Agenda and minutes
Venue: Committee Room 5, Guildhall, Swansea. View directions
Contact: Democratic Services: - 636923
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To Elect a Chair for the 2017-2018 Municipal Year. Minutes: Resolved that Mr Ian Guy be elected Chair for the 2017-2018 Municipal Year. (Mr Ian Guy Presided) |
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To Elect a Vice-Chair for the 2017-2018 Municipal Year. Minutes: Resolved that John Andrew be elected Vice-Chair for the 2017-2018 Municipal Year. |
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Disclosures of Personal and Prejudicial Interests. Minutes: In accordance with the Code of Conduct adopted by the City and
County of Swansea, the following interests were declared:
- Board Members: J Andrew – Agenda as a whole – Member of Local Government
Pension Scheme – personal. I Guy – Agenda as a whole – Member of Local Government Pension Scheme – personal. Councillor A R Lockyer – Agenda as a whole – Member of Local
Government Pension Scheme – personal. A Thomas – Agenda as a whole – Member of Local Government Pension Scheme – personal. Councillor T M White – Agenda as a whole – Member of Local
Government Pension Scheme and member of Audit Committee – personal. Officers: J Dong – Agenda as a whole – Member of Local Government
Pension Scheme – personal. L Miller – Agenda as a whole – Member of Local Government Pension Scheme – personal. J Parkhouse – Agenda as a whole – Member of Local Government
Pension Scheme – personal. B Smith – Agenda as a whole – Member of Local Government
Pension Scheme – personal. S Williams – Agenda as a whole – Member of Local Government
Pension Scheme – personal. |
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To approve & sign the Minutes of the previous meeting(s) as a correct record. Minutes: Resolved that the
Minutes of the Local Pension Board held on 23 March 2017 be
signed and approved as a correct record. |
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Draft Statement of Accounts 2016/17. PDF 9 KB Additional documents: Minutes: The Chief Treasury and Technical Officer presented the draft statement of accounts for the City & County of Swansea Pension Fund. It was
explained that the accounts formed a distinct and separate component of
the Statement of Accounts of the City & County of Swansea as a whole. The Wales Audit Office had commenced their
audit of the Pension Fund Draft Statement of Accounts 2016/17 in line with
their audit plan presented to Pension Fund Committee earlier in the year. Their
report would be presented to Pension Fund Committee on
the 14th September 2017. The Pension Fund Statement of Accounts 2016/17 was attached at Appendix 1 of the report. The Committee asked questions / commented in relation to the impact of Brexit upon the fund, contributions made by Admitted Bodies, interest on investment income, investment management expenses and oversight / governance costs. Resolved that the Draft Statement of Accounts 2016/17 be noted. |
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Wales Pension Partnership - Update. PDF 65 KB Additional documents: Minutes: The Chief Treasury and Technical Officer presented a ‘for information’ report that informed the Pension Fund Committee on the progress of the All Wales Investment Pool. Appendix 1 of the
report contained an updated timetable and progress update produced by the Wales
Pension Partnership’s Advisors, Hymans Robertson.
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Minutes: The Chief Treasury and Technical Officer presented a report that sought to determine an annual training programme for the Local Pension Board.
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Additional documents: Minutes: The Chief Treasury
and Technical Officer
presented a ‘for information’ report that informed the
Local Pension Board on MIFID II and its potential impact on the LGPS nationally
and locally. The potential Impact on the LGPS, the proposed assessment required and the way forward were outlined. The Local Government Association response was provided at Appendix 1. |
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LGPS Code of Cost Transparency. PDF 56 KB Additional documents: Minutes: The Chief Treasury and Technical Officer presented a ‘for information’ report that informed the Local Pension Board on the new voluntary code of conduct on cost transparency in the fund management industry. Attached at Appendix 1 was the Code of Conduct for Cost Transparency. It was recognised that the template for completion had only been developed for equity mandates at this stage and the templates for other asset classes were being developed. However, it was intended to engage the appointed equity managers and (other asset class managers as the templates became available) to sign up to the voluntary code. It was noted that this should become a requisite of any future appointments to the fund or the Wales Pension Partnership Pool. The Board asked questions regarding the Wales Pension Partnership signing up to the code and prospects for recovering costs. |
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Minutes: The Chief Treasury
and Technical Officer presented a ‘for information’ report that informed
the Local Pension Board
of any breaches that had occurred in the Pension Fund in
accordance with the Reporting Breaches Policy. The Breaches Report was attached at
Appendix A. Further information was provided in respect of retirement lump sum payments, an
indicative allocation to Global Equities, employers not paying contributions within the
required timescale and the failure
by one employer (Gwrp Gwalia) to submit data to the
Pension Fund by 30 April in order for the end–of-year reconciliation of
contributions and pay to be added to members’ records. The Board discussed the Breaches report and discussed the options available to address the breaches. |
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Infrastructure Manager Appointment. PDF 126 KB Minutes: The Chief Treasury and Technical Officer presented a ‘for information’ report that updated the Local Pension Board on the appointment of a core infrastructure manager. The Board were advised that following a presentation and evaluation exercise,
the Pension Fund Committee selected First State who were appointed as the core
infrastructure manager for the City & County of Swansea Pension Fund. |
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GMP Reconciliations Report. PDF 64 KB Additional documents: Minutes: The Principal Pensions Manager presented a ’for information’ report which informed the Board that an exercise was being undertaken to consider the options available to complete the GMP reconciliation exercise within the required timescales. It was highlighted that the reconciliation exercise had been resource intensive and the potential risk to the Pension Fund was outlined if the work was not completed by the required deadline. The Fund had therefore signed up to the National LGPS Framework to obtain information about the options available, which included consultancy support and the procurement of the services of a field expert, to complete the exercise within the limited timescale remaining. The
consideration of the options was ongoing and a further report would be presented at the earliest opportunity. |
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Outgoing Chair. Minutes: The Chair thanked the outgoing Chair, Councillor A Lockyer for his work during the previous Municipal Year and for strengthening the links between the Board and the Pension Fund Committee. |
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Lynne Miller - Principal Pensions Manager. Minutes: The Chair announced that this was the final meeting for Lynne
Miller, Principal Pensions Manager, who was retiring at the end of September
2017. He thanked her for her work and
commitment and on behalf of the Local Pension Board, wished her a healthy and
happy retirement. |