Agenda and decisions

West Yorkshire Pension Fund Pension Board
Tuesday, 8th October, 2019 10.00 am

Contact: Jane Lythgow 

Items
No. Item

1.

DISCLOSURES OF INTEREST

(Members Code of Conduct - Part 4A of the Constitution)

 

To receive disclosures of interests from members and co-opted members on matters to be considered at the meeting. The disclosure must include the nature of the interest.

 

An interest must also be disclosed in the meeting when it becomes apparent to the member during the meeting.

 

Notes:

 

(1)       Members may remain in the meeting and take part fully in discussion and voting unless the interest is a disclosable pecuniary interest or an interest which the Member feels would call into question their compliance with the wider principles set out in the Code of Conduct.  Disclosable pecuniary interests relate to the Member concerned or their spouse/partner.

 

(2)       Members in arrears of Council Tax by more than two months must not vote in decisions on, or which might affect, budget calculations, and must disclose at the meeting that this restriction applies to them.  A failure to comply with these requirements is a criminal offence under section 106 of the Local Government Finance Act 1992. 

 

(3)       Members are also welcome to disclose interests which are not disclosable pecuniary interests but which they consider should be made in the interest of clarity.

 

(4)       Officers must disclose interests in accordance with Council Standing Order 44.

 

2.

MINUTES

Recommended –

 

That the minutes of the meeting held on 13 August 2019 be signed as a correct record (previously circulated).

 

(Jane Lythgow – 01274 432270)

3.

INSPECTION OF REPORTS AND BACKGROUND PAPERS

(Access to Information Procedure Rules – Part 3B of the Constitution)

 

Reports and background papers for agenda items may be inspected by contacting the person shown after each agenda item.  Certain reports and background papers may be restricted. 

 

Any request to remove the restriction on a report or background paper should be made to the relevant Strategic Director or Assistant Director whose name is shown on the front page of the report. 

 

If that request is refused, there is a right of appeal to this meeting. 

 

Please contact the officer shown below in advance of the meeting if you wish to appeal. 

 

(Jane Lythgow - 01274 432270)

 

4.

MINUTES OF THE WEST YORKSHIRE PENSION FUND JOINT ADVISORY GROUP (JAG) 25 JULY 2019 pdf icon PDF 56 KB

The report of the Director, West Yorkshire Pension Fund, (Document “F”) reminds Members that the role of The Pension Board, as defined by sections 5(1) and (2) of the Public Service Pensions Act 2013 is to assist the Council as Scheme Manager in ensuring the effective and efficient governance and administration of the Local Government Pension Scheme (LGPS) including securing compliance with the LGPS regulations and any other legislation relating to the governance and administration of the LGPS; securing compliance with the requirements imposed in relation to the LGPS by the Pensions Regulator; and any other such matters as the LGPS regulations may specify. 

 

The Minutes of meeting of WYPF Joint Advisory Group are submitted to the Pension Board to enable the Board to ensure effective and efficient governance and administration of the LGPS.

 

Recommended –

 

Members are requested to review the minutes of the WYPF JAG meeting held on 25 July 2019.

 

(Rodney Barton - 1274 434523)

 

Additional documents:

Decision:

Resolved –

 

That the minutes of the WYPF JAG meeting held on 25 July 2019 be  noted.

 

ACTION: Director, West Yorkshire Pension Fund

5.

WEST YORKSHIRE PENSION FUND AUDITED REPORT AND ACCOUNTS FOR 31 MARCH 2019 pdf icon PDF 130 KB

The report of the Director, West Yorkshire Pension Fund, (Document “G”) presents the WYPF audited Report and Accounts for the year ending 31 March 2019.   

 

The audited Report and Accounts provide a summary of West Yorkshire Pension Fund’s financial position. The accounts have been prepared in accordance with:

 

·         CIPFA Code of Practice on Local Authority Accounting in the United Kingdom 2018/19`.

·         CIPFA Guidance on Accounting for Local Government Pension Scheme Management Costs.

·         Pensions Statement of Recommended Practice 2007.

·         International Financial Reporting Standards (IFRS), as amended for the UK public sector.

 

Recommended –

 

That the audited report and accounts for 2018/19 be considered and noted.

 

(Ola Ajala – 01274 434534)

Additional documents:

Decision:

Resolved –

 

That the audited report and accounts for 2018/19 be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

6.

FIVE YEAR INTERNAL AUDIT PLAN FOR 2019/20 TO 2023/24 pdf icon PDF 113 KB

The report of the Director, West Yorkshire Pension Fund (Document “H”) presents the latest five year internal audit plan for West Yorkshire Pension Fund (WYPF). The plan is reviewed annually between WYPF finance team and CBMDC internal audit by carrying out a detailed assessment of WYPF business risks, pensions and investment regulatory compliance environments, and service developments.

 

Recommended –

 

That the report be noted.

 

(Ola Ajala – 01274 434534)

Decision:

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

7.

WEST YORKSHIRE PENSION FUND PENSIONS ADMINISTRATION REPORT pdf icon PDF 159 KB

The report of the Director, West Yorkshire Pension Fund, (Document “I”) provides an update on West Yorkshire Pension Fund’s pensions administration activities.

 

Recommended –

 

That the report be noted.

 

(Yunus Gajra – 01274 432343

Additional documents:

Decision:

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

8.

FEEDBACK FROM 2019 ANNUAL BENEFIT STATEMENT EXERCISE pdf icon PDF 213 KB

The report of the Director, West Yorkshire Pension Fund (Document “J”) indicated that since a change in the pension regulations resulted in an increase in requests for pension estimates from age 55, WYPF changed the information provided on its Annual Benefit Statement (ABS) to include figures for retirement from age 55, 60, 65 and state pension age. This feedback demonstrates the effects which the change brought about for WYPF administration in its working practices, and the benefits for members of the pension scheme.

 

Recommended –

 

That the Pension Board

·         notes the work undertaken to implement improvements to the ABS’s for scheme members in order to provide more details of retirement figures

·         notes that the range of benefit calculations provided in one statement enables members to be better financially informed about retirement options

·         notes the improvements and increases in work production following the application of functionalised working methods in the Service Centre

 

(Grace Kitchen – 01274 434266)

Decision:

Resolved  

 

1.    That the work undertaken to implement improvements to the ABS’s for scheme members in order to provide more details of retirement figures be noted.

 

2.    That the range of benefit calculations provided in one statement enables members to be better financially informed about retirement options be noted.

 

3.    That the improvements and increases in work production following the application of functionalised working methods in the Service Centre be noted.

 

ACTION: Director, West Yorkshire Pension Fund

9.

LOCAL GOVERNMENT PENSION SCHEME REGULATION UPDATES pdf icon PDF 75 KB

The report of the Director, West Yorkshire Pension Fund (Document “K”) updates the Local Pension Board on changes to the Local Government Pension Scheme (LGPS) 2014 and provides information on associated matters.

 

Recommended –

 

That the report be noted.

 

(Tracy Weaver – 01274 433571)

Decision:

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

10.

REGISTER OF BREACHES OF LAW pdf icon PDF 66 KB

The Director, West Yorkshire Pension Fund, will present a report

(Document “L”) which informs Members that, in accordance with the Public Service Pensions Act 2013, from April 2015 all Public Service Pension Schemes  come under the remit of the Pensions Regulator.

 

Section 70 of the Pensions Act 2004 (the Act) impose a requirement to report a matter to the Pensions Regulator as soon as it is reasonably practicable where that person has reason to believe that:

 

(a)  A legal duty relating to the administration of the scheme has not been or is not being complied with, and

(b)  The failure to comply is likely to be of material significance to the Pensions Regulator in the exercise of any of its functions.

 

A register of any breaches of the Pensions Code of Practice is maintained in accordance with the Pensions Regulators requirements and WYPF Breaches Procedure. 

 

Recommended –

 

That the entries on the Register of Breaches of Law be noted. 

 

(Caroline Blackburn – 01274 434523)

 

 

 

 

Additional documents:

Decision:

Resolved –

 

That the entries on the Register of Breaches of Law be noted. 

 

ACTION: Director, West Yorkshire Pension Fund

 

 

11.

2019 ACTUARIAL VALUATION pdf icon PDF 70 KB

The report of the Director, West Yorkshire Pension Fund (Document “M”) explains that the next triennial actuarial valuation of the Fund will be prepared based on the situation at 31 March 2019, and will determine the level of employers’ contributions from April 2020 onwards.

 

Recommended –

 

That the report be noted.

 

(Caroline Blackburn – 01274 434523)

Decision:

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund

12.

UPDATE ON THE GUARANTEED MINIMUM PENSION (GMP) RECONCILIATION EXERCISE pdf icon PDF 79 KB

The report of the Director, West Yorkshire Pension Fund, (Document “N”) provides an update on the current position regarding the Guaranteed Minimum Pension (GMP) reconciliation exercise.

 

Recommended –

 

That the update contained in Document “N” be noted and the potential additional workloads anticipated from the Guaranteed Minimum Pension (GMP) exercise be acknowledged.

 

(Yunus Gajra – 01274 434266

Decision:

Resolved –

 

That the update contained in Document “N” be noted and the potential additional workloads anticipated from the Guaranteed Minimum Pension (GMP) exercise be acknowledged.

 

ACTION: Director, West Yorkshire Pension Fund

 

13.

WYPF DATA IMPROVEMENT pdf icon PDF 72 KB

The report of the Director, West Yorkshire Pension Fund (WYPF),

Document “O”,  informs members that The Pension Regulator’s (TPR) Code of Practice 14 and The Public Service Pensions (Record Keeping & Miscellaneous Amendments) Regulations 2014 sets out the requirements for public sector pension funds to maintain comprehensive and accurate data on their members and their members’ pension contributions.

 

Recommended –

 

That the report be noted.

 

(Caroline Blackburn – 01274 434523)

Additional documents:

Decision:

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

14.

WEST YORKSHIRE PENSION FUND RISK REGISTER pdf icon PDF 64 KB

The report of the Director, West Yorkshire Pension Fund (Document “P”) advises members that West Yorkshire Pension Fund  maintains a Risk Register which contains 45 risks that have been identified and framed into scenarios. The risks have been rated and 22 of these are above their acceptable tolerance level and 23 are below the tolerance line. 

 

Information on five risks from the 22 which are above their tolerance level is included in Document “S” so that members can ensure that adequate Management Action Plans are in place to monitor those risks.

 

Recommended –

 

That the five risks and action plans to manage and mitigate those risks contained in Document “P” be noted.

 

(Yunus Gajra – 01274 432343)

Additional documents:

Decision:

Resolved –

 

That the five risks and action plans to manage and mitigate those risks contained in Document “P” be noted.

 

ACTION: Director, West Yorkshire Pension Fund

15.

TRAINING, CONFERENCES, SEMINARS AND EVENTS pdf icon PDF 65 KB

Members are reminded that training to understand their responsibilities and the issues they will be dealing with is a very high priority.

 

The report of the Director, West Yorkshire Pension Fund, (Document “Q”) informs Members of training courses, conferences and seminars which may be of assistance. 

 

Recommended -

 

That consideration is given by Board Members at the events in Section 1 and Members note the requirement to complete the Pension Regulators toolkit training.

 

(Caroline Blackburn – 01274 434523)

Decision:

No resolution was passed on this item.

16.

EXCLUSION OF THE PUBLIC

Members are asked to consider if the item relating to the West Yorkshire Pension Fund Investment Advisory Panel (Document “R”) should be considered in the absence of the public and, if so, to approve the following recommendation:-

 

Recommended –

 

That the public be excluded from the meeting during consideration of the item relating to minutes of the West Yorkshire Pension Fund Investment Advisory Panel meeting held on 25 July 2019 because information would be disclosed which is considered to be exempt information within paragraph 3 (Financial or Business Affairs) of Schedule 12A of the Local Government Act 1972 (as amended).

 

It is considered that, in all the circumstances, the public interest in maintaining this exemption outweighs the public interest in disclosing this information as it is in the overriding interest of proper administration that Members are made aware of the financial implications of any decision without prejudicing the financial position of the West Yorkshire Pension Fund.

 

17.

MINUTES OF THE WEST YORKSHIRE PENSION FUND INVESTMENT ADVISORY PANEL 25 JULY 2019

The report of the Director, West Yorkshire Pension Fund, (NOT FOR PUBLICATION Document “R”) reminds Members that the role of the Pension Board, as defined by sections 5(1) and (2) of the Public Service Pensions Act 2013 is to assist the Council as Scheme Manager in ensuring the effective and efficient governance and administration of the Local Government Pension Scheme (LGPS) including securing compliance with the LGPS regulations and any other legislation relating to the governance and administration of the LGPS; securing compliance with the requirements imposed in relation to the LGPS by the Pensions Regulator; and any other such matters as the LGPS regulations may specify.

 

The minutes of meeting of WYPF Investment Advisory Panel are submitted to the Pension Board to enable the Board to ensure effective and efficient governance and administration of the LGPS.

 

Members are requested to review the Not for Publication minutes of the Investment Advisory Panel on 25 July 2019 appended to Document “R”.

 

(Rodney Barton – 01274 432317

Decision:

That the Not for Publication minutes of the Investment Advisory Panel on 25 July 2019 appended to Document “R” be noted.

 

ACTION: Director, West Yorkshire Pension Fund