Agenda and draft minutes

Cumbria Pensions Forum
Thursday, 21st November, 2019 10.00 am

Venue: Penrith Rugby Club, Winters Park, Penrith, Cumbria, CA11 8RQ

Contact: Daniel Hamilton  Email: daniel.hamilton@cumbria.gov.uk

Items
No. Item

53.

Terms of Reference of the Cumbria Pensions Forum pdf icon PDF 54 KB

To note the Cumbria Pensions Forum Terms of Reference.

Minutes:

RESOLVED,            that the Terms of Reference of the Cumbria Pensions Forum be noted.

 

The Director of Finance (Section 151 Officer) advised that a review of the Terms of Reference was to be undertaken and assured the Forum that this would be circulated for comment once the review had been completed.

 

54.

Election of Chair

To elect a Chair for the ensuing year

 

Under the Terms of Reference, the Chair must be a member of Cumbria County Council

Minutes:

RESOLVED,             that Mr M Worth be elected Chair of the Cumbria Pensions Forum for the ensuing year.

55.

Membership

To receive any changes to membership and appointments

Minutes:

RESOLVED,            that the membership of the Cumbria Pensions Forum be noted.

 

56.

Apologies for Absence

To receive any apologies for absence

Minutes:

Apologies were received from Mr J Airey, Ms T Barber, Mr J Keith, Mr N Marriner, Mr P Thornton and Mr D Southward.

57.

Minutes pdf icon PDF 73 KB

To receive the Minutes of the Cumbria Pensions Forum meeting held on 30 October 2018

Minutes:

RESOLVED,            that the minutes of the previous meeting held on 30 October 2018 be agreed as a correct record.

 

58.

Pension Fund Overview and 2018/19 Performance

To receive a presentation from the Senior Manager - Pensions and Financial Services and the Group Finance Manager - Pensions Investments and Insurance

Minutes:

The Senior Manager - Pensions and Financial Services delivered a presentation which provided an overview of Pension Fund performance.

 

The presentation was focused on the following areas:-

 

·         Cumbria LGPS – Key Stats

·         How does the LGPS Work?

·         Market Performance

·         Managing Asset Performance

·         Investment Asset Allocation Strategy

·         Annual Fund Investment Performance

·         LGPS Investment Pool: Border to Coast

·         Accounts and Annual Report

·         Key Challenges Ahead

·         Questions

 

Members of the Forum were pleased to hear that the pension fund regularly outperformed the benchmark whilst continuing to remain balanced between performance and risk. It was noted that Cumbria LGPS was one of 12 partners within the Border to Coast Pensions Partnership Border, one of the largest pension pools in the UK. The Senior Manager - Pensions and Financial Services told the Forum that almost £1 billion in assets were being transitioned into the Border to Coast pensions pool but that this would not change the investment strategy and there would be no direct impact to employers or members.

59.

Pensions Administration Policy

To receive a presentation from the Finance Manager - Regulatory and Benefits

Minutes:

The Finance Manager – Pensions Administration delivered a presentation regarding the role of the fund and the employers. The presentation highlighted the following areas:-

 

·         Main employer responsibilities – Processing of data, Payments to the fund, Employer discretions and decisions.

·         What is the fund doing in terms of data quality?

·         Summary

·         Where can you get further help and information?

·         Any questions?

 

The Finance Manager was asked to give assurances that the procedure would be reviewed regularly. It was explained to the attendants of the Forum that the procedure would remain in a constant state of review and be reported back in the annual review.

 

 

60.

Triennial Actuary Valuation 2019 and the Funding Strategy Statement for Consultation

To receive a presentation from Mercer Ltd

Minutes:

The Cumbria Pensions Forum heard a presentation from John Livesey and Mark Wilson from Mercer Ltd which had the purpose of providing the triennial actuary valuation to the Forum and explaining the funding strategy statement.

 

The presentation highlighted the following areas:-

 

·         Where have we been? - a recap on the existing funding strategy

·         Investment Strategy and Discount Rate - the impact of the Fund’s maturity and objectives on strategy

·         What else has changed? - other key factors affecting contributions and funding level since 2016

·         Where are we now? – the 2019 valuation results

·         Other issues to consider

 

The Chair thanked the attendees, the speakers and all the officers involved.

61.

Date of next meeting

The next meeting of the Cumbria Pensions Forum will be held on 26 October 2020

Minutes:

The next meeting of the Cumbria Pension Forum is due to take place on the 26 October 2020.