Victoria Moffett, Lead Commissioner Pensions and Investment advised the Board that the Terms of Reference had been updated to reflect recent guidelines and would be presented to the next Pension Board for acceptance.

Comments were made as follows:

·       An improved gender balance for the Board would be welcomed and it was agreed to consider the wording of paragraph 3.2 with the following wording being suggested: “Scheme Member Representatives shall either be scheme members or have capacity to represent scheme members of the Fund.”

·       Page 2 section 3 made reference to the “independent representative” and it was suggested this could be more easily read by using the word “Chair” instead, although it was noted that the Chair was not required to be the independent representative.

·       Measurement of continuous improvement in performance could be measured through training logs; whilst SAB would issue guidance any comments on how to measure success would be welcomed.

·       Alternative wording for item 7.5b was suggested: “having regard for the need to ensure the effective and efficient governance and administration of the scheme”;

·       Alternative wording for item 7.5c was suggested: “having regard for the need to secure compliance with, requirements imposed by the Pensions Regulator, the LGPS regulations, and any other legislation relating to the governance and administration of the LGPS”;

·       It was queried why 8.1 referenced the 2004 Pensions Act only and it was considered that a full stop should be added after “regulations” with no wording following.  The Board felt that the expertise required in relation to pensions legislation was both broad and complex and it was acknowledged that training was targeted to issues relevant at the time.  Officers would consider which legislation was relevant to the coming year and seek to incorporate this in the plan.

·       Discussion took place on the timescale for publication of papers and a preference was expressed by the Board for this to be increased to 10 working days to give enough time for hard copy paperwork to arrive and be read.  It was agreed that Officers would consider the feasibility of the request.

·       Alternative wording for paragraph 10.2 was suggested: “e.g. County Councillors who are Pension Board members are expected to adhere to the County Council member's code of conduct”.