Agenda, decisions and minutes

The Chair referred with sadness to David White, former member of the Board, who had recently passed away. He added that a letter of condolence had been sent to his family on behalf of the Board.

The Chair also welcomed Rob Thomas, to his first meeting as a newly appointed Local Pension Board member.

www.swansea.gov.uk/DisclosuresofInterests

Councillor Councillor S A Knoyle, Rosemary Broad, Ian Guy and Rob Thomas declared personal interests in the agenda as a whole.

Karen Cobb, Jeff Dong, Jeremy Parkhouse and Melissa Perry declared personal interests in the agenda as a whole.

In accordance with the Code of Conduct adopted by the City and County of Swansea, the following interests were declared: -

Councillor Councillor S A Knoyle, Rosemary Broad, Ian Guy and Rob Thomas declared personal interests in the agenda as a whole.

Karen Cobb, Jeff Dong, Jeremy Parkhouse and Melissa Perry declared personal interests in the agenda as a whole.

To approve & sign the Minutes of the previous meeting(s) as a correct record.

Approved.

Resolved that the Minutes of the Local Pension Board meeting held on 5 January 2024 be approved and signed as a correct record.

For information.

Jeff Dong, Deputy Chief Finance Officer / Deputy S151 Officer provided a ‘for information’ report which presented the findings of the Internal Audit Reports on Pension Fund Investments and Pension Fund Administration.

It was outlined that as part of the cyclical internal controls assurance and reporting, Swansea Council Internal Audit Section undertook an internal control systems audit covering Pension Fund Investments and Pensions Administration. Their work entailed undertaking routine testing of the systems of financial and management control in these areas of work of the Pension Fund.

The levels of assurance arising from the work from both audits was ‘High’. The Internal Audit Report- Pension Fund Investments was provided at Appendix 1 and The Internal Audit Report – Pension Administration provided at Appendix 2.

The  Board discussed the risk levels in respect of fund managers and the reliance upon third parties to provide correct information to the Fund.

The Chair, on behalf of the Board, congratulated all the staff involved for their work.

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer provided a ‘for information’ report which provided an update on the progress and work of the Wales Pension Partnership (WPP).  Appendix 1 provided the WPP Business Plan 2024-27.

The Chair highlighted the excellent training sessions previously provided by the WPP.

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which presented any breaches which had occurred in the period in accordance with the Reporting Breaches Policy.

Appendix A provided the details of breaches that had occurred since the previous Local Pension Board in November 2023.  The details of the breaches and the actions taken by Management were noted.

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which detailed the working framework for the Pension Fund’s programme of work for 2024/25.

It was outlined that in line with best practice, the Pension Fund produced a business plan, risk register, budget and asset allocation to inform its work programme for the forthcoming 12-month period. The business plan, budget, risk register, asset allocation for 2024/25 were provided at Appendices 1,2,3 and 4.

It was noted that the report was approved by the Pension Fund Committee on 20 March 2024.

The Chair requested details regarding GMP reconciliation.  The Deputy Chief Finance Officer / Deputy S151 Officer stated that he would report details to the next scheduled meeting.

Approved.

The Board was requested to exclude the public from the meeting during consideration of the item(s) of business identified in the recommendation(s) to the report on the grounds that it / they involved the likely disclosure of exempt information as set out in the exclusion paragraph of Schedule 12A of the Local Government Act 1972, as amended by the Local Government (Access to Information) (Variation) (Wales) Order 2007 relevant to the item(s) of business set out in the report.

The Board considered the Public Interest Test in deciding whether to exclude the public from the meeting for the items of business where the Public Interest Test was relevant as set out in the report.

Resolved that the public be excluded for the following items of business.

(Closed Session)

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which informed the Board regarding delegated authority agreed by the Pension Fund Committee on 20 March 2024, to implement the investment structuring of the approved investment strategy.

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report to update the Local Pension Board on the progress and work of the Wales Pension Partnership (WPP).

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which informed the Board regarding the Wales Pension Partnership (WPP) Operator Procurement Recommendation Report provided at Appendix 1, which was approved by the Pension Fund Committee on 20 March 2024.

For Information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which presented the asset valuation and investment performance for the quarter, year and 3 years ended 31 December 2023.

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented ‘for information’ quarterly investment and market update to the fund. 

For information.

The Deputy Chief Finance Officer / Deputy S151 Officer presented ‘for information’ the Responsible Investment (RI) Policy which outlined the underlying objectives of the RI Policy, beliefs of the Committee on behalf of the Fund and what was expected from having the Policy in place. It also provided details of the actions that would be taken to achieve these objectives and the means by which these actions would be assessed in order to judge whether the expected outcomes were achieved.