Agenda and minutes

The minutes of the meeting held on 18 November 2019  were taken as read, confirmed and signed.

The Chief Executive reported that no questions had been received under Standing Order 34.

The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5).

There were no urgent items for consideration.

The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting. No declarations were made.

This item will include a presentation by the Director of Corporate Resources and a question and answer session via Teams Live.

The Director of Corporate Resources gave a presentation on the annual report and accounts of the Pension Fund 2019/20. A copy of the report and presentation is filed with these minutes.

The meeting was open to questions from Fund Members, in response the following points were noted:-

i.                The Restriction of Public Sector Exit Payments regulation took effect from 4 November 2020 and introduced the £95,000 exit cap. This created a conflict with current Local Government Pension Scheme regulations as it required members to take payment of an unreduced pension, whereas the exit cap regulations prevented the employer from paying the full strain cost. It was expected that the LGPS regulations would be updated early 2021. In the meantime, a policy had been agreed by the Local Pension Committee on how to deal with impacted cases from 4 November 2020.

ii.               The Pensions Manager had contacted all employers to ask them to familiarise themselves with current guidance and consider whether any staff may be impacted. It was hoped the expected revisions to the LGPS regulations would clarify the situation and impact for the Fund, employers and employees. The Pension Manager would continue to keep employers up-to-date of the situation when further clarification was available from HM Treasury and the Ministry of Housing, Communities and Local Government.  Any Scheme Members who had concerns should contact their respective employer.

iii.              Members were assured that Leicestershire Pension Fund was constantly looking to improve environmental, social and governance factors within the Fund as set out in its Responsible Investment Strategy and Climate Risk plan.

iv.             Leicestershire County Council Pension Fund pooled with either other partner authorities in 2018 to create LGPS Central which aimed to benefit funds by reducing costs, improving investment returns and widening the range of available asset classes. Members were assured that Central were also committed to Responsible Investment and undertook positive engagement and voting on behalf of partners. Central felt that not only was it the right approach ethically but that it further supported long term returns, which it evidenced within its stewardship report.

RESOLVED:

a.     That the contents of the Annual Report for 2019/20 and the Director’s presentation be noted.

b.     That examples be provided regarding LGPS Central’s positive engagement success in influencing companies to be more ESG issue minded. 

Mrs. R. Page CC presented a report on behalf of the Local Pension Board. A copy of the report is filed with these minutes.

RESOLVED:

That the report be noted.

The Chairman reported that one nomination for the position of employee representative on the Local Pension Committee had been received. The nomination was for Mr. N. Booth. No ballot was therefore required. It was noted that current employee representatives elected to the Committee were

Mr. A. Wilson  (to remain a staff representative for a period of two years)

Ms. J. Dean (to remain a staff representative for a period of one year)

RESOLVED:

That Mr N. Booth  be appointed Employee Representative for a period of three years expiring at the Annual Meeting in 2023.

The Chairman reported that one nomination each had been received for the position of employee representative and reserve representative on the Local Pension Board from Ms. C. Fairchild and Mr M. Saroya. No ballot was therefore required. It was noted that current employee representatives elected to the Board were:

Ms R. Gilbert (to remain a employee representative for a period of two years)

Ms D. Haller (to remain a employee representative for a period of one year)

RESOLVED:

That Ms. C. Fairchild be appointed employee representative for a period of three years expiring at the Annual Meeting in 2023.

That Mr. M. Saroya be appointed reserve employee representative for a period of one year expiring at the next Annual Meeting.

RESOLVED:

That officers be requested to determine an appropriate date and time for the next Pension Fund Annual Meeting and publicise this date on the County Council’s Website.