Agenda, decisions and draft minutes

Venue: Virtual

Contact: Emma Wilkins (07385406118) 

Items
No. Item

7.

Declaration of Interest

To receive disclosures of personal interest from Members in accordance with the Code of Conduct

 

Note:

 

1.     Members are requested to identify the item number and subject matter that their interest relates to and signify the nature of the personal interest: and

2.   Where Members withdraw from a meeting as a consequence of the disclosure of a prejudicial interest they must notify the Chairman when they leave.

Minutes:

In accordance with the Council’s Code of Conduct, there were no declarations made pertaining to the agenda.

 

8.

Minutes pdf icon PDF 131 KB

To receive the minutes of the previous meeting of the Pensions Fund Committee held on 16th July 2024.

Minutes:

It was RESOLVED to approve the minutes of the 16th July 2024 as an accurate reflection of the meeting.

 

9.

Learning and Development

To receive a presentation from ICT and Digital Services on Cyber Security.

Minutes:

Before receiving an overview in respect of Cyber Security the Service Director, Pensions and Procurement explained to Members that the Pensions Regulator (TPR) was increasingly concerned about schemes’ resilience against system or data breaches and the risk attached to such breaches.

 

The Service Director, Pensions and Procurement further advised of the General Code of Practice that came into force on 28th March 2024 and the role and responsibilities of the Committee, to take steps to build ‘cyber resilience’.

 

Through the aid of a PowerPoint Presentation, the Council’s Head of ICT provided Members with details of the cyber security measures in place, which  aimed to provide Members with insight and reassurance, around the Council’s compliance measures. 

 

Members commented on the presentation and the work undertaken in respect of cyber resilience. The Committee were advised that the Pension Board would receive the same presentation at their meeting later in the month.

 

Members RESOLVED to note the content of the presentation.

10.

Delegated Functions Report. pdf icon PDF 117 KB

Additional documents:

Minutes:

The Deputy Chief Executive and Group Director – Finance, Digital and Frontline Services presented the report to Members which set out the key issues being addressed as delegated functions, as specified in the Pension Fund Governance Policy Statement.

 

The Deputy Chief Executive and Group Director referred Members to the performance of the Fund detailed within 4.2 of the report, explaining that during the quarter ended 30th June 2024, the overall value of the Fund decreased from £4,712 million to £4,701. Members were also provided with a summary of the Fund’s 3-year performance relative to the specific benchmark, this being 0.0% compared to a 4.5% benchmark, and it was noted that the Fund’s performance continued to demonstrate strong performance results.

 

The Deputy Chief Executive and Group Director went on to provide Members with an update in respect of  the Fund’s asset allocation strategy and, in line with this, the progress being made with the investments.

 

The Chair thanked the Group Director for the update and welcomed the positive update that the investments were moving in the right direction.

 

The Service Director, Pensions and Procurement continued and provided Members with an administrative update which included details of the General Code of Practice, the Pensions National Dashboards Programme and Member Self-Serve (MSS).  The Service Director also provided updates around the publication of the 2024 Annual Benefit Statements prior to the statutory deadline of 31st August 2024; formal notification of exist from Valleys to Coast and the low number of ‘Internal Dispute Resolution Procedure’ Appeals.

 

The Group Director provided Members with a brief update in respect of the Pensions Investment Review and Call for Evidence for the benefit of the Committee.

 

The Chair thanked all officers for the updates provided and welcomed the news regarding the TUPE arrangements although commented on his disappointment in relation to the exist from the fund by Valleys to Coast.

 

Members commented on aspects of the update and spoke positively on the member self service. 

 

Following discussions, it was RESOLVED

 

       i.          To note the issues being addressed; and

      ii.          To consider whether they wish to receive further detail on any issues.

 

11.

Pension Fund Risk Register - Risk Register Overview pdf icon PDF 92 KB

Additional documents:

Minutes:

The Service Director, Finance and Improvement Services presented the report and referred Members to the Risk Register attached at Appendix 1 for the Committee’s consideration. Members were informed that the Pension Fund Risk Register provided an overview of the arrangements in place to manage the risks to the Fund and was presented to the quarterly meetings of the Investment and Administration Advisory Panel for review, challenge, and agreement, with the updated Risk Register then published on the Fund Website. The Service Director indicated that the RCT Pension Board also reviews and recommends updates to the Risk Register as part of its role in supporting the Fund’s overall governance arrangements.

 

The Service Director went on to provide the Committee with the updates that had been incorporated into the Risk Register for the quarter ending September 2024, as set out at Appendix 1 of the report. 

 

The Chair requested that the Pension Investment Review and Call for Evidence could be added into the Governance section of the risk register to which the Service Director responded ading that a note could be added.

 

The Committee RESOLVED:

       i.          To note the arrangements in place for the management of risk within the

Fund; and

      ii.          To note the Risk Register as outlined within (Appendix 1) of the report.

 

12.

Wales Pension Partnership - Update pdf icon PDF 82 KB

Minutes:

The Principal Accountant, Treasury Management and Pension Fund provided an update and progress for Members with regard to the Wales Pension Partnership (WPP) and Joint Governance Committee (JGC).

 

Members were advised that the latest meeting of the JGC took place 18th September 2024 and details of the agenda and the annual policies and papers reviewed were highlighted to Members.

 

The Officer provided details in respect of the next steps and priorities for the WPP and JGC which included      the Launch of the Real Estate investment programmes and completion of an annual report.

 

Before concluding the update the officer advised that following the last JGC meeting, a discussion took place regarding responsible investment with JGC members and officers.  The outcome of the meeting was the host authority together with Hymans to compile a definitive list of investments in both companies connected to Israel and Palestine and oil and case investment holdings.  It was advised that such discussions would aid in setting out WPP’s approach to ongoing engagement with these companies along with the necessary escalation and disinvestment options.

 

Members commented on the responsible investment updates and looked forward to receiving further detail on the matter once such work had been undertaken.

 

 

The Chair thanked the officer for the update and it was RESOLVED

 

       i.          To note the update.