Agenda item

The Board is invited to review the latest position against the Annual Business Plan for 2018/19, as considered by the Pension Fund Committee at its meeting on 8 March 2019; and the Annual Business Plan for 2019/20, as agreed at the same meeting; and to offer any views back to the Committee (LPB9).

The Board was invited to review the latest position against the Annual Business Plan for 2018/19, as considered by the Pension Fund Committee at its meeting on 8 March 2019; and the Annual Business Plan for 2019/20, as agreed at the same meeting; and to offer any views back to the Committee (LPB9).

Mr Collins introduced the contents of the report, updating members on the position regarding the Brunel Pension partnership and commenting that at the next meetings of the Pension Fund Committee and the Board there would be more detail on the Funding Strategy Statement.

Responding to a question from a Member about the Investment Strategy Sean Collins advised that all policies were going to the June Pension Fund Committee. However, the Committee would have a fundamental review after the Asset Allocation Review planned for March 2020. The Board as required would have an opportunity to comment at that stage. The Chairman added that after the next Actuarial Review the Board would have an opportunity to to feed into the major review.

In response to a comment from an employer member that someone had dropped out of the scheme due to the ESG matters and asking whether there was a member friendly statement Sean Collins referred to a later agenda item where the Board could comment on the Responsible Investment Statement produced by the Pension Fund Committee.

During consideration members:

·         Expressed surprise at the lack of customer focus either in relation to employer or scheme members. There was nothing in the Plan about customer service or the customer experience.

·         Discussed the need for effective member communications.

·         Highlighted the issue of training for Pension Fund Committee members and noted the omission of a training plan. Sean Collins explained the way in which training was provided noting that there would be a session before the September meeting of the Committee. A number of councillors had also attended various external training. It was difficult to identify a single training plan and the principle was that no one member would know everything but together they would have the necessary skills and knowledge. They looked to fill gaps in skills and knowledge across the Committee as a whole. A member noted that training opportunities were not always taken up and it was suggested that attendance at some training events should be mandatory. Sean Collins added that the Annual Report included a full record of all the training undertaken.

·         Queried why management fees were shown as going up in 2019/20 from 2018/19 (page 41) when the intention with the Brunel Partnership was that management fees should reduce. Sean Collins explained how the figure was arrived at and noted that no funds had been managed by Brunel in 2018/19 and few funds would be managed by Brunel in 2019/20.

The Local Pension Board AGREED to raise with the Pension Fund Committee that they felt that the Business Plan lacked a clear customer focus. They also AGREED to RECOMMEND that consideration be given by the Committee to mandating attendance by Committee members at certain training events.