Agenda and minutes

The Board is RECOMMENDED to formally adopt the Terms of Reference for the Board. The document is attached at LPB5.

The Board AGREED to formally adopt the Terms of Reference for the Board, subject to paragraph 68 being amended to read as follows (amendment in bold italics):

‘This Constitution shall be reviewed on each material change to those parts of the Regulations covering local pension boards and at least every2 years.’

The Board are advised that according to national guidance on the creation and operation of the Pensions Boards, an independent chair would have no pre-existing employment, financial or other material interest in either the Administering Authority or in any scheme employer in a fund administered by the Administering Authority and would not be a scheme member in a fund administered by the Administering Authority.

It is understood that Graham Burrow, Head of Pensions of the Gloucestershire LGPS Pension Fund has none of these links with the Oxfordshire Fund. It is therefore proposed that the Board confirms the appointment of Graham Burrow as independent Chair of the Oxfordshire Local Pension Board.

The Board were advised that according to national guidance on the creation and operation of the Pension Boards, an independent chair would have no pre-existing employment, financial or other material interest in either the Administering Authority or in any scheme employer in a fund administered by the Administering Authority and would not be a scheme member in a fund administered by the Administering Authority.

It was understood that Graham Burrow, Head of Pensions of the Gloucestershire Local Government Pension Scheme (LGPS) Pension Fund had none of these links with the Oxfordshire Fund. It was therefore proposed that the Board confirm the appointment of Graham Burrow as independent Chair of the Oxfordshire Local Pension Board.

Upon being satisfied that the proposal was that this reciprocal arrangement would be at no extra cost to the Authority, it was AGREED that:

(a)  Graham Burrow be appointed the independent Chair of the Pension Board; and

(b)  that paragraph 53 of the of the Board’s Constitution which relates to the special responsibility allowance payable to the independent Chairman of the Board, be waived for the duration of Mr Burrow’s appointment.

An apology was received from Councillor Bob Johnston.

There were no declarations of interest.

There had been no requests to address the Board or to submit a petition.

To discuss the method by which members of the Board would communicate the business of the Board with employers and scheme members.

Following a discussion it was AGREED to take the following steps with regards to communication of Pension Board business with employers and scheme members that would complement the arrangements which were already in place:

·         to request the officers to set up a Local Pension Board Website;

·         to include a standard item at the end of each agenda that considers which issues/items Board members feel should be reported back to scheme members;

·         to set up an email address for the Board.

The Board is invited to develop a work programme for the forthcoming year. To support this item, the Board will receive a presentation on a number of key fund documents - these being:

·         The Annual Report & Accounts 2014/15

·         The Fund Risk Register

·         A recent Pension Fund Committee report on Employer Issues

·         The draft Key Performance Indicator framework which has been developed by the Scheme Advisory Board.

All of these documents are attached at LPB7.

This session will provide Board Members with training in respect of major features of the Oxfordshire Pension Fund; and will aim to identify areas which the Board will wish to follow up at a future meeting.

The Board will also be invited to note that the Pension Fund Committee will be discussing their own future work programme at their meeting on 4 December 2015. This will include a discussion on the support and advice they would wish to receive from this Board.

The Board was invited to begin to develop a work programme for the forthcoming year. To assist with consideration on this matter, Sean Collins gave the Board a presentation on a number of key fund documents, these being:

·         The Annual Report & Accounts 2014/15

·         The Fund Risk Register

·         A recent Pension Fund Committee report on employer issues

·         The draft Key Performance Indicator framework which had been developed by the Scheme Advisory Board

All documents were attached at LPB7.

The aim of this session was also to provide the Board members with training in respect of the major features of the Oxfordshire Pension Fund. It also aimed to identify areas which the Board may wish to follow up at a future meeting.

The Board noted that the Pension Fund Committee would be discussing their future work programme at their meeting on 4 December 2015. This would include a discussion on the support and advice they would wish to receive from the Board.

The major work issues that the Pension Fund Committee was, or would be, facing in the next year, as highlighted by Sean Collins, were as follows:

·         Education of employers in Pension Fund matters – to look at the communication process to ensure that it is fit for purpose.

·         Fund Valuation - The next fund Valuation process for 31 March 2016 to 1 April 2017 – the contribution rate is set every 3 years by the Fund’s Actuary,

NB: since this meeting it has been decided, at the request of the Pension Fund Committee, to ask Barnett Waddington, the Committee’s Actuary to deliver a training session to both the Committee and the Board on the valuation process. The date for this has been set for 10 June 2016 (during the scheduled meeting of the Committee) – though the time is to be confirmed.

·         Member training – during discussion in relation to the Governance Compliance Statement, the Board AGREED to request a report on the Committee's approach to member training for the Committee and now the Board, how needs were understood and how training was planned. The Board also discussed the allowance of substitutes, for possible future consideration.

·         The approach to risk management  - with regard to breaches on the part of the Committee of its statutory responsibility to send Annual Benefit Statements to all members of the Fund by a particular deadline, the Board AGREED to look at the problem in more depth and to advise the Committee accordingly. The Board was informed that the Committee was due to agree a set of Key Performance Indicators which would serve to indicate where there are issues to focus on.

Mr Collins also AGREED to report to the Board on whether the Annual Position Statements were also sent to dependents of Pensioners and to those that have deferred their pension. He informed the Board that there was a proposal to install a member self –service as part of the IT system so that people could view their latest position statement. He added also  ...  view the full minutes text for item 7/15

This item invites the Board to discuss the approach they wish to follow in meeting their training needs, to include external courses, joint training sessions with the Pension Fund Committee and specific sessions delivered on the day of Board meetings to provide further background to Board papers.

The Board was invited to discuss the approach they wished to follow in meeting their training needs, to include external courses, joint training sessions with the Pension Fund Committee and specific sessions delivered on the day of the Board meetings.

During the discussion members of the Board asked for the following;

·         Meetings to be held approximately halfway between meetings of the Pension Fund Committee to allow any advice to go forward to the Committee.

·         Training on a subject/issue could be integrated into the item being discussed.

·         Possibility of a joint training day with the Committee on three to four subjects.

To discuss when in the Committee cycle the Board would like future meetings to occur and to agree a date for the next meeting. A list of dates will then be circulated.

Please note that since this meeting the following dates have been circulated and agreed by members of the Board.

15 April 2016

29 July 2016

21 October 2016

13 January 2017