Agenda and draft minutes

Venue: Brunswick Room - Guildhall, Bath. View directions

Contact: Mark Durnford  01225 394458

Items
No. Item

100.

EMERGENCY EVACUATION PROCEDURE

The Chair will ask the Committee Administrator to draw attention to the emergency evacuation procedure as set out under Note 8.

Minutes:

The Democratic Services Officer advised the meeting of the procedure.

101.

APOLOGIES FOR ABSENCE AND SUBSTITUTIONS

Minutes:

Tony Bartlett, Service Director - Financial Control and Pensions had sent his apologies to the Committee.

 

The Democratic Services Officer announced that this meeting was being held with only a quorum of the Committee due to ongoing social distancing measures resulting from Covid-19.

 

He said that an informal virtual meeting of the Committee had been held on Friday 25th March for all members where they had agreed provisional recommendations.

102.

DECLARATIONS OF INTEREST

At this point in the meeting declarations of interest are received from Members in any of the agenda items under consideration at the meeting. Members are asked to complete the green interest forms circulated to groups in their pre-meetings (which will be announced at the Council Meeting) to indicate:

(a) The agenda item number in which they have an interest to declare.

(b) The nature of their interest.

(c) Whether their interest is a disclosable pecuniary interest or an other interest,  (as defined in Part 2, A and B of the Code of Conduct and Rules for Registration of Interests)

Any Member who needs to clarify any matters relating to the declaration of interests is recommended to seek advice from the Council’s Monitoring Officer or a member of his staff before the meeting to expedite dealing with the item during the meeting.

Minutes:

Councillor Paul May declared an other interest in agenda item 11 ‘Pension Fund Administration’ as he is on the Board of Avon Fire Authority.

103.

TO ANNOUNCE ANY URGENT BUSINESS AGREED BY THE CHAIR

Minutes:

There was none.

104.

ITEMS FROM THE PUBLIC - TO RECEIVE DEPUTATIONS, STATEMENTS, PETITIONS OR QUESTIONS

Minutes:

There were none.

105.

ITEMS FROM COUNCILLORS AND CO-OPTED AND ADDED MEMBERS

To deal with any petitions or questions from Councillors and where appropriate co-opted and added members.

 

Minutes:

There were none.

106.

MINUTES: 10TH DECEMBER 2021 (INFORMAL) AND 17TH DECEMBER 2021 pdf icon PDF 709 KB

Additional documents:

Minutes:

The minutes were approved as a correct record and signed by the Chairman.

107.

2022 - 25 SERVICE PLAN AND BUDGET pdf icon PDF 230 KB

The purpose of this report is to present to Committee the 3 Year Service Plan and Budget for the period 1 April 2022 to 31 March 2025.

Additional documents:

Minutes:

The Committee RESOLVED to approve the 3 Year Service Plan and Budget for 2022-25 for the Avon Pension Fund.

108.

TREASURY MANAGEMENT POLICY pdf icon PDF 171 KB

The Committee is asked to approve the Fund’s Treasury Management policy each year. It was last approved in March 2021. The policy closely mirrors the Council’s policy set out in the Councils’ Annual Treasury Management Strategy.

Additional documents:

Minutes:

The Committee RESOLVED to approve the Treasury Management Policy set out in Appendix 1.

109.

UPDATE ON LEGISLATION pdf icon PDF 252 KB

The purpose of this report is to update the Pension Fund Committee on the latest position concerning the Local Government Pension Scheme [LGPS] and any proposed regulatory matters that could affect scheme administration.

Minutes:

The Committee RESOLVED to note the current position regarding the developments that could affect the administration of the fund.

110.

PENSION FUND ADMINISTRATION pdf icon PDF 456 KB

The purpose of this report is to present the Fund’s performance for the three months to 31st December 2021 against its key performance indicators (KPI’s) in relation to the administration of pension benefits.

Additional documents:

Minutes:

The Committee RESOLVED to note:

 

i) Fund performance for the three months to 31st December 2021.

ii) The current Risk Register.

iii) The updated cashflow forecast

111.

WORK PLANS pdf icon PDF 154 KB

Attached to this report is the work plan for the Committee (Appendix 1) and a separate one for the Investment Panel (Appendix 2) which set out provisional agendas for forthcoming meetings. The dates for future Committee and Panel meetings are also included.

Additional documents:

Minutes:

The Committee RESOLVED to note the Committee & Investment Panel workplans and training programme for the relevant period.

112.

BRUNEL PENSION PARTNERSHIP - UPDATE pdf icon PDF 191 KB

This report updates the Committee about Brunel and the wider pool covering delivery of service, performance, governance and risk management aspects of the pool.

Additional documents:

Minutes:

Councillor Shaun Stephenson-McGall commented that he was pleased that Brunel would be representing on behalf of the Fund at the Sainsbury’s annual general meeting in July where the matter of the Real Living Wage would be discussed.

 

He said that it had been quoted that around a third of their staff were worried about being able to put food on the table as a result of the cost of living crisis.

 

The Committee RESOLVED to note the information set out in the report and appendices.

113.

INVESTMENT PERFORMANCE AND STRATEGY MONITORING (FOR PERIODS ENDING 31 DECEMBER 2021) pdf icon PDF 361 KB

This paper reports on the investment performance of the Fund and seeks to update the Committee on routine strategic aspects of the Fund’s investments and funding level; and policy and operational aspects of the Fund.

Additional documents:

Minutes:

Councillor Paul May said that following the private meeting last week, if possible, he would welcome a public report at a future meeting of the Committee regarding the impact of the Russia / Ukraine conflict on the Fund.

 

Councillor Chris Dando commented whether a discussion should firstly / also be held at the Avon Pension Fund Investment Panel.

 

The Committee RESOLVED to note the information set out in the report and appendices.