Berkshire Pension Fund Panel
Monday 19 January 2015 4.00 pm
To listen to an audio recording of this meeting, go to:
http://www.rbwm.gov.uk/web/meetings_audio_recordings_2015.htm
BERKSHIRE PENSION FUND PANEL AND ADVISORY PANEL
19 JANUARY 2015
PRESENT: Councillors Lenton (Chairman), Comber (RBWM), Dudley (RBWM), Hilton (RBWM), Hill (RBWM), Tickner (Reading), Brooker (Slough Borough Council), Stanton (Wokingham Borough Council), Worrall (Bracknell Forest), Law (West Berks), Frank Minal (GMB), Mr Eryilmaz (University of West London) and Mrs Nicholls (Unison).
Independent Adviser to the Panel: John Nestor
Officers: Mr Greenwood, Mr Taylor, Mr Brooker, Mr Pedro and Mr Cook.
PART I
40/14 APOLOGIES FOR ABSENCE
Apologies for absence were received from Mr Fuller.
41/14 DECLARATIONS OF INTEREST
There were no declarations of interest declared.
42/14 MINUTES
- RESOLVED UNANIMOUSLY: That the Part I minutes of the meeting of the Panel held on 3 December 2014 be approved.
The Pension Fund Manager introduced the report that provided an update on the proposed pension fund collaboration with Buckinghamshire and Oxfordshire County Councils. The Panel were informed that the County Councils had decided not to proceed with a joint venture with the Berkshire Pension Fund and instead had announced a joint venture with Northamptonshire County Council.
The Panel were disappointed that the County Council’s had not been upfront about their intentions and felt that the Governments decision on any future mandate on passive investment should not have been used as an excuse by them. It was also noted that there had been no mention from them at their November 2014 meetings that they were negotiating with another fund.
The Chairman thanked officers for all their work they had done over the last three years on this project.
RESOLVED UNANIMOUSLY: That the Panel note the report.
The Pension Fund Manager introduced the report that provided an update on the requirement to establish a local Pension Board, the proposed timescale, terms of reference and proposed composition.
The Panel were informed that there was still no clear guidance other then that by the 1 April 2015 the Pension Board’s constitution had to be adopted. The board had to contain at least 4 Members and an equal number of Scheme employer and Scheme member representatives. It was noted that no Member or officer of the administering authority who was responsible for the discharge of any function under the Scheme regulations could be on the Pension Board.
In response to questions the Panel were informed that the Pension Board’s relationship with the Berkshire Pension Fund Panel would be similar to an Audit Panel or Scrutiny Panel in assessing that the Schemes duties are discharged and acting as a critical friend. At the present moment there were no members of the Pension Board, however there had been some expressions of interest and there would be future adverts for members. Although the Board needed to be constituted by April 2015 it did not need to meet until August 2015.
With regards to the Pension Boards term of reference it was noted that the Board at its first meeting would have the power to amend the terms of reference and vote any amendments to their allowances. It was anticipated that the administrating authority would have the powers to veto any excessive payments.
RESOLVED UNANIMOUSLY: That the Panel:
- 1. Note the regulatory requirements of setting up a Pension Board for the Royal County of Berkshire Pension Fund and approved the proposals set out in this report concerning the terms of reference relating to membership of the Board and associated matters.
2. Approved that the membership of the Pension Board be comprised of 1 Independent Chairman/advisor, 3 Scheme member representatives (from any of the current, deferred or retired membership) and 3 Scheme employer representatives. That the employer representatives should be drawn form the 6 Berkshire Unitary Authorities (3 appointed members and 3 nominated proxy members so that all 6 Authorities have the potential to attend Pension Board meetings).
3. Approved the proposals for appointment and review of Pension Board members.
4. Approved the draft code of conduct as being appropriate for members of the Pension Board.
5. Approved the draft terms of reference as being appropriate for members of the Pension Board.
6. Approved the draft conflict of interest policy as being appropriate for members of the Pension Board.
7. Any re-numeration package for the Pension Board be approved by the Berkshire Pension Board Panel.
45/14 DATES OF FUTURE MEETINGS
Future meeting dates were noted, it was recommended that the Panel meets before April 2015 to consider the Pension Board arrangements.
46/14 LOCAL GOVERNMENT ACT 1972 – EXCLUSION OF THE PUBLIC
RESOLVED: That under Section 100(A)(4) of the Local Government Act 1972, the public be excluded from the remainder of the meeting whilst discussion takes place on items 5-8 on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 of part I of Schedule 12A of the Act.