function of internal audit. Councillor Malhotra felt that it was an operational issue and should be addressed through the Head of Internal Audit. He advised that he would ask for information to be provided.

 

Resolved:

 

            That the London CIV response to the DCLG be noted.

5.

Key Performance Indicators - Report of Head of Treasury, Pensions & Capital pdf icon PDF 33 KB

Additional documents:

Minutes:

See report by Councillor Sam Hearn, Chair of the Pension Board and Lorelei Watson, Head of Treasury, Pensions and Capital (agenda item 5).

 

Rapinder Sangha, Strategic Pensions and Treasury Accountant presented the report and responded to questions from the Board.

 

Resolved:

 

That the review of the Shadow Advisory Board (SAB) primary indicators be noted.

6.

The Pension Regulator Checklist pdf icon PDF 215 KB

Additional documents:

Minutes:

See report by Councillor Sam Hearn, Chair of the Pension Board and Lorelei Watson, Head of Treasury, Pensions and Capital (agenda item 6).

 

Hitesh Sharma, Strategic Pensions Manager, presented the report. Members made the following comments:

 

·         The Chair felt that the Board couldn’t address everything in the meeting and asked members to think about how they wanted to work through it.

·         Mr Mason felt that the checklist was good, but that there should be an additional section about the roles and responsibilities of Pension Board members.

·         The Chair asked if it had been seen by the Pension Fund Panel. Ms Watson advised that that it was more applicable for the Board to scrutinise, but they could put it on the next agenda for the Panel for information.

·         Mr Mason felt that more information was needed in the notes.

·         Ms Watson asked if the Board wanted the Risk Register to come to every meeting and they confirmed that they did.

·         It was agreed that the Chair would spend some time with Mr Sharma to look at broadening the report out.

·         Mr Cassell felt that E11 (do the Administering Authority’s member data processes meet the requirements of the Data Protection Act 1998 and the data protection principles) should be covered by the Data Protection Officer and asked if a report could be provided. Ms Watson advised would be put on the next agenda.

 

Resolved:

 

      That the report be noted.

7.

Pension Board Annual Report pdf icon PDF 198 KB

Additional documents:

Minutes:

See report by Councillor Sam Hearn, Chair of the Pension Board and Lorelei Watson, Head of Treasury, Pensions and Capital (agenda item 7)

 

The Chair introduced the report. Hefelt that the Board needed to consider what their work programme should be, bearing in mind that they were already into 2016/17 and there were only two meetings per year.

 

Members made the following comments:

 

·         Mr Mason suggested sharing the LGPS bulletin.

·         It was agreed that the Chair would work with Lorelei Watson and then share their work with the Board.

·         Mr Mason commented that it dovetailed with the checklist and suggested including that as an annex, possibly next year included in a coloured summary.

·         The Board discussed the use of their report towards a national standard for good practice and seeking some guidance from CIPFA. Ms Watson advised that there was currently no guidance.

·         It was agreed that Councillor Malhotra would get the opportunity to see the report.

 

Resolved:

 

That the above comments about the format of the Pension Board Annual Report be noted.

8.

Exclusion of the Press and Public

To resolve that the public and press be asked to leave the meeting during discussion of the remaining items of business because exempt information as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act 1972 is likely to be made known.

 

Please note that members of the public and press must leave the meeting at this point.

Minutes:

Resolved:

 

That the public and press be asked to leave the meeting during discussion of the remaining items of business because exempt information as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act 1972 is likely to be made known.

9.

Strategy report on global equities - Joint report of Head of Treasury, Pensions & Capital & Allenbridge

Minutes:

See report by Councillor Mukesh Malhotra, Chair of the Pension Fund Panel; Lorelei Watson, Head of Treasury, Pensions and Capital & Karen Shackleton, Allenbridge (agenda item 9).

 

Lorelei Watson advised that the report had been discussed at the Pension Fund Panel meeting at the end of June and the Panel had agreed the recommendations in the report.

 

Resolved:

 

That the recommendations agreed by the Pension Fund Panel, as set out on page 63 of the report be noted.

10.

Pension Fund Administration & Capita Annual Report - Report of Head of Treasury, Pensions & Capital

Minutes:

See report by Councillor Sam Hearn, Chair of the Pension Board and Hitesh Sharma, Strategic Pensions Manager (agenda item 10).

 

Hitesh Sharma presented the report and members made the following comments:

 

·         Mr Mason felt that they should look for more assurance regarding data quality, subject to the cost being able to be met.

·         Mr Sharma advised that they had referred the GMP cases to HMRC and would get the answers back on 31 August, which would be reported back to the Board.

 

Resolved

 

That the performance of Capita Employee Benefits, as pension administrators, for the period November 2015 to May 2016 be noted.

11.

Urgent Business

Any business which the Chair agrees to accept on grounds of urgency.

Minutes:

There was no such urgent business.

12.

Date of next meeting - 12 January 2017

Minutes:

The date of the next meeting was noted.

13.

Confidential minutes of the meeting held on 25 January 2016