Agenda and minutes

To note the Cumbria Pensions Forum Terms of Reference.

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.

To elect a Chair for the ensuing year

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

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

To receive any changes to membership and appointments

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

To receive any apologies for absence

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

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

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

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

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.

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

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.

To receive a presentation from Mercer Ltd

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.

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

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