Agenda and minutes

The Pension Board is asked to appoint a Chair of the Pension Board.

The meeting was quorate with three members present. The clerk invited nominations for the position of Chair and Councillor Aref-Adib was nominated and seconded by the other members present.

RESOLVED – 

THAT Councillor Camron Aref-Adib be appointed as Chair of the Pension Board for the remainder of the 2022-2026 term of the Board.

Apologies for absence were received from Vinothan Sangarapillai.  

No declarations were made.

Broadcast of the meeting

The Chair to announce the following: ‘In addition to the rights by law that the public and press have to record this meeting, I would like to remind everyone that this meeting is being broadcast live by the Council to the Internet and can be viewed on our website for twelve months after the meeting. After that time, webcasts are archived and can be made available upon request.

If you have asked to address the meeting, you are deemed to be consenting to having your contributions recorded and broadcast, including video when switched on, and to the use of those sound recordings and images for webcasting and/or training purposes.’

Any other announcements

The Chair announced that,

 ‘In addition to the rights by law that the public and press have to record this meeting, I would like to remind everyone that this meeting is being broadcast live by the Council to the Internet and can be viewed on our website for twelve months after the meeting. After that time, webcasts are archived and can be made available upon request.

If you have asked to address the meeting, you are deemed to be consenting to having your contributions recorded and broadcast, including video when switched on, and to the use of those sound recordings and images for webcasting and/or training purposes.’

Pension Board Membership

Having sat as a member of the Pension Board since 2019, this was Steve Worrall’s last meeting. The Chair thanked Steve for his contribution to the work of the Pension Board. 

Petition

The Council meeting on 20^th January had received a petition for debate. At the conclusion of the debate, the Chair of the Pension Committee proposed that matters referred to in the petition be referred to the Pension Committee for further consideration. It was noted that the Pension Board would receive and update on the Pension Committee’s considerations in due course.  

There was no urgent business.

To note the Pension Board Terms of Reference.

RESOLVED –

THAT the terms of reference be noted.

To approve and sign the minutes of the meeting held on 16^th April 2024.

RESOLVED –

THAT the minutes of the meeting held on 16^th April 2024 be agreed and signed as an accurate record.

Report of the Executive Director Corporate Services

The Pension Board has responsibility for assisting the Pension Committee in ensuring compliance with the Scheme Regulations, other legislation relating to governance and administration, and the requirements of the Pension Regulator. The Pension Board must also ensure the effective and efficient governance and administration of the scheme. This report summarises the items presented, and decisions made at the Pension Committee meetings on 19 September 2024 and 02 December 2024.

Consideration was given to a report of the Executive Director Corporative Services that provided a summary of the reports presented to, and the decisions made at, the Pension Committee meetings that had taken place on 19^th September and 2^nd December 2024.   

In response to points raised during consideration of the report, the Board was informed:

·       That they would be sent a copy of Camden’s response to the government’s consultation that had sought views on proposals relating to the investments of the Local Government Pensions Scheme.   

Action By: Executive Director, Corporate Services

·       That the performance of investment fund managers was closely monitored. The underperformance of Harris was a current main focus and meetings were taking place with them to check progress and prioritise tasks as required. The Pension Committee’s Independent Advisor was also in contact with fund managers on a regular basis.

RESOLVED –

THAT the report be noted.

Report of the Executive Director Corporate Services

The Pension Fund is required to produce an Annual Report under the Local Government Pension Scheme Regulations 2013. This report presents the 2023/24 Draft Annual Report. It has not yet been presented to Pensions Committee and the 2023-2024 Pension Fund Statement of Accounts audits is still under way.

Consideration was given to a report of the Executive Director Corporative Services that provided the Pension Board with early sight of the Pension Fund Draft Annual Plan before it would be considered by the Pension Committee in March.

RESOLVED –

THAT the report be noted.     

There was no such business.

Date of the next meeting to be confirmed.

It was noted that the next meeting of the Pension Board would be confirmed in due course.