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Venue: Committee Room - 2nd Floor West Wing, Guildhall

Contact: Chris Rumbles
tel. no.: 020 7332 1405  Email: christopher.rumbles@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

There were no apologies for absence.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in Respect of Items on the Agenda

Minutes:

There were no declarations of interests.

 ...  view the full minutes text for item 2.

3.

Minutes of the Previous Meeting pdf icon PDF 75 KB

To agree the public minutes and non-public summary of the meeting on 29th June 2018.

 ...  view the full agenda text for item 3.

Minutes:

The Deputy Chairman referred to comments at the last meeting asking for slight amendments to the minutes and asked that all additions be noted and confirmed in the minutes going forward.

 

Matters arising

 

Insurance Cover – The Deputy Chairman referred to the ongoing legal issue concerning personal liability for Members of the Board and the need to ensure appropriate insurance cover was in place.  It was noted that the City Corporation has various insurance policies, but that there would be certain circumstances where these policies would not offer appropriate cover for the Board.    

 

The Deputy Chairman confirmed to the Board that the Comptroller had been asked to prepare a report confirming the City Corporation would indemnify the Board in the event that the City Corporation’s existing insurance policies would not offer sufficient cover. 

 

It was noted that a formal report would be prepared for the next meeting on 7th February 2019. 

 

Term Extension – It was noted that and extension to the Deputy Chairman’s term until 2021 had been agreed by Court of Common Council.

 

RESOLVED – That the public minutes and non-public summary of the previous meeting are approved as an accurate record. 

 ...  view the full minutes text for item 3.

4.

Work Programme pdf icon PDF 40 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 4.

Minutes:

The Board received a report of the Town Clerk that summarised outstanding actions from the previous meeting.

 

RESOLVED – That the Board notes the report.

 ...  view the full minutes text for item 4.

5.

Presentation of the Pensions Regulator

Minutes:

The Board heard a verbal presentation from The Pensions Regulator that provided Members with an overview of the expectations and responsibilities of Local Government Pension Scheme administrators and the Local Government Pensions Board.

 

The Pensions Regulator advised Members on key areas of focus for Pensions Board Members, particularly, legal requirements, policies to be conversant with, governance requirements, data management, record keeping, General Data Protection Regulation (GDPR) and also mitigation against cyber threats.

 

The Pension Regulator referred to record keeping, legacy data and the need to adhere to GDPR requirements that data only be stored for as long as it was needed. 

 

The Pension Manager explained that, at the time of drafting privacy notices, a timeline of 15 years had been agreed for retaining records post death as this was the maximum time after death that a challenge could be made.  It was confirmed that a skeletal record would be retained when any scheme member asks to be forgotten; sufficient data would then be retained allowing individuals to be identified and showing evidence of their request to transfer out of the scheme.

 

The Chairman stressed the importance of an agreed policy in relation to retention of records and requests to be forgotten and asked that the policy be reviewed and brought back to the Board for formal agreement.

 

The Deputy Chairman commented on the importance of reviewing records and the obligation in law in this regard and suggested there would be certain circumstances where records would need retaining for longer than 15 years.  The Deputy Chairman further highlighted that requests to be forgotten would not be an absolute right; it was a right to request and making information difficult to access would meet the public requirement.

 

It was agreed that a report will be brought back to the Board setting out

 ...  view the full minutes text for item 5.

6.

Local Government Pensions Board - Terms of Appointment pdf icon PDF 54 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 6.

Minutes:

7.

The City Corporation's Pensions Scheme - Update pdf icon PDF 59 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 7.

Additional documents:

Minutes:

8.

Questions on matters relating to the work of the Board

Minutes:

There were no questions.

 ...  view the full minutes text for item 8.

9.

Any other business that the Chairman considers urgent

Minutes:

There was no other business.

 ...  view the full minutes text for item 9.

 


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