Agenda and minutes

Venue: 1 Mann Island, Liverpool, L3 1BP

Contact: Mike Jones, Principal Democratic Services Officer 

Media

Items
No. Item

17.

WELCOME AND INTRODUCTION

Additional documents:

Minutes:

The Chair welcomed everyone to the meeting and proposed altering the order of the meeting so the items with external presenters be heard first. This was agreed.

 

The minutes remain in the original agenda order.

18.

APOLOGIES

Additional documents:

Minutes:

Apologies for absence had been received from:

Geoff Broadhead employee representative

Donna Ridland, employee representative

Lyn Robinson, employer representative

Stefan Van Arendsen, employer representative

19.

MEMBERS' CODE OF CONDUCT - DECLARATIONS OF INTEREST

Members of the Board are asked to declare any disclosable pecuniary and non-pecuniary interests, in connection with any item(s) on the agenda and state the nature of the interest.

Additional documents:

Minutes:

There were no declarations of interests.

20.

MINUTES pdf icon PDF 218 KB

To approve the accuracy of the minutes of the meeting held on 8 July 2022.

Additional documents:

Minutes:

An update was provided on the trade union membership to the Northern LGPS Joint Committee (Minute 9 in the minutes). It was noted that the next meeting was on 8 October 2022 where a further update could be sought.

 

Resolved:

That the minutes of the Local Pensions Board meeting held on 8 July 2022 be approved.

21.

LOCAL GOVERNMENT PENSION SCHEME (LGPS) UPDATE pdf icon PDF 362 KB

Additional documents:

Minutes:

The Head of Pensions Administration presented the report of the Director of Pensions which provided details of developments in the Local Government Pension Scheme (LGPS), specifically the publication of a Written Ministerial Statement confirming the Government’s continued provision of a guarantee to the Local Government Pension Scheme (LGPS) in respect of Academy Trusts. The report was to go to the Pensions Committee.

 

In response to questions, it was confirmed that

·  the fund had been successful in recovering a debt,

·  the Department for Education offered a guarantee although closures were rare.

 

Resolved:

The report be noted.

22.

CONSULTATION ON GOVERNANCE AND REPORTING OF CLIMATE CHANGE RISKS IN THE LOCAL GOVERNMENT PENSION SCHEME pdf icon PDF 389 KB

Additional documents:

Minutes:

The Director of Pensions introduced his report which informed Board Members about a consultation by the Department for Levelling Up, Housing & Communities (DLUHC) seeking views on proposals to require Local Government Pension Scheme (LGPS) administering authorities in England and Wales to assess, manage and report on climate-related risks, in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). The consultation ran until 24 November 2022. It did not just concern carbon metrics but also governance, strategy on climate risks, risk management and targets. It was envisaged that Funds produce their own individual reports and that these feed into a report for the LGPS in England and Wales as a whole.

 

Resolved:

That the report be noted.

23.

NORTHERN LGPS UPDATE pdf icon PDF 363 KB

Additional documents:

Minutes:

The Director of Pensions introduced this report which provided an update on pooling arrangements in respect of Merseyside Pension Fund (MPF) and the Northern LGPS. Minutes of the previous Northern LGPS Joint Committee meeting were appended for noting.

 

Resolved:

The minutes of the Joint Committee meeting be noted.

24.

MINUTES OF WORKING PARTY MEETINGS pdf icon PDF 363 KB

Additional documents:

Minutes:

The Director of Pensions introduced this report which provided the minutes of meetings of Working Parties held since the previous Board meeting.

 

Members noted that the UN’s Principles of Responsible Investment programme on human rights had been signed up to which should help to ensure greater objectivity when considering controversial issues such as those relating to the occupied Palestinian territories.

 

Resolved:

The minutes of the be noted.

25.

EXEMPT INFORMATION - EXCLUSION OF MEMBERS OF THE PUBLIC

The following items contain exempt information.

 

RECOMMENDATION: That under section 100 (A) (4) of the Local Government Act 1972, the public be excluded from the meeting during consideration of the following items of business on the grounds that they involve the likely disclosure of exempt information as defined by the relevant paragraphs of Part 1 of Schedule 12A (as amended) to that Act. The Public Interest test has been applied and favours exclusion.

Additional documents:

Minutes:

Resolved:

That under section 100 (A) (4) of the Local Government Act 1972, the public be excluded from the meeting during consideration of the following items of business on the grounds that they involve the likely disclosure of exempt information as defined by the relevant paragraphs of Part 1 of Schedule 12A (as amended) to that Act. The Public Interest test has been applied and favours exclusion

26.

CEM: BENCHMARKING OF INVESTMENT MANAGEMENT AND PENSIONS ADMINISTRATION

Please note that a table in this report may not be suitable to view for people with disabilities, users of assistive technology or mobile phone devices. Please contact Mike Jones on michaeljones1@wirral.gov.uk, if you would like an alternative format.

Minutes:

The report of the Director of Pensions informed the Board of the outcomes of benchmarking exercises undertaken in relation to the 2020-2021 scheme year for both the delivery of the Fund’s investment management and pensions administration services.

 

Resolved:

That the outcomes of both the investment and administration benchmarking reports in relation to the 2020-2021 scheme year be noted.

27.

MERSEYSIDE PENSION FUND INTERNAL AUDIT ANNUAL REPORT 2021/22

Please note that a table in this report may not be suitable to view for people with disabilities, users of assistive technology or mobile phone devices. Please contact Mike Jones on michaeljones1@wirral.gov.uk, if you would like an alternative format.

Minutes:

The Chief Internal Auditor presented his summary report of the programme of audits of the Fund reviewing relevant areas of risk to the Fund, along with his overall opinion.

 

The Chair proposed an amended recommendation noting the positive audit opinion. This was supported by Board Members.

 

Resolved:

That it be noted that in 21/22 internal audit work undertaken found that there was an adequate and effective level of control and this was a positive outcome for the fund.

28.

PENSION ADMINISTRATION MONITORING REPORT [PERIOD OF 1 APRIL – 30 JUNE 2022]

Minutes:

The Head of Pensions Administration introduced this report which provided the Pension Board with monitoring information on the key performance indicators in respect of work undertaken by the administration team during the period 1 April 2022 to 30 June 2022.

 

Resolved:

That the report be noted.

29.

RISK REGISTER

Please note that a table in this report may not be suitable to view for people with disabilities, users of assistive technology or mobile phone devices. Please contact Mike Jones on michaeljones1@wirral.gov.uk, if you would like an alternative format.

Minutes:

The Director of Pensions introduced this report which presented a copy of Merseyside Pension Fund’s Risk Register for consideration by the Board.

 

Resolved:

That the changes to the risk register be noted.