Agenda and draft minutes

Venue: Committee Room 3 - 3rd Floor - Civic Centre, St Peter's Square, Wolverhampton, WV1 1SH

Contact: Dereck Francis  Email: dereck.francis@wolverhampton.gov.uk 01902 555835

Items
No. Item

1.

Apologies for absence

Minutes:

Apologies for absence were submitted on behalf of Sharon Campion and Steve Carter.

2.

Declaration of interests

Minutes:

No declarations of interests were made.

3.

Minutes of the previous meeting - 2 July 2019 pdf icon PDF 318 KB

[For approval]

Minutes:

Resolved:

  1. That the date of the October 2019 meeting of the Panel referred to in Minute 7 (Times of Meetings 2019-2020) be corrected to 22 October.

2.     That subject to 1 above, the minutes of the meeting held on 2 July 2019 be approved as a correct record and signed by the Chair.

4.

Matters arising

[To consider any matters arising from the minutes of the previous meeting]

Minutes:

With reference to Minute 10 (Regulatory Update), the Director of Pensions reported the Fund was awaiting the results of the Government consultation on a proposal to implement a £95,000 cap on payments to individuals who leave public sector employment.  It was currently anticipated that the outcome would be issued for implementation from April 2020.

5.

Legal and Compliance Update pdf icon PDF 437 KB

[To provide an update on the work of the Fund to deliver a well governed scheme]

 

Additional documents:

Minutes:

Rachel Howe, Head of Governance and Corporate Services presented the report on the work of the Fund to deliver a well governed scheme.

 

Paul Johnson asked about the lead in times for the production this and other reports on the agenda and whether for future meetings, the information on Fund activity and performance in respect of the previous quarter to the date of the meeting could be made available.  The Head of Governance and Corporate Services explained the process for the collation and consideration by each serve area and the Fund’s Senior Management Team, of quarterly performance monitoring data that leads to the production of the reports before the Board.

 

Rachel Brothwood, Director of Pensions added that officers endeavoured to provide an update through their commentary and confirmed that officers would raise any material developments since the quarter end date with the Board either within their reports or verbally, subject timing of publication. 

 

Resolved:

1.     That the quarterly risk register, including the movement of risks and the actions taken to mitigate any impact be noted.

2.     That the quarterly compliance monitoring be noted.

3.     That the outcomes from the initial work undertaken by Hymans Robertson for the Scheme Advisory Board on the Good Governance Review be noted.

4.     That the outcomes from the Pensions Regulator’s public service and administration survey 2018 be noted.

6.

Business Performance Update pdf icon PDF 161 KB

[To provide an update on the delivery of the Fund’s 2019 – 2024 Service Plan through monitoring the performance of its corporate priorities and service delivery]

Additional documents:

Minutes:

Rachel Howe, Head of Governance and Corporate Services presented the report on the delivery of the Fund’s 2019 – 2024 Service Plan through monitoring the performance of its corporate priorities and service delivery.

 

Ian Martin welcomed the Fund’s successful graduate programme and asked whether the Fund planned take on apprentices.  The Head of Governance and Corporate Services reported that the Fund had appointed an apprentice in the previous year.  The placement had been a success and led to the apprentice being appointment to a permanent post.  The were no specific plans for the appointment of apprentices but the Fund was working with City of Wolverhampton Council on its Apprenticeship Programme.

 

Resolved:

1.     That the Fund’s progress on delivery against its Corporate Priorities outlined in the Fund’s Service Plan 2019 – 2024 be noted.

2.     That the Fund’s key performance indicators for the first quarter of the year be noted

3.     That the successful recruitment to Fund trainee and graduate posts be noted.

7.

Pensions Administration Report 1 April to 30 June 2019 pdf icon PDF 653 KB

[To provide an update on the work undertaken by the pensions administration service areas during the period 1 April to the 30 June 2019 for both the Main Fund and the WMITA Fund]

Additional documents:

Minutes:

Amy Regler, Head of Operations presented the report on the work undertaken by the pensions administration service areas during the period 1 April to the 30 June 2019 for both the West Midlands Pension Fund (the Main Fund) and the West Midlands Integrated Transport Authority Pension Fund (WMITA PF).

 

Resolved:

1.     That the pensions administration activity for both the West Midlands Pension Fund and the West Midlands Integrated Transport Authority Fund, in particular the improved performance against target service levels and additional work being undertaken to update member records following responses received through the employer “health check” be noted.

2.     That the progress being made with the Fund’s Digital Transformation Programme to support the Fund to transform its business areas through the use of information and technology to drive business efficiencies be noted.

8.

Customer Engagement Update pdf icon PDF 362 KB

[To provide an update of the Fund’s customer engagement activity from 1 April to 30 June 2019, in line with its Customer Engagement Strategy]

Additional documents:

Minutes:

Simon Taylor, Head of Pensions presented the report on the Fund’s customer engagement activity from 1 April to 30 June 2019, in line with its Customer Engagement Strategy. The Fund also received a demonstration of the eBook.

 

Paul Johnson commented that the pensions roadshow in Solihull was well attended.  He suggested that the Fund should make the most of this method of engagement.  Rachel Brothwood, Director of Pensions reported that there was high demand for the roadshows and the Fund was considering how it would resource this going forward. A balance needed to be struck between digital and face-to-face member engagement.

 

In response to a question on the plans for publicising the eBook to scheme employers, the Head of Pensions reported that active engagement with the employer base would be the next stage.  The eBook could also be included on an employer’s website for staff.  Suggestions of providing a hyper link to the eBook and making it accessible via email could be explored.

 

Resolved:

That the engagement activity and informed service development be noted.

9.

Data Management Report April - August 2019 pdf icon PDF 319 KB

[To provide an update on the work of the Fund in delivering improved data quality in line with the Pension Regulator’s Code of Practice]

Minutes:

Rachel Howe, Head of Governance and Corporate Services presented the report on an update on the work of the Fund in delivering improved data quality in line with the Pension Regulator’s Code of Practice.

 

In response to questions the Head of Governance and Corporate Services explained the process of reconciliation.

 

Resolved:

That the work of the Fund in delivering its Data Management Strategy and the steps taken to monitor and drive Data Quality across the Fund be noted.

10.

Annual Report and Accounts 2018/19 pdf icon PDF 305 KB

[To provide an update on the preparation, approval and audit of the Statement of Accounts and the Annual Report for the year ending 31 March 2019]

 

Minutes:

Jill Davys, Assistant Director, Investments and Finance presented the report on the preparation, approval and audit of the Statement of Accounts and the Annual Report for the year ending 31 March 2019 and the latter’s publication on the Fund’s website.

 

Resolved:

1.     That it be noted that the Statement of Accounts for West Midlands Pension Fund (WMPF) for the year ending 31 March 2019 was audited and completed by 31 July 2019.

2.     That it be noted that the draft Annual Report for WMPF was considered by the Pensions Committee on 25 September and is now subject to audit by the Fund’s external auditors, Grant Thornton. 

3.     That it be noted that the accounts for the West Midlands Integrated Transport Authority (ITA) for the year ending 31 March 2019 were audited and completed on 31 July 2019.

11.

Investment Update pdf icon PDF 298 KB

[To provide an update on investment related matters including the ongoing development of LGPS Central Investment Pool and the Fund’s responsible investment activities]

Minutes:

Jill Davys, Assistant Director, Investments and Finance presented the report on investment related matters including the ongoing development of LGPS Central Investment Pool and the Fund’s responsible investment activities.

 

Resolved:

That the update on investment related matters including responsible investment and investment pooling be noted.

12.

2019 Actuarial Valuation Update - Process and Emerging Considerations pdf icon PDF 299 KB

[To provide an update on progress of the 2019 actuarial valuation]

Minutes:

Simon Taylor, Head of Pensions presented an update report on progress of the 2019 actuarial valuation.

 

Resolved:

1.     That the report and the associated update on progress with the 2019 actuarial valuation of both the West Midlands Pension Fund (the Main Fund) and the West Midlands Integrated Transport Authority Pension Fund (the WMITA Fund) be noted.

2.     That the wider influences which may have potential implications for the 2019 actuarial valuation be noted.