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Contact: Anthony Farrar Email: email@example.com
Apologies for Absence
To receive any apologies for absence.
An apology for absence was received from Mr D Southward.
To note the Terms of Reference and membership of the Board (copy enclosed).
The Terms of Reference were noted. In accordance with the Board’s Terms of Reference a selection process was undertaken for one of the Scheme Member positions, as the existing Member had completed a four-year term. Ms K Wilson was successfully re-appointed as a Scheme Member representative, and as one of the Board’s Substitutes had recently resigned, the other suitable candidate (Ms R Akister) was appointed to the role of Substitute Member. It was noted that Ms R Akister was present at the meeting as an observer.
Disclosures of Interest
Members are invited to disclose any disclosable pecuniary interest they have in any item on the agenda which comprises
1 Details of any employment, office, trade, profession or vocation carried on for profit or gain.
2 Details of any payment or provision of any other financial benefit (other than from the authority) made or provided within the relevant period in respect of any expenses incurred by you in carrying out duties as a member, or towards your election expenses. (This includes any payment or financial benefit from a trade union within the meaning of the Trade Union and Labour Relations (Consolidation) Act 1992.
3 Details of any contract which is made between you (or a body in which you have a beneficial interest) and the authority
(a) Under which goods or services are to be provided or works are to be executed; and
(b) Which has not been fully discharged.
4 Details of any beneficial interest in land which is within the area of the authority.
5 Details of any licence (alone or jointly with others) to occupy land in the area of the authority for a month or longer.
6 Details of any tenancy where (to your knowledge)
(a) The landlord is the authority; and
(b) The tenant is a body in which you have a beneficial interest.
7 Details of any beneficial interest in securities of a body where
(a) That body (to your knowledge) has a place of business or land in the area of the authority; and
(b) Either –
(i) The total nominal value of the securities exceeds £25,000 or one hundredth of the total issued share capital of that body; or
(ii) If that share capital of that body is of more than one class, the total nominal value of the shares of any one class in which the relevant person has a beneficial interest exceeds one hundredth of the total issued share capital of that class.
In addition, you must also disclose other non-pecuniary interests set out in the Code of Conduct where these have not already been registered.
A “disclosable pecuniary interest” is an interest of a councillor or their partner (which means spouse or civil partner, a person with whom they are living as husband or wife, or a person with whom they are living as if they are civil partners).
There were no disclosures of interest made on this occasion.
Exclusion of Press and Public
To consider whether there are any items on the agenda for which the press and public should be excluded.
RESOLVED, that the press and public be excluded from the meeting during consideration of:
Agenda Item No 9 – Review of Administration Matters;
Agenda Item No 10 – LPPA Presentation; and
Agenda Item No 11 – Verbal Update on Emerging Issues
by virtue of paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 as the reports contain information relating to the financial or business affairs of any particular person (including the Authority holding that information).
To confirm as a correct record the minutes of the Cumbria Local Pension Board meeting held on 13 January 2021 (copy enclosed).
RESOLVED, that the minutes of the previous meeting held on 13 January 2021 be agreed as a true and accurate record.
To note the Schedule of future meetings (copy enclosed).
Members noted that the next scheduled meeting of the Cumbria LGPS Local Pension Board would take place as follows:-
· 1 July 2021 at 1pm – venue to be confirmed
· 14 October 2021 at 1pm – venue to be confirmed
· 21 January 2021 at 1pm – venue to be confirmed
· 13 April 2022 at 1pm – venue to be confirmed
· 15 July 2022 at 1pm – venue to be confirmed
· 4 October 2022 at 1pm – venue to be confirmed
· 17 January 2023 at 1pm – venue to be confirmed
· 31 March 2023 at 1pm – venue to be confirmed
To consider a report from the Director of Finance (Section 151 Officer) (copy enclosed).
Members considered a report from the Director of Finance (Section 151 Officer) which updated them on all aspects of the governance and administration of the Local Government Pension Scheme (LGPS).
Section 4 of this report summarised the work conducted, and decisions made by the Committee at its meeting held on 16 March 2021, in order that Board Members could review these as part of their legal responsibility to members of the Fund.
This report also advised members of other matters arising, including regulatory changes, since last reported to the Board.
The Technical Finance Officer took members through the report, and highlighted the following:-
· Legal breaches – there had been no legal breaches reported to the Pensions Regulator during the period to December 2020.
· Risk – there were no additions to the risk register. The Exit Payment Cap legislation had been revoked therefore the risk had been removed from the register. The Pensions Committee added to the ICT Security Item that payments would not be made to third parties responsible for breaching the Fund’s security arrangements. The Group Finance Manager – Pensions Investments & Insurance had investigated the AON cybercrime checklist and this would be presented to the Board at their next meeting.
· Investment Management – further work had been undertaken on the Target Investment Strategy in recognition of global uncertainty.
· Fund Policies – a report was taken to the March 2021 Pensions Committee which incorporated all changes to policies. The key polices with substantive change reported to the meeting were the Administration Strategy and Communications Policy and the Investment Strategy Statement. It was also highlighted that the Training Policy and Plan had been updated. At the previous Board meeting a discussion had taken place regarding how the Board could be more involved with changes to Fund Policies. The proposal was that the Board performed ‘deep dive’ reviews of individual Fund Policies. Potential areas highlighted for consideration were Conflicts of Interest and Governance Policy Statement.
· Regulatory Changes – Public Sector Exit Payments Cap - On 12 February, the Government issued the Exit Payment Cap Directions 2021 which disapplied the Restriction of Public Sector Exit Payments Regulations 2020 in England with immediate effect. The Government had advised that HM Treasury would bring forward proposals to tackle unjustified exit payments.
· Pension Age – The Treasury launched a consultation in February to increase the minimum pension age from 55 to 57 on 6 April 2028. Officers were awaiting the outcomes of the consultation and would advise the Board when further information was available.
· Good governance in LGPS – Officers had reviewed the Scheme Advisory Board report on good governance and presented a report to the Pensions Committee in June.
The members welcomed the opportunity to participate in the ‘deep dive’ of Fund policies as recommended in the report. The Chair commented that if Border to Coast Pensions Partnership (BCPP) did create a stand-alone Climate Change policy, it would be good if the Board were able to have input into this. A member ... view the full minutes text for item 58.
Date of Next Meeting
To note that the next meeting will be held on 1 July 2021 at 1pm.
The next meeting will be held on 1 July 2021 at 1pm – venue to be confirmed.
PART II - ITEMS CONSIDERED IN THE ABSENCE OF THE PRESS AND PUBLIC
Review of Administration Matters
To consider a report from the Director of Finance (Section 151 Officer) (copy enclosed).
Members considered a report from the Director of Finance (Section 151 Officer), which detailed the more specific items of note within the Local Pension Board arena and specific to Cumbria LGPS relating to Pensions’ Administration matters.
RESOLVED, that the Board noted the Pension Administration matters detailed in the report and requested further information and/or feedback to the Pensions Committee as appropriate.
Rachel Blundell, Operations Director – Pensions Administration, Local Pensions Partnership has been invited to make a presentation to the Board.
Members received a verbal update from Ms R Blundell, Operations Director - Local Pension Partnership Administration (LPPA). The update included :-
· SLA Performance Data
· Helpdesk Performance
· Satisfaction surveys
· Data Quality
· Exit Cap
· Review of Systems
· Review of Elapsed Time
The Chair thanked the Operations Director for her comprehensive update.
Verbal Update on Emerging Issues
To receive a general verbal update from Director of Finance (Section 151 Officer).
The Senior Manager - Pensions and Financial Services updated the Board on current emerging issues, including:-
· Remote Meetings
· Member Emails
· Staffing Update