Review of the Part 1 Panel meeting including minutes and the Q2 Stewardship

Report.

The Deputy Fund Manager informed that this agenda item contained the reports considered by the Berkshire Pension Fund Panel at their meeting on 26 October 2015. Kevin drew the Boards attention to the Stewardship Report the report that dealt with the stewardship of the Pension Fund for the period 1 June to 31 August 2015.

Some of the key highlights in the report and the discussion were:

• Membership continued to rise due to the auto enrolment process and it was noted that employees who had more then one job had to be enrolled for each role.
• Chart 4 showed the employers that had active members.
• Chart 6 showed notices of unsatisfactory performance. This related to late payment of contributions that were due by the 19^th of the month; remedial actions were improving performance. In response to questions it was noted that fines could be issued by the regulator for non compliance and that the deadline for payment was a statutory requirement. 
•  i-Connect – to aid compliance it had been recommended that employers use i-Connect and RBWM had agreed to implement the system to demonstrate its worth.  Wokingham BC have also agreed to implement the system.
• It was noted that Bracknell and Reading were currently introducing new HR / Finance systems but after a few months of RBWM using i-Connect the Deputy Fund Manager would arrange a meeting with Bracknell, Reading and Slough. (NOTE since the meeting Slough BC have had discussions with a view to taking i_Connect in 2016).
• With regards to annual benefit statements the Board were informed that the Fund would have to report itself to the regulator as we were not compliant due to late returns from certain employers.  The Fund had a duty to report itself and the regulator will review compliance next year; they also had the powers to investigate the employers who failed to comply.   The chairman recommended that this be a future discussion item.
• It was recommended that the Stewardship report have background data added for trend analysis.

The Chairman asked if the board wished to comment / ask questions on any of the other Berkshire Pension Fund Panel reports.

Alan Cross reported that with regards to the Panel’s minute point 85/14 and the question if the Panel invested in fossil fuels that Reading Council had received a motion from a Member of the Green Party.  The motion had been put to Council and deferred to the authorities Policy Committee for consideration.

It was noted that the Panel were due to receive training on 18 January 2016 prior to their meeting and Board members were welcome to attend.

Under minute point 88/14 LGPS Investment Pooling, the Board were informed that they would also be included in the recipients of the Funds draft consultation response.

Resolved: That the Board note the Berkshire Pension Fund Panel’s agenda and associated reports and that:

·         The Deputy Fund Manager arrange a meeting with Bracknell Forest Council, Reading Council and Slough Council with regards to implementing I Connect.

·         Year End Returns (as reported in the Stewardship Report) be a future discussion item.

·         Trend analysis be added to the tables in the Stewardship report.