Agenda and minutes

Members and officers introduced themselves to the Board.

RESOLVED

1.    That Councillor Ali Hashem be appointed Chair of the Pensions Board for the 2015/16 municipal year.

2.    That Orin Miller be appointed Vice Chair of the Pensions Board for the 2015/16 municipal year.

Apologies for absence were received from Neil Newton.

If a member has a disclosable pecuniary interest in a particular item, or any other significant interest which they consider should be declared in the public interest, they should declare the existence and the nature of the interest at the commencement of the consideration of that item or as soon as it becomes apparent.

There were no declarations of interest.

This report sets out the background to the creation and operation of Local Pension Boards and the role of the Board.

David Hodgkinson presented the report that set out the background to the creation and operation of Local Pension Boards in England and Wales and the role of the Board as defined by Section 5 of the Public Services Pensions Act 2013 and Regulation 106 of the Local Government Pension Scheme Governance Regulations 2013.

Officers informed members that a joint meeting with the Pensions Sub-Committee was planned for September to discuss training and to clarify roles and work allocation.

Officers also informed members that they could nominate substitutes to attend future meeting in their place but they would be required to undertake training. Members agreed that nominated substitutes were not required as the required quorum was three members (out of six) and the Board only met bi-annually.

RESOLVED

1.    That the Board note the contents of the report and the terms of reference.

2.    That the Board would not use nominated substitute members.

This report advises of the role of the Council’s Pensions Sub-Committee.

Nicola Webb introduced the report that advised the Pension Board of the role of the Council’s Pensions Sub-Committee.

Members asked for an update from officers on the new pensions contract with Surrey County Council, including how the changes would be communicated to scheme members. Officers agreed to provide an update at the next meeting of the Board.

ACTION: Debbie Morris

RESOLVED

That the Board note the contents of the report.

This report sets out the Code of Conduct policy for the Board.

David Hodgkinson presented the report that set out the code of conduct policy for the Pensions Board.

RESOLVED

That the Board note the code of conduct policy.

This report sets out the conflicts of interest policy for the Board.

Nicola Webb presented the report that set out the conflicts of interest policy for the Pensions Board.

RESOLVED

That the Board note the conflicts of interest policy.

This report advises the Board of the legal requirements for the knowledge and skills policy.

Nicola Webb presented the report that advised of the legal requirements for the knowledge and skills of Pensions Board members. The Pensions Sub-Committee approved the same policy for their members at their meeting in June.

Officers also noted that training needs and self-assessment would be discussed in more detail at the joint meeting of the Pensions Board and the Pensions Sub-Committee in September.

Members requested outlines of the training for each area of the CIPFA framework to give context to the sections. Officers agreed to provide the requested information outside the meeting.

ACTION: Nicola Webb

RESOLVED

That the Board notes the contents of the report.

This report advises the Board of the key pension fund statements and regular monitoring documents.

Nicola Webb presented the report that advised the Pensions Board of the key Pension Fund statements and regular monitoring documents.

Officers noted that on Page 34, Appendix 1, Annex 1 there were two areas marked as ‘not fully compliant’ but that was due to outdated guidance from the Department for Communities and Local Government that did not recognise Pensions Boards. The Chair asked that the Board was updated when new guidance was issued.

RESOLVED

That the Board note the contents of the report.

To be confirmed.