Agenda

To approve the minutes of the meeting held on 8 September 2023 and to receive information arising from them.

10:05

A copy of the unconfirmed Minutes of the Local Pension Board, which met on  20 October 2023 is attached for information only.

10:10

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 20 October 2023.

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

10:15

This report will review progress against the key priorities set out in the Annual Business Plan 2023/24.

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.

10:30

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

The Committee is RECOMMENDED to:

i)      Note the results and recommendations of the recent Hyman’s Knowledge Progress Assessment. 

ii)    Review and note the latest quarter’s breaches for the Fund.

iii)   Note the communications update regarding the McCloud Disclosure requirements.

10:45

This report will present the latest position on the Fund’s risk register, including any new risks identified since the report of the last meeting. It will also present a new Risk Management Framework which sets out how the Fund manages identification, assessment and reporting of all risks for Funds.

The Committee is RECOMMENDED to:

a)    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;

b)    Agree the new Oxfordshire County Pension Fund Risk Management Framework as set out at Appendix 'A'.

11:00

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)     Note the progress against the Administration objectives for the year;

b)     Decide what, if any, additional information they require to be included in this report; and

c)     Agree the write off of the 5 historic debts in Section 1 of Annex 4 totalling £14,747.35; and

d)     Note the write off of the historic debts included in Section 2 of Annex 4 totalling £3,803.44, and the current debts of £43.66 written off as agreed under the Scheme of Delegation.

11:10

This report will present the following reviewed policies for Committee approval: Admissions and Terminations Policy, Discretion Policy, Early Release of Pension Benefits Policy, Voluntary Scheme Pays Policy.

The Committee is RECOMMENDED to receive this report and to agree the changes made to the Voluntary Scheme Pays Policy.

11:25

This report will present the consultation results and revised Administration Strategy for Committee approval.

The Committee is RECOMMENDED to receive this report and

i)                Confirm the current frequency of employer newsletters;

ii)              To amend the administration strategy to reduce the number of days admission agreements have to be signed to 30 days ahead of a contract start date;

iii)             Confirm the charge of £100 per record where no earnings / contributions have been posted during the financial year; and

iv)             Ask Officers to report quarterly the value of charges made during each period.

11:35

This report will cover an overview of the financial markets, the overall performance of the Fund’s investment 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.

11:55

Review of the Investment Strategy Statement including updates to reflect the latest agreed asset allocation. The Committee will also receive an update on the development of a Responsible Investment Policy for the Pension Fund.

The Committee is RECOMMENDED to

a)    approve the revised Investment Strategy Statement;

b)    instruct Officers to set-up a workshop to develop the Fund’s Responsible Investment Policy prior to the 01 March 2024 Pension Fund Committee Meeting; and

c)    change the Climate Change Working Group to the Responsible Investment Working Group to take effect once the Fund has agreed a Responsible Investment Policy