Issue - meetings

The item was introduced by Chris Norton (Head of Investments, Audit and Risk). The action plan had been revised for the new financial year and slightly simplified, with the number of actions being reduced to 30. All action points had a green rating at the end of the first quarter as activities to ensure they would be met were taking place, or the action points were tasks that were being completed on a regular, ongoing basis throughout the year so were being met from a governance perspective.

Chris Norton highlighted the annual accounts had been published before the deadline, which was significant given challenges relating to resourcing and continuity of staff. Members agreed this was a good achievement and congratulated officers.

Responding to a question from Beverley Farmery regarding investment pooling, Chris Norton said it was his understanding there had been discussions between shadow ministers and incumbent ministers prior to the General Election to ensure a smooth transition. He said it was his understanding there were no plans to change the direction of the LGPS with the change in government and the LGPS would continue to make prudent investments.

Responding to a question from Beverley Farmery regarding communications with employers, Lisa Eglesfield (Pension Administration Service Manager) said communications were being sent out each month and meetings were taking place every quarter. Two meetings had taken place so far, which had both been well attended. Employers were being asked what topics they wanted to be covered in these meetings. Previous meetings had looked as pension discretions and admission agreements, and a future one would look at the valuation process. This would pinpoint specific people working within organisations, for whom valuations would be of more relevance.

Responding to a question from the Chair regarding action points that had previously been recorded as amber, Chris Norton said some of them had been removed from the action plan as they were no longer relevant, such as compliance with the 2020 UK Stewardship Code as this was taking place. There were some complaints that were in the process of being dealt with; additionally the complaints procedure had been revised, so from a business perspective this action point now had a green rating rather than an amber one. Some previous action points had been merged together. Rob Powell said there was not expected to be a great change in the direction of national policy on the pension fund, but it was likely there would be a stronger emphasis on growth from the new government. He said a paper on the Council’s productivity plans would be presented to Cabinet the following week.

Beverley Farmery said there may be changes to employee contracts with the new government, and asked if the pension scheme could have this in mind in future. This was acknowledged by the Chair; however Chris Norton said it was difficult to anticipate how this would impact the LGPS. Sarah Cowen (Senior Solicitor) said the team of employment lawyers at the Council would be able to  ...  view the full minutes text for item 2