Agenda

Members of the public who wish to speak at this meeting can attend the meeting in person or ‘virtually’ through an online connection. To facilitate ‘hybrid’ meetings we ask that requests to speak are submitted by no later than 9.00 a.m. four working days before the meeting: 9.00 a.m. on Monday 3 June 2024.

Requests to speak should be sent to Committeesdemocraticservices@Oxfordshire.gov.uk If you are speaking ‘virtually’, you may submit a written statement of your presentation to ensure that if the technology fails, then your views can still be taken into account. A written copy of your statement can be provided no later than 9.00 a.m. 2 working days before the meeting: 9.00 a.m. 5 June 2024. Written submissions should be no longer than 1 A4 sheet.

To approve the minutes of the meeting held on 1 March 2024 and to receive information arising from them.

10:20 a.m.

A copy of the unconfirmed Minutes of the Local Pension Board, which met on 3 May 2024 is attached for information only.

10:25 a.m.

The report sets out the items the Local Pension Board would like to draw to the attention of the Committee following their last meeting on 3 May 2024.

The Committee is RECOMMENDED to note the contents of the Board.

10.30 a.m.

To consider a draft response to the letter received on 15 May 2024 from the Minister for Local Government on efficiencies in the management of the LGPS.

10.40 a.m.

This report will review progress against the key priorities set out in the Annual Business Plan for 2024/25.

The Committee is RECOMMENDED to

a)    review progress against each of the key service priorities as set out in the report; and

b)    agree any further actions to be taken to address those areas not currently on target to deliver the required objectives.

10.55 a.m.

This report will present the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting.

The Committee is RECOMMENDED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate. 

11.10 a.m.

This report covers the key governance and communication issues for the Fund, including a report on any breaches of regulation in the last quarter.

The Committee is RECOMMENDED to:

a)    Note the Fund’s update on the Pension Regulator’s General Code of Practice. 

b)    Review and note the latest quarter’s breaches for the fund.

c)    Note the communications update regarding the review of the fund website.

11.20 a.m.

This report will present the following reviewed policies for Committee approval:

- Communications Policy

- Governance Policy

- Governance Compliance Statement

- Regulatory Breaches Policy

The Committee is RECOMMENDED to:

a)    Approve the revised Communications Policy. 

b)    Approve the revised Governance Policy.

c)    Approve the revised Governance Compliance Statement.

d)    Approve the revised Breaches Policy.

11.25 a.m.

This report updates the Committee on the key administration issues including service performance measurement, the debt recovery process and any write offs agreed in the last quarter.

The Committee is RECOMMENDED to note the upcoming issues the pension administration team face and agree to the approach of the report to manage these.

11.35 a.m.

This report will present the reviewed Cyber Security policy to the Committee for approval.

The Committee is RECOMMENDED to review this report and determine any further actions to be taken.

11.40 a.m.

This report will present the reviewed Scheme of Delegations Policy to the Committee for approval.

The Committee is RECOMMENDED to agree the revised Scheme of Delegation contained in Annex 1 to this report, noting the key changes set out in the report below.

11.45 a.m.

This report will cover an overview of the financial markets, the overall performance of the Fund’s investments against the Investment Strategy Statement and commentary on any issues related to the specific investment portfolios. The report includes the quarterly investment performance monitoring report from Brunel.

12.00 p.m.

This report will present an update on the Responsible Investment policy to the Committee.

The Committee is RECOMMENDED to agree the final version of the Responsible Investment Policy included at Annex 1 which incorporates the amendments set out in the report.

12.10 p.m.

This report will present a review of fund cashflows.

The Committee is RECOMMENDED to:

a)    note the updated funding position and the reasons for the change since the 2022 valuation,

b)    note the key funding risks currently facing the Fund,

c)    agree to the pre-2025 valuation planning actions to be taken by the Fund as set out in paragraph 42, and

d)    consider the cash flow implication throughout the 2025 triennial valuation process and next strategic asset allocation review.

12.20 p.m.

This item provides the opportunity to raise any issues concerning Corporate Governance and Responsible Investment which need to be brought to the attention of the Committee.

The Committee is RECOMMENDED that the public be excluded for the duration of item 23 in the Agenda since it is likely that if they were present during those items there would be disclosure of exempt information as defined in Part I of Schedule 12A to the Local Government Act 1972 (as amended) and specified in relation to the respective items in the Agenda and since it is considered that, in all the circumstances of each case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

THE REPORTS RELATING TO THE EXEMPT ITEMS HAVE NOT BEEN MADE PUBLIC AND SHOULD BE REGARDED AS STRICTLY PRIVATE TO MEMBERS AND OFFICERS ENTITLED TO RECEIVE THEM.

12.30 p.m.

This item includes exempt information pursuant to Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972. If the Committee wishes to discuss matters relating to the information set out in attached report to this item, it will be necessary for the Committee to pass a resolution to exclude the press and public from the meeting (as set out at agenda item 22).

The report provides details of a proposed closure of a scheme employer including detailed financial information, the disclosure of which could prejudice the financial position of the company prior to its final closure, as well as the position of the Administering Authority in respect of future cessation cases.

The Committee is RECOMMENDED to agree the recommendation contained within the report.