Councillors and committees

Agenda and minutes

You can view the individual reports for this meeting by selecting the headings from the numbered list of items at the bottom of this page. Alternatively you can view the entire agenda by selecting 'Agenda Reports Pack' below.

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Venue: Guildhall, Kingston upon Thames

Contact: Matthew Stickley  0208 547 5698 Email: matthew.stickley@kingston.gov.uk

Items
No. Item

14.

Apologies for absence

Minutes:

None.

15.

Declarations of Interest

Minutes:

None.

16.

Minutes pdf icon PDF 67 KB

To confirm as a correct record the minutes of the meeting held on 21 March 2019.

Minutes:

RESOLVED that the minutes of the meeting of 21 March 2019 are confirmed as a correct record. 

.

17.

Risk Register pdf icon PDF 86 KB

To consider the Pension Fund Risk Register and to note the Pension Fund Panel’s consideration of the accompanying report.

Additional documents:

Minutes:

The Pension Board noted the Pension Fund Risk Register and the considerations made by the Pension Fund Panel. The Board noted that they could request for reports on specific risk areas to be brought to future meetings of the Pension Board. The Board noted that whilst certain risks were out of the control of the Pension Fund, work could be done to mitigate the potential effects of these risks and lower the risks of other factors which may affect the fund.

18.

Review of the Work of the Pension Fund Panel pdf icon PDF 104 KB

The Pension Fund Panel agenda for the meeting of 13 June 2019 was circulated to Board members and is available via the following links Pension Fund Panel 1306

 

For ease of reference in reviewing these, a summary of the following items, incorporating comments from the Pension Fund Panel meeting is attached, together with a separate pack containing the reports and slides.

 

13 June

 

Pensions Administration update

Triennial Review 2019 Preparations – presentation by Actuary

Responsible Investment update – presentation by Aon Hewitt

Performance for Quarter to 31 March 2019

Presentation by Fund Manager – UBS

Equity Portfolio Review – deferred to September meeting

Fund Risk Register – see Item 2 of agenda

 

Additional documents:

Minutes:

The Pension Board considered the recent work of the Pension Fund Panel. The Board noted the Pensions Administration team had recently been subject to an organisational restructure, and that this had led to the creation of three additional posts: Pensions Project Officer; Senior Pensions Officer; and Pensions Officer. Whilst appointments had been successfully made to the first two posts, (subject to satisfactory references), the post of Pensions Officer remained vacant. However, members noted that the Pensions Administration team hoped to receive a suitable application in the future, either from an external or internal hire. The Board noted that the National Fraud Initiative had assisted with the Pensions Administration Team’s monitoring of pension claims. Finally, the Board noted that an error in increasing payments led to a small overpayment on some members’ pensions, at an average of approximately £2, which was duly rectified through adjusted payment at the next available opportunity. The Board acknowledged that an updated guide to pension procedure administration had been issued to members of the Pensions Administration Team.

 

The Pension Board acknowledged that preparations for the 2019 triennial review of the fund are underway, but that the magnitude of this task in the coming months meant certain performance measures around pensions administration may not improve as any operational improvements may be subsumed by an increased workload for the team. However, the Board did note that tangible improvements would hopefully be seen within the next few years.

 

The Board noted the Pension Fund Panel’s considerations of Environment, Social, and Governance (ESG) responsibilities for the pension fund and that the Pension Fund Panel were considering how portfolio divestment had worked for other London boroughs. The Board noted that the performance of certain funds largely depended on the policies of central banks when setting interest rates. Investments through the London Collective Investment Vehicle had shown reasonable returns over the financial year to date.

 

Finally, the Board noted the appointment of a new actuary who joined the fund with a strong reputation.

19.

Work Programme 2019-20 pdf icon PDF 52 KB

To update the Board’s proposed work programme for 2019-20.

Minutes:

The Board agreed that an item on the Risk Register would be taken as a separate item to Fund Governance Matters at the next meeting of the Pension Board. Otherwise, the Board AGREED to the recommendations of the Work Programme 2019-20 report but acknowledged it could alter the dates of future meetings at its discretion.

20.

Urgent Items Authorised by the Chair

Minutes:

None.