Agenda and decisions

Venue: Virtual

Contact: Deborah Miller  Tel: 07920 084239; E-Mail:  deborah.miller@oxfordshire.gov.uk

Link: video link to the meeting

Items
No. Item

1.

Apologies for Absence and Temporary Appointments

Decision:

Apologies for absence were received from Councillor Ian Corkin and Councillor Lawrie Stratford.

2.

Declarations of Interest

Decision:

There were none.

3.

Minutes pdf icon PDF 374 KB

To approve the minutes of the meeting held on 5 June 2020 (PF3) and to receive information arising from them.

Decision:

The Minutes of the Meeting held on 5 June 2020 were approved and signed subject to amending ‘Johnson’ with ‘Johnston’ and ‘Alister’ with ‘Alistair’ in the list of attendance.

4.

Petitions and Public Address

This meeting of the Pension Fund Committee will be held virtually in order to conform with current guidelines regarding social distancing. Normally requests to speak at this public meeting are required by 9 am on the day preceding the published date of the meeting. However, during the current situation and to facilitate these new arrangements, we are asking that requests to speak are submitted by no later than 9am four working days before the meeting i.e. 9 am on 7 September 2020. Requests to speak should be sent to Deborah.miller@oxfordshire.gov.uk together with 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 am 2 working days before the meeting.

 

Where a meeting is held virtually and the addressee is unable to participate virtually their written submission will be accepted

.

Written submissions should be no longer than 1 A4 sheet.

 

Decision:

The Committee received a public address from Mr Karl Wallendszus on behalf of Fossil Free Oxfordshire.

5.

Minutes of the Local Pension Board pdf icon PDF 227 KB

10:20

 

A copy of the unconfirmed Minutes of the Local Pension Board, which met on  17 July 2020 is attached for information only (PF5).

Decision:

Noted.

6.

Report of the Local Pension Board pdf icon PDF 197 KB

10:25

 

In a response to a request from the Chairman of Pension Fund Committee to have a dedicated item on each Committee agenda for the work of the Local Pension Board, attached at (PF6) is the report by the Independent Chairman of the Local Pension Board.  It invites the Committee to respond to the key issues raised by the Pension Board at is most recent meeting on 17 July 2020.

 

The Committee is RECOMMENDED to note the comments of the Board as set out below, and confirm whether they are happy to have their draft minutes available to the Board in advance of them being agreed by the next meeting of the Committee itself.

 

Decision:

Recommendations Agreed, subject to the Committee officer checking the requirements surrounding draft minutes.

7.

Review of the Annual Business Plan 2020/21 pdf icon PDF 525 KB

10:35

 

This report will review progress against the key objectives and budget set out in the 2020/21 Business Plan.  Full reports on the objectives in respect of implementing the Climate Change Policy and improving the Governance of the Fund are included later on in the agenda.

 

The Committee is RECOMMENDED to note the progress against the key service priorities and the budget as set out in their annual business plan for 2020/21.

Decision:

Recommendations Agreed.

8.

Climate Change Policy Implementation Plan Update pdf icon PDF 200 KB

10:50

 

This report will be the first of a regular report to update the Committee on progress in implementing the Climate Change Policy agreed at their meeting in June 2020.

 

The Committee is RECOMMENDED to:

 

(a)       note the report;

(b)       endorse the Fund applying to join the Climate Action 100+ initiative and The Institutional Investors Group on Climate Change.

 

Decision:

Recommendations Agreed.

9.

Governance Review pdf icon PDF 98 KB

11:15

 

This report responds to the service priority included within the Business Plan for 2020/21 to review the governance of the Fund in light of the increased focus on this issue from the Pension Regulator and the Scheme Advisory Board.  The main report which has been produced by Hymans Robertson also includes the findings from the recent National Knowledge Assessment and proposes a further review of our governance arrangements and a detailed training plan to address the weaknesses identified within the results of the Assessment.

 

The Committee is RECOMMENDED to:

 

(a)           note the update provided by Hymans Robertson at Annex 1 and in particular, the results of Oxfordshire’s participation in the National Knowledge Assessment;

(b)          agree to ask Hymans Robertson to undertake the proposed governance review, and to ask Officers to finalise the details of the review with Hymans Robertson including the fee payable; and

(c)           agree the proposed training programme and ask Officers to continue to work with Hymans Robertson to develop appropriate options for each of the subjects to be covered.  Members are asked to provide any preferences for on-line, face-to-face or written training delivery.

Additional documents:

Decision:

Recommendations Agreed, subject to Sean Collins approving the fees in relation to recommendation (b).

10.

Risk Register pdf icon PDF 211 KB

11:40

 

This report updates the Committee on the Fund’s Risk Register, updating the position on risks reported to the last meeting and adding in new risks identified in the intervening period.

 

The Committee is RECOMMENDED to note the changes to the risk register and offer any further comments.

Additional documents:

Decision:

Recommendations Agreed.

11.

Administration Report pdf icon PDF 455 KB

11:50

 

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

 

The Committee is RECOMMENDED to:

(a)       note this report;

(b)        agree to delegate the preparation of a response on the consultation of changes to the Fire Service Pension Scheme to the Director of Finance following consultation with the Fire Service Pension Board, and

(c)       agree the response to the consultation on the extension of the Statutory Underpin in the LPGP as set out in Annex 2, amended as appropriate.

Additional documents:

Decision:

Recommendations Agreed.

 

Note:  The Committee thanked staff for their hard work and efforts towards end of year.

12.

GMP Reconciliation Project pdf icon PDF 276 KB

12:00

 

This report (PF12) details the provisional outcome of the scheme's GMP reconciliation exercise and seeks members views on what parameters should be applied to the final run.

 

The Committee is RECOMMENDED to confirm:

 

a)         That no trivial threshold amount should be applied to any identified member records;

b)         That any underpayments identified should be paid to members as soon as possible on receipt of a final report from ITM, and interest paid in line with LGPS Regulations;

c)         There should be no recovery of any historic overpaid pension identified by this exercise, and that members should be given 3 months written notice before any reduction identified by this exercise is applied to their pension in payment.

Decision:

Recommendations Agreed.

13.

Annual Report and Accounts pdf icon PDF 184 KB

12:10

 

The Committee will be invited to accept the draft Annual Report and Accounts for the Pension Fund.

 

The Committee is RECOMMEDED to note the report.

Additional documents:

Decision:

Recommendations Agreed.

14.

Budget Outturn 2019/20 pdf icon PDF 126 KB

12:15

 

This report analyses the actual spend by the Oxfordshire County Council Pension Fund during 2019/20 against the budget and highlights the reasons for any material variances.

 

The Committee is RECOMMENDED to receive the report and note the out-turn position.

Decision:

Recommendations Agreed.

15.

EXEMPT ITEMS

The Committee is RECOMMENDED that the public be excluded for the duration of items 16,17 and 18 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 ARE PUBLIC. ANY EXEMPT INFORMATION WILL BE REPORTED ORALLY.

Decision:

The Committee RESOLVED that the public be excluded for the duration of items 16,17 and 18 in the Agenda since it was 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 outweighed the public interest in disclosing the information.

 

THE REPORTS RELATING TO THE EXEMPT ITEMS WERRE PUBLIC. ANY EXEMPT INFORMATION WILL BE REPORTED ORALLY.

 

16.

Overview and Outlook for Investment Markets pdf icon PDF 480 KB

12:25

 

The attached report of the Independent Financial Adviser (PF16) sets out an overview of the current and future investment scene and market developments across various regions and sectors. The report itself does not contain exempt information and is available to the public. The Independent Financial Adviser will also report orally and any information reported orally will be exempt information.

 

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

 

3.        Information relating to the financial or business affairs of any particular person (including the authority holding that information) and

 

since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

 

The Committee is RECOMMENDED to receive the report, tables and graphs, to receive the oral report, to consider any further action arising on them and to bear the Independent Financial Adviser’s conclusions in mind when considering the Fund Managers’ reports.

 

Decision:

The Committee received the report.

17.

Overview of Past and Current Investment Position pdf icon PDF 8 MB

12:40

 

The Independent Financial Adviser will review the investment activity during the past quarter, present a summary of the Fund’s position as at 31 March 2020, and highlight any key performance issues, with reference to Tables and Graphs, and the Investment Performance Reports produced by Brunel.  

 

Additional documents:

Decision:

The Committee received the report.

18.

Summary by the Independent Financial Adviser

12:55

 

The Independent Financial Adviser will summarise any issues arising from the previous discussions.

Decision:

Noted.

19.

Corporate Governance and Socially Responsible Investment pdf icon PDF 3 MB

13:00

 

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

Additional documents:

Decision:

Noted.