Agenda and draft minutes

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.  He gave thanks to the Finance Team, Pensions Team and the Pensions Committee for great work under trying circumstances.

To note the Cumbria Pensions Forum Terms of Reference (copy enclosed).

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

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 P Turner, Lord R Liddle, and Mr G Archibald.

To receive the minutes of the Cumbria Pensions Forum meeting held on 21 November 2019 (copy enclosed).

RESOLVED, that the minutes of the previous meeting held on 21 November 2019 be agreed as a correct record.

To receive a presentation from the Senior Manager - Pensions and Financial Services.

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:-

·      How does the LGPS Work?

·      Investment Performance - Context

·      Managing Investment Risk

·      Target Investment Strategy

·      Value of the Fund’s assests

·      Actual asset allocation

·      Annual Fund Investment Performance

·      LGPS Investment Pooling – Border to Coasts Pensions Partnership Ltd

·      Accounts and Annual Report

·      Managing the Fund’s Investments - Key Challenges Ahead

The Senior Manager – Pensions and Financial Services was asked if the Fund was ready and what impact there would be in the change from LIBOR to SONIA.  She remarked that it was not anticipated that it would make a difference and she would respond fully in writing.

To receive a presentation from the Group Finance Manager - Pensions Investments and Insurance.

The Group Finance Manager - Pensions Investments & Insurance delivered a presentation regarding the role of the fund and the employers. The presentation highlighted the following areas:-

·      Fund Administration Overview at September 2021

·      Pensions Administration 2020/21 Performance

·      Data Quality

·      Employer Responsibilities

The Group Finance Manager – Pensions Investments & Insurance was asked whose responsibility it was for the data to be accurate and not just complete.  He responded that a combined approach was required from the Fund, the employer and scheme members.

To receive a presentation from Mercer Ltd.

The Cumbria Pensions Forum heard a presentation from Mark Wilson from Mercer Ltd which had the purpose of explaining the triennial actuary valuation to the Pensions Forum.

The presentation highlighted the following areas:-

·         Valuation and Funding Basics

·         2019 Valuation Recap

·         Funding Update Current Position

·         Looking Forward – 2022 Valuation

The meeting paused at 11am to observe the 2 minute silence.

To receive a presentation from the Finance Manager – Pensions.

The Finance Manager – Pensions delivered a presentation regarding an update on the Fund. The presentation highlighted the following areas:-

·         McCloud

·         Exit Payments

·         Local Government Reorganisation

·         Pension Administration Core Evolution

·         Employer Best Practice

A short Local Pensions Partnership Administration (LPPA) clip was then shown entitled “What does retirement mean to you?”. 

The Finance Manager – Pensions was asked if the data and format required would change and was the Pensions Administrator engaging with employers.  It was noted that the data required would not change materially but the format would change and that this would be feed back to the Pensions Administrator regarding engagement.  It was also queried where a list of active members could be found.  It was commented that the Cumbria County Council Pensions Team could provide this.

The next meeting of the Cumbria Pensions Forum will be held on Monday 21 November 2022.

The next meeting of the Cumbria Pension Forum is due to take place on the 21 November 2022.

To receive closing comments from the Chair

The Chair thanked everyone for their involvement and attendance at the meeting.