Agenda

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

10:30

2.

Declarations of Interest

3.

Minutes pdf icon PDF 283 KB

To approve the minutes of the meeting held on 11 September 2020 (PF3) and to receive information arising from them.

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 30 November 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.

 

5.

Minutes of the Local Pension Board pdf icon PDF 368 KB

10:35

 

A copy of the unconfirmed Minutes of the Local Pension Board, which met on 23 October 2020 (PF5) is attached for information only.

6.

Report of the Local Pension Board pdf icon PDF 196 KB

10:40

 

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. 

 

The Committee is RECOMMENDED to note the comments of the Board as set out below and take these into account when discussing the relevant items on the agenda.

7.

Annual Business Plan pdf icon PDF 532 KB

10:50

 

Report by Director of Finance (PF7).

 

This report sets out progress against the key service priorities and the budget set for the Fund within its approved annual business plan.

 

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.

 

8.

Implementing the Climate Change Policy pdf icon PDF 207 KB

11:00

 

Report by the Director of Finance (PF8).

 

This item will include the regular update to the Committee on progress in implementing the Climate Change Policy, as well as a presentation and opportunity to raise questions with Faith Ward, Chief Responsible Investment Officer from Brunel.

 

The Committee is RECOMMENDED to:

 

(a)       note the report;

(b)       agree the purpose of the Climate Change Working Group as set out in Annex 1;

(c)       agree that no target is set for fossil fuel reserves levels; and

(d)       provide any comments on the priorities for the work of the Climate Change Working Group.

9.

Risk Register pdf icon PDF 218 KB

12:00

 

Report by Director of Finance (PF9).

 

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:

 

(a)       note the changes to the risk register and offer any further comments; and

(b)       confirm the short-term policy not to award an unreduced pension under Regulation 30 (7) where the associated pension strain cost would result in the total exit costs payable by the scheme employer breaching the £95,000 exit cap.

Additional documents:

10.

Administration Report pdf icon PDF 762 KB

12:10

 

Report by the Director of Finance (PF10).

 

This report updates the Committee on the latest position on administration issues.

 

The Committee is RECOMMENDED to:

 

a)             note this report, and

b)            agree the draft changes to the Funding Strategy Statement as set out in Annex 4 as the basis for consultation with scheme employers.

Additional documents:

11.

Annual Report and Accounts pdf icon PDF 2 MB

12:20

 

The Committee is invited to receive the Annual Report and Accounts for the Pension Fund.

 

The Committee is RECOMMENDED to receive the report.

12.

EXEMPT ITEMS

The Committee is RECOMMENDED that the public be excluded for the duration of items 13,14,15,16 & 17 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.

 

NOTE: In the case of item 15 there is no report circulated with the Agenda. Any exempt information will be reported orally.

13.

Overview and Outlook for Investment Markets pdf icon PDF 530 KB

12:25

 

Report of the Independent Financial Adviser (PF13).

 

The report 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.

14.

Overview of Past and Current Investment Position

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, the Investment Performance Reports produced by Brunel, and the Annual Report on Private Equity.  

 

The Committee is RECOMMENDED to receive the performance reports, tables and graphs.

Additional documents:

15.

Summary by the Independent Financial Adviser

12:55

 

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

 

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. 

16.

Provision of the Independent Financial Advice

13:00

 

Report by Director of Finance (PF16).

 

The current contract for the Independent Financial Adviser (IFA) to the Committee expires in February 2021.  The report sets out the key areas where the Committee continues to receive advice from the IFA, and invites the Committee to determine what arrangements they wish to see put in place going forward.

 

The Committee is invited to determine their approach to independent financial advice from 1 February 2021 onwards.

 

ITEMS FOLLOWING THE RE-ADMISSION OF THE PRESS AND PUBLIC

17.

Corporate Governance and Socially Responsible Investment pdf icon PDF 977 KB

13:10

 

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