Wrthi'n llwytho
Y penderfyniadau fel y mae cofnodion y cyngor yn eu cofnodi. Bydd crynodeb mewn iaith glir yn dilyn pan fydd wedi'i ysgrifennu.
Resolved: The Administration and Governance Report be noted.
Resolved – The Pension Regulator General Code of Practice Administration update be noted.
Resolved – The Annual Report be noted.
Resolved – The WPP Update be noted.
Resolved –The Responsible Investment Report be noted.
RESOLVED to exclude the public for the following items of business on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).
Apologies received from Kenneth Ettles (Aon representative).
A Kennerley, C Kenyon-Wade, D H Williams, E A Jones, and P E Lewis declared interests as members of the Local Government Pensions Scheme. These are personal interests, not prejudicial interests in accordance with Paragraph 12(b) (iv) of the Members Code of Conduct 2016.
The Chair was authorised to sign the minutes of the Pensions and Investment Committee meetings held on 20 June and 24 June 2024 as a correct record.
Y penderfyniad fel y'i cofnodwyd
Resolved: The Administration and Governance Report be noted.
The Committee reviewed the Update. The Pension Fund Manager highlighted the following: 2. Scheme Advisory Board (SAB) Updates 2.2 – the Annual Report had been compiled for the Local Government Pension Scheme for 2022-2023. 2.3 – updated funding strategy statement guidance was expected later in the year. 2.4 – gender pension gap work undertaken. 2.5 – an exercise was undertaken involving the monitored cost control mechanism which had a cap and collar of +/-3%, it ensured that the scheme remained affordable and/or to enhance benefits. The exercise resulted in a breach in the cap and collar, but no changes were proposed at this stage due to the methodology of the mechanism. 2.6 - communications from the Minister to English Local Government Pension Schemes (LGPS) administrating authorities regarding consolidation for replies were to be sent by 19 July 2024. 2.7 – awaiting guidance as the good governance consultation had concluded. It was noted that an additional delay may have been caused to the general election. 2.8 – work was due to be undertaken to gather data to gain better understanding why some people opt out of local pension schemes. Data was not held at fund level and HR departments would be contacted to assist with the process. 2.9 the Scheme Annual Report produced by the Scheme Advisory Board had been published for 2023 and demonstrated membership had increased with a positive funding position and echoed at local fund level. A question was answered by the Pension Fund Manager explaining that administration and governance costs had increased due to the introduction of McCloud remedy. Additional resources were in place in preparation; however, it had led to a significant increase in processing time and workload for the team. A review was being undertaken to assess internal resource and once completed outcomes would be shared with Committee. Concerns were raised around the increase in demands and the importance of a cash flow process and policy and expressed that long term investments undergo turbulent periods however support was received. The Local Government Pensions Scheme had an overall funding level of 107%. 4. The Pensions Regulator (TPR) 4.1 – a recent blog had been released. 4.2 - a new Corporate Plan for 2024-2027 had been published. 5. Pensions Dashboard Programme 5.1 – the programme was underway for a central portal to be produced. Data quality testing had taken place within the Pensions Team and plans programmed for the build up to the launch. 6. Risk Register It was explained that the reports shared with Committee were brief and feedback received from the Pension Board would be actioned, more comprehensive reports would be circulated after the meeting. It was agreed that the focus of the report would be to highlight those risks with a red status. 7. Breaches Register - no new breaches identified. It was moved and duly seconded to note the report. Resolved: The Administration and Governance Report be noted.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
Caiff datganiadau eu darllen o'r cofnodion unwaith y byddan nhw wedi'u cyhoeddi.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.
Y penderfyniad fel y'i cofnodwyd
Resolved – The Pension Regulator General Code of Practice Administration update be noted.
The Committee received the report, and the Pension Fund Manager explained that the General Code of Practice was introduced on the 27 March 2024 which required the Pension Team to undertake work to achieve compliance. It was recognised by the Regulator that compliance would not be immediate and required an action plan to track progress, it was hoped that all actions would be completed by the end of the calendar year. A sample report was presented providing detail on the five areas of the code and how each element contained modules to be completed and for evidence to be provided to the Regulator if requested. Not all sections of the new code were required by public service pension schemes, however good practice would be gained by completing all modules. Assurances were given by the Chair of the Pension Board who was pleased with progress and added the Board had undertaken additional deep dives and scrutiny to support the process. The Pension Fund Manager would share example questions and report with the Committee which would be made available to the public once finalised. It was moved and duly seconded to note the report. Resolved – The Pension Regulator General Code of Practice Administration update be noted.
Y penderfyniad fel y'i cofnodwyd
Resolved – The Annual Report be noted.
The Committee received the update, and the Pension Fund Manager added that new additional guidance had been received to support the completion of the Annual Report which would be published before 01 December 2024. The guidance acknowledged that not all data for the ‘must’ categories would be available and that a best endeavours approach would be acceptable this year. The three key main areas were as follows: Must include – must be included in the report. Should include – best practice to include in the report. May include – an additional option. New processes had been introduced to ensure all data required would be available for next year’s report. The Pension Fund Manager replied to a comment that the document was made available to all; the Scheme Advisory Board use the report to gather data from all funds to compile the Annual Report for the LGPS. It was moved and duly seconded to note the report. Resolved – The Annual Report be noted.
Y penderfyniad fel y'i cofnodwyd
Resolved – The WPP Update be noted.
The Committee received the update, The Pension Fund Manager highlighted: 2.7 –an announced had been made that Waystone had been reappointed as operator of the WPP. The Chair added that he would be attending the Joint Governance Committee Conference next week. It was moved and duly seconded to note the update. Resolved – The WPP Update be noted.
Y penderfyniad fel y'i cofnodwyd
Resolved –The Responsible Investment Report be noted.
The Committee received the summary report of the meeting held on 24 June. The Pension Fund Manager highlighted: • Training would be arranged to support the Committee in completely the beliefs questionnaire. • The Committee were encouraged to contact the Pension Fund Manager if they wished to attend any future events. It was requested that the minutes of the 24 June and future minutes could summarise actions and timelines. The Pension Fund Manager would collaborate with officers and the Chair to ensure minutes provided more detail for future Responsible Investment specific meetings. • Scenarios would be compiled by AON for the years 2030 -40 -50 and would be presented to Committee in the Autumn. • It was requested that the training session could include activities from other areas of interest to ensure the beliefs questionnaire would be completed comprehensively. It was moved and duly seconded to note the report. Resolved –The Responsible Investment Report be noted.
Rhan o fater a ddilynwyd ar draws 3 cyfarfod
Y penderfyniad fel y'i cofnodwyd
RESOLVED to exclude the public for the following items of business on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).
RESOLVED to exclude the public for the following items of business on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).