Agenda and minutes

The Chairman welcomed members and Angela Priestley-Gibbins to her first meeting.

Apologies for absence were received from Alistair Bastin, Lisa Hughes and Sean Collins.

To approve the minutes of the meeting held on 12 July 2019 (LPB5) and to receive information arising from them.

The minutes of the meeting held on 12 July 2019 were approved and signed.

The attached report (LPB6) is the latest in the series of reports to the Pension Fund Committee and this Board and sets out the latest position against the objectives and milestones set out in the Improvement Plan.

The Board is RECOMMENDED to note the latest position with regard to the implementation of the Improvement Plan.

The Board considered (LPB6) the latest in the series of reports to the Pension Fund Committee and this Board setting out the latest position against objectives and milestones set out in the improvement plan.

Councillor Johnston thanked officers for an excellent report although it would have also benefited from a colour printed Annex.

Sally Fox presented the report. Regarding annual allowances she confirmed that information was on the website and would also be covered in a report to the Pension Fund.

The Chairman agreed that current results were very positive when compared to a year ago.

RESOLVED: to note the latest position with regard to the implementation of the Improvement Plan.

The Board are invited to review the latest position against the Annual Business Plan for 2019/20 (LPG7) as considered by the Pension Fund Committee at their meeting on 6 September 2019.

The Committee is RECOMMENDED to note the progress against the key service priorities included within the 2019/20 Business Plan.

The Board reviewed (LPB7) the latest position against the Annual Business Plan for 2019/20 as considered by the pension Fund Committee at their meeting on 6 September 2019.

Presenting the report Sally Fox reminded members about the Brunel Investment Day on 19 November.

Responding to Councillor Johnston the Chairman confirmed that Laura Chappell was now acting Chief Executive at Brunel but that an appointment process for a full time CEO was underway.

Sally Fox confirmed that potentially there was full access to viewing benefit statements on line but it was difficult to say how many were accessing or could access that.  Currently about 30% were registered but it was hoped that after Christmas it would be possible to give a better indication of numbers. She confirmed that there would be consultation on a Fund Allocation Strategy.

RESOLVED: to note progress against key service priorities included within the 2019/20 Business plan.

This is the latest risk register as considered by the Pension Fund Committee on 6 September 2019 is attached (LPB8).  The Board are invited to review the report and offer any further views back to the Committee.

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

The Board had before it (LPB8) the latest risk register as considered by the Pension Fund Committee on 6 September 2019 for review and to offer any further views back to the Committee.

Councillor Johnston was pleased that risks were now being addressed and that we were now moving in the right direction.

RESOLVED: to note the changes to the risk register.

The report (LPB9) updates the Pension Board on the work to date on the 2019 Valuation and the update of the Funding Strategy Statement.  The Board are invited to review the draft Funding Strategy Statement and provide any initial comments to the Pension Fund Committee to be included in the final draft for formal consultation with Scheme Employers.

The Board is RECOMMENDED to note the latest position with regard to the 2019 Valuation, the key changes planned for the Funding Strategy Statement and to offer any comments to the Pension Fund Committee on the current Draft Funding Strategy Statement for them to consider when agreeing the final Draft for formal consultation with scheme employers.

The Board considered (LPB9) a report updating on work on the 2019 Valuation and discussed key changes included in the current draft of the Funding Strategy Statement to be presented to the December meeting of the Pension Fund Committee.

Presenting the report Sally Fox advised that this had been the first valuation for Oxfordshire completed by Hymans Robertson with data sent to them in July positively received.  Pages 46, 49 and 50 were particularly relevant along with paragraph 12 of the report regarding modelling and outcomes. She confirmed that Hymans Robertson would be presenting to the Pension Fund Committee on Friday 6 December and on the following Thursday 12 December there would be a pension forum at Unipart for scheme employers.

The Chairman undertook to ask Hymans Robertson to provide an Executive Summary on future reports. If any members had any other comments they should forward those by 4 November 2019.

RESOLVED: to note the latest position with regard to the 2019 Valuation and the key changes planned for the Funding strategy.

The report (LPB10) is included at the request of the Board at its last meeting.  It sets out the current approach to employer training and invites comments from the Board on any changes to the current training programme in terms of both content and the mechanisms for delivering the training, to maximise the effectiveness of the overall arrangements.

The Board is RECOMMENDED to note the current position on employer training and to offer any insights and comments to support the development of any future changes in approach, including those issues covered in paragraph 9 above.

The Board considered (LPB10) the current approach to employer training and the mechanisms for delivering that in order to maximise the effectiveness of the overall arrangements.

Presenting the report and responding to a question from Sarah Pritchard Sally Fox confirmed that the intention would be for employers to have a dedicated member of staff as a dedicated resource and to target larger employers separately from smaller ones. Online training by the software suppliers was scheduled to be available within the next 12 months and confirmed that an item would be placed on the next Agenda regarding Section 14 charges.

RESOLVED: to note the current position.

Members are invited to identify any issues they wish to add to the agenda of the next meeting of this Board. 

To be added to the Agenda for the next meeting of the Board:

Update on valuation and Risk Register Strategy

Strategic asset review

Regulatory Code of Practice

Update on Training

Cyber Security