Agenda and minutes

There were no apologies for absence.

There were no declarations of interests.

To receive the Order of the Court of Common Council dated 27 April 2017 appointing the Board and setting its Terms of Reference.

The order of the Court, appointing the Board and setting its terms of reference, was received.

To elect a Chairman in accordance with Standing Order No.29.

In accordance with Standing Order 29, the Board proceeded to elect a Chairman for the year ensuing.  The Town Clerk read a list of Members eligible to stand and Ian Luder, being the only Member expressing his willingness to serve was duly elected as Chairman.

To elect a Deputy Chairman in accordance with Standing Order No. 30.

In accordance with Standing Order No 30, the Board proceeded to elect a Deputy Chairman for the ensuing year.  The Town Clerk read a list or Members eligible to stand and James Tumbridge, being the only Member expressing his willingness to serve, was duly elected as Deputy Chairman.

To agree the public minutes of the meeting on 26^th April 2017.

RESOLVED – That the public minutes of the meeting on 26^th April 2017 are approved as an accurate record.

Matters Arising

Pension Opt Out Figures     

Members noted the pension opt-out figures totalled 380 out of a workforce of 3800.  It was suggested a staff survey might prove beneficial in understanding how the scheme is seen amongst staff.

It was agreed that a comparison to other Local Authorities will be carried out initially to establish if the City Corporation’s opt out figures are out of kilter with others.

Training

Members noted that the training needs assessment is being reviewed.  It will be costly to run two training sessions so the intention is to conduct training in conjunction with the Police Pensions Board, some of whom have not been assiduous in returning their forms.  Training plans will be formulated once information has been received.

Date of next meeting

Friday 6^th October 2017, 1.45pm was agreed for the next meeting.  Town Clerk agreed to circulate suggested options and timeframes for meetings in 2018.

Report of the Town Clerk.

The Board considered a report of the Town Clerk which set out a proposed Work Programme for the Board’s next three meetings.

RESOLVED – That the Board notes the report.

Report of the Director of Human Resources.

The Board received a report of the Director of HR outlining information provided to new starters on the Local Government Pension Scheme. 

The Director of HR advised Members that the jobs page is about to be refreshed and this will include information relating to the LGPS.  It has also been agreed that as part of the induction process for new starters the Pensions Manager will attend the Town Clerk’s new starter welcome lunches going forward to be available to answer any questions.   FAQs circulated to new starters will also now include information relating to the LGPS.

In response to a comment from the Chairman, the Director of HR agreed that the ’10 good reasons to join the LGPS’ could include information relating to the 50:50 offer.  The Director of HR suggested the leaflet could become 11 good reasons or this information could be incorporated in to one of the other 10 reasons.  It was confirmed that information relating to the Local Government Pension Scheme is available to all employees on the intranet.

In response to a question from a Member, the Chamberlain advised that new starters are advised of the option to transfer funds in to the Local Government Pension Scheme.  It was highlighted that a good number of new employees are aware of this option as is evidenced by the number that do it.  Staff are reminded that they have up to one year to transfer in to the LGPS nine months after they join the City Corporation.

The Chairman commented that it would be useful to know how many of those opting out are longstanding employees or how many are new starters.

Resolved:- That the report is noted.

Report of the Chamberlain.

The Board received a report of the Chamberlain that provided information on a range of topics relating to the Local Government Pension Scheme.

The Chamberlain advised that annual pension statements are in the process of being prepared for issue on 31^st August.  It was confirmed that the 31^st August deadline is a statutory deadline and it is always a time of year that presents workload challenges for the team.

In response to a question from a Member, it was acknowledged that additional resources will not be needed and that the deadline will be met.

Risk Register

The Chamberlain updated Members in relation to the risk register highlighting changes to the risk level for item 1 and 5 as agreed at the last meeting and advising of the decision to add insolvency at item 6.  It was confirmed the LGPS risk register will now be logged on the City Corporation’s central risk management system.

A Member referred to Data Protection and changes to legislation that will come in to force in March 2018 regarding storage of personal information.  Changes will be introduced that will require a seven step process to be complied with for audit purposes.   It was agreed this information will be circulated to the Board.

The Deputy Chamberlain advised that Data Protection is on the Strategic Risk Register, but that reference could be made to this on the LGPS Risk Register.

The Chairman acknowledged that Data Protection is a strategic risk, but that this Board should see it at a local level.  It was agreed that that the Board will receive a report on data protection to map against comments regarding changes to legislation

In response to a question from a Member, the Chamberlain confirmed that it is the Board that determines the level of risk attached

There were no questions.

Annual Workshop for Local Government Pension Boards.

A Member updated the group on his recent attendance at a workshop remarking that it had proved to be a very interesting day to see how other schemes operated and also provided a good chance to network.  

The day provided for for a lively and interesting debate with a key presentation by the scheme advisory board.  The following areas were covered during the day:-

-        Data Protection 2018.

-        A need for sharing and transparency of information between schemes and a central depository.

-        Establishment of a national network and creating a standard email address to share data.

-        Streamlining the appeals process to the ombudsman.

-        Pension fund deficits, with the City Corporation sitting somewhere in the middle.

-        Training – with people not understanding their legal requirements.

-        Continuity of Members; having a staggered process of election to the Board so there is succession planning.  There is a flaw in this Board as all were elected at the same time and on the same terms.

-        Pooling and standardising of payroll software for all the different schemes.

The Member advised that it was a day that was well worth attending and provided useful discussion and networking opportunities.    It was suggested Board Members take the opportunity to attend in future if they are able to do so.

It was agreed that the slide pack from the day will be circulated to the board.

Pensions Manager

The Chamberlain advised that a new Pensions Manager is still to be recruited.  Three applications were received in response to the recent advert, but the individuals were not considered suitable.  A further advert will go out again in the autumn and if this is not successful then a re-think will be needed.

In response to a

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

RESOLVED – That under 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following item on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

                        Item No.                                              Paragraph No.

                            13                                                              3

Report of the Chamberlain.

The Board considered a report of the Chamberlain providing information relating to the draft Pension Statement of Account.

The Chamberlain highlighted the good position the pension fund is in this year as a result of very good performance in the stock market.  The fund remains on target to meet its 17 year deficit reduction plan.  It was commented that this position can change again next year and is dependent on stock market performance. 

It was highlighted that people coming in to the scheme are critical in receiving contributions to draw down otherwise it can become critical to payment of pensions.

In response to a question from a Member, it was confirmed that employee contribution levels are set by government with the employer contribution set by Finance Committee.  Employee contribution levels are tiered dependent on salary.  If Government considers there is a gap in the fund then levels can be changed.

The Chairman referred to Finance Committee’s decision to keep to the original 17 year reduction target, which is to be welcomed by this Committee.

The Chamberlain advised that this report is advance sight of what has gone to the auditors.  Regular meetings take place with the auditors so the figures are not expected to change, but some of the wording might before it is presented to Audit & Risk Management Committee and Finance Committee in July.  It was confirmed an annual report will come to the next meeting of this Board.

The Chairman asked that a report is presented at the next meeting on omitted bodies and liability, with some having entered in to bonds to secure liabilities and some not.

There were no non-public questions.

There was no other business.