Agenda

Pension Fund Committee - Friday, 2 December 2022 10.00 am

Venue: Council Chamber - County Hall, New Road, Oxford OX1 1ND. View directions

Contact: Khalid Ahmed  Tel: 07990 368048; E-Mail:  khalid.ahmed@oxfordshire.gov.uk

Link: videolink to meeting

Items
No. Item

1.

Apologies for Absence and Temporary Appointments

2.

Declarations of Interest - see guidance note

3.

Minutes pdf icon PDF 334 KB

To approve the minutes of the meeting held on 10 October 2022 and to receive information arising from them.

4.

Petitions and Public Address

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 are asking that requests to speak are submitted by no later than 9am four working days before the meeting i.e., 9am on Monday 28 November 2022.

 

Requests to speak should be sent to khalid.ahmed@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 9am 2 working days before the meeting. Written submissions should be no longer than 1 A4 sheet.

5.

Minutes of the Local Pension Board pdf icon PDF 212 KB

10:05

 

A copy of the unconfirmed Minutes of the Local Pension Board, which met on  21 October 2022 is attached for information only.

6.

Report of the Local Pension Board pdf icon PDF 190 KB

10:10

 

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting in October 2022.

7.

Review of Annual Business Plan 2022/23 pdf icon PDF 288 KB

10.20am

 

This report provides an update on progress against the key priorities set out in the Annual Business Plan for 2022/23, and the initial results of the National Knowledge Assessment. 

 

The Committee is RECOMMENDED to

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

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

c)       note the provisional results from the National Knowledge Assessment and

d)       agree to hold a 2023/24 Business Planning session on the morning of Friday 3 February 2023.

Additional documents:

8.

Risk Register pdf icon PDF 205 KB

10.35am

 

This report presents 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.

Additional documents:

9.

Funding Strategy Statement pdf icon PDF 365 KB

10.45am

 

This report summarises the responses to the recent consultation on the Funding Strategy Statement and seeks the Committee’s approval to the final document.

 

The Committee is RECOMMENDED to

a)       review the responses to the consultation exercise,

b)       amend the draft documents to specify a standard likelihood of 90% for cessation calculations, and

c)       approve the final version of the Funding Strategy Statement to support the 2022 Valuation exercise.

Additional documents:

10.

Administration Report pdf icon PDF 424 KB

10.55am

 

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

 

a)       determine any actions they would like taken to improve the team performance in meeting standards

b)       note the compensatory payment made in line with Scheme of Delegation and determine any future actions if appropriate to minimise the risk of similar issues going forward

c)       note the release of deferred benefits on grounds of ill-health in line with Scheme of Delegation.

 

11.

Technology Review pdf icon PDF 216 KB

11.10am

 

This report will report the findings of the project to review the current offerings from the 3 system suppliers on the National Procurement Framework and recommend the Committee to either renew the existing contract for a further 5 years or seek to re-tender the contract.

 

The Committee is RECOMMENDED to

a)       agree the extension of the current system contract, as allowed for within the contract and

b)       ask officers to bring forward a proposal to the March meeting as part of the 2023/24 Business Plan to identify options to address the current weaknesses in the employer database offering, to maximise the use of the current system functionality and to ensure the Fund is fully prepared to run a full procurement exercise at the end of the agreed extension.

12.

Report of the Independent Financial Advisor pdf icon PDF 899 KB

11.30am

 

This report covers 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 reports, including the newly designed report from Brunel.

Additional documents:

13.

Corporate Governance and Socially Responsible Investment

12.00pm

 

Members will be updated on any items not covered elsewhere on today’s agenda in respect of their responsibilities in respect of corporate governance and responsible investment.

14.

EXEMPT ITEMS

The Committee is RECOMMENDED that the public be excluded for the duration of the following items on the Agenda (during discussion on confidential matters) 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.

 

PART II

15.

Cyber Security

12.05pm

 

The Committee is RECOMMENDED to confirm any further actions to be taken in addition to those identified in the report.

 

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.

16.

AVC Review

12.20pm

 

This report updates the Committee on the on-going review into the future AVC provision to scheme members.

 

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.

17.

Climate Stocktake

12.30pm

 

This report includes the draft report from the Brunel Climate Stocktake reviewing the implementation of the current Brunel Climate Change Policy.  The final report will become a public document and be published in the New Year alongside the Policy Update.

 

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.

18.

Technology Review

12.45pm

 

Confidential final report on Review of Pension Administration System Technology.

 

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.