Agenda and minutes

All Members present.

There were no declarations of interests.

To agree the public minutes and non-public summary of the meeting on 6^th October 2017.

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

Matters Arising

Annual Pensioners’ Lunch

A member asked for clarification regarding Pensions Board Members attending the annual Pensioners’ Lunch and it was confirmed that the lunch is currently oversubscribed and any attendance on the part of this Board would take away places from those on the waiting list.

Report of the Town Clerk.

The Board considered a report of the Town Clerk which set out the outstanding work programme.

The Chairman acknowledged that it was a pleasingly complete work programme.

RESOLVED – That the Board notes the report.

Report of the Town Clerk.

The Board considered a report of the Town Clerk presenting terms of reference for an annual review.

A Member questioned the Town Clerk’s recruitment method for selecting Members of the Board and the Corporate Treasurer explained it was an open and transparent selection process with the positions advertised to all City Corporation LGPS Members.  All were given the opportunity to apply for the vacancies and a selection panel interview and recruitment followed.

Christine McLellan asked that the spelling of her name is corrected in the terms of reference.

Resolved:-That the Terms of Reference are agreed and amended to read “The Pensions Board shall meet at least three times per year”.

Report of the Chamberlain.

The Board considered a report of the Chamberlain offering a range of information on topics relating to the Local Government Pension Scheme.

Annual Allowance

In response to a question from the Chairman, the Corporate Treasurer clarified that any scheme member electing to have their tax paid out of the fund would have their  annual pension reduced at retirement.  The Chairman commented that the letter does not set out by how much a pension will be adjusted and the Acting Pension Manager clarified that the letter presented is a generic letter and that someone affected will receive a personalised letter detailing the possible level of reduction to their pension.

It was noted that 35 people had been written to with high earners the most likely to be impacted.  The Deputy Chamberlain assured the Board that a pro-active approach has been taken to talk to people to ensure they have received and understood the implication fully. 

A member commented on the importance of understanding the implications as to do nothing could lead to a substantial tax bill.  The Chairman acknowledged this and stressed the importance of people understanding this fully when electing which way to pay.

The Deputy Chamberlain concluded this item and commented that it is not always known who will be impacted, with some people having personal wealth that would take them over the threshold. 

Draft Accounts

In response to a question from a Member, the Corporate Treasurer confirmed that draft accounts will be presented to the Board in June. 

RECEIVED

Report of the Chamberlain and the Comptroller & City Solicitor.

The Board considered a report of the Chamberlain and the Comptroller and City Solicitor setting out a policy for reporting Breaches of the Law in relation to the City Corporation’s Local Government Pension Scheme and City of London Police Pension Scheme.

The Assistant City Solicitor introduced this item remarking that the proposed procedure has been compared to the Code of Practice and it follows this.  It was explained that the policy follows a green, red and amber coding framework as set by the Pension Regulator with key individuals for reporting breaches being the Corporate Treasurer and Deputy Chamberlain.  The Assistant City Solicitor referred to a discussion at Police Pension Board where concern was raised with the 30 day reporting period being too long and with the distinction not being clear on who to report to.

The Chairman commented that the policy should provide an option to report direct to the Monitoring Officer in the first instance rather than the Pension Regulator if an individual has any concern that their reporting might go to the perpetrator.   This would prevent people from going to the Pension Regulator when they may not have the full facts.

During the discussion that followed it was agreed that the thrust of what is said is supported, but that the policy should be amended to read that reporting will go to the Monitoring Officer in the first instance.   It was noted that when reporting a breach an individual can go to any one of the named officers and it was suggested the names of the present incumbents along with their contact details and nominated deputies should be included.  It was accepted by the Board that a 30 day policy would be the right kind of approach, but that there should be no instances where the Pension Regulator

There were no questions.

There was no other business.

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.

                            11                                                                 3

                            12                                                                 3 & 5

                            13                                                                 3 & 5  

                            14                                                                 2

To agree the non-public minutes of the meeting held on 6^th October 2017.

RESOLVED – That the non-public minutes of the previous meeting on 6^th October 2017 are approved as an accurate record.

Report of the Comptroller & City Solicitor & Data Protection Officer.

The Board received a report of the Comptroller and City Solicitor.

Report the Chamberlain and the Comptroller & City Solicitor.

Members received a report of the Chamberlain and Comptroller and City Solicitor.

Report of the Chamberlain.

Members received a report of the Chamberlain.

There were no non-public questions.

There was no other business.