Issue - meetings

The Board are invited to review the latest position against the Annual Business Plan for 2020/21 as considered by the Pension Fund Committee at their meeting on 5 March 2021, and to comment on the Business Plan agreed for 2021/22.

The Board was invited to review the latest position against the Annual Business Plan for 2020/21 as considered by the Pension Fund Committee at their meeting on 5 March 2021, and to comment on the Business Plan agreed for 2021/22.

Sean Collins noted that the objectives for 2021/22 largely followed on from 2020/21.  The objectives on climate change were always going to take more than one year to achieve.

Members asked if in future the Green, Amber, Red indicators could also be flagged by text so that it is clear for those who cannot see the colours.

Sean Collins stated that an update will go to the Pension Fund Committee every quarter.  Work was ongoing on improving the presentation and ensuring that it was clearly linked to the risk register.

12.25pm

This report will set out the strategic priorities and the budget for the Pension Fund for the 2021/22 financial year.  An update on the delivery against the 2020/21 will also be provided.

1.       The Committee is RECOMMENDED to:

a.       Note the progress against the service priorities for 2020/21 and agree to set benchmarks for carbon emissions for the equity and fixed income portfolios based on December 2019, and commission Brunel to undertake the work necessary to establish figures for the legacy portfolios held at that time;

b.       approve the Business Plan and Budget for 2021/22 as set out at Annex 1;

c.       approve the Pension Fund Cash Management Strategy for 2021/22.

d.       delegate authority to the Director of Finance to make changes necessary to the Pension Fund Cash Management Strategy during the year, in line with changes to the County Council’s Treasury Management Strategy;

e.       delegate authority to the Director of Finance to open separate pension fund bank, deposit and investment accounts as appropriate;

f.        delegate authority to the Director of Finance to borrow money for the pension fund in accordance with the regulations.

Sean Collins, Service Manager Pensions introduced the report which set out the strategic priorities and the budget for the Pension Fund for the 2021/22 financial year. 

Reference was made to the four service priorities included with the plan, together with a number of key measures of success.

Discussion took place on performance fees for Brunel and the Service Manager Pensions reported that the majority of Funds did not use performance fees as it would result in higher fees. It was agreed that for the next meeting of the Committee a report be considered on the use of performance fees.

RESOLVED – (1) That the progress against the service priorities for 2020/21 be noted and approval be given to the setting of benchmarks for carbon emissions for the equity and fixed income portfolios based on December 2019, and Brunel be commissioned to undertake the work necessary to establish figures for the legacy portfolios held at that time.

(2) That approval be given to the Business Plan and Budget for 2021/22 as set out at Annex 1.

(3) That approval be given to the Pension Fund Cash Management Strategy for 2021/22.

(4) That delegated authority be given to the Director of Finance, in consultation with the Chairman of the Committee, to make changes necessary to the Pension Fund Cash Management Strategy during the year, in line with changes to the County Council’s Treasury Management Strategy and that these  be reported back to the Committee. 

(5) That delegated authority be given to the Director of Finance, in consultation with the Chairman of the Committee, to open separate pension fund bank, deposit and investment accounts as appropriate, and that these be reported back to the Committee.

(6) That delegated authority be given to the Director of Finance, in consultation with the Chairman of the Committee, to borrow money for the pension fund in accordance with the regulations.