Agenda and decisions

West Yorkshire Pension Fund Joint Advisory Group - Thursday, 28th July, 2022 1.30 pm

Venue: Committee Room 1 - City Hall, Bradford. View directions

Items
No. Item

1.

APPOINTMENT OF CHAIR (Standing Order 35)

To appoint a Chair for the Municipal Year 2022/2023.

Decision:

Resolved –

 

That Councillor Thornton be appointed Chair of the West Yorkshire Pension Fund Joint Advisory Group for the municipal year 2022/2023.

 

Action: Interim City Solicitor

 

2.

APPOINTMENT OF DEPUTY CHAIR (Standing Order 35)

To appoint a Deputy Chair for the Municipal Year 2022/2023.

 

Decision:

Resolved –

 

That Councillor Winnard be appointed Deputy Chair of the West Yorkshire Pension Fund Joint Advisory Group for the municipal year 2022/2023.

 

Action: Interim City Solicitor

 

3.

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 must consider their interests, and act according to the following:

 

Type of Interest

You must:

 

 

Disclosable Pecuniary Interests

Disclose the interest; not participate in the discussion or vote; and leave the meeting unless you have a dispensation.

 

 

Other Registrable Interests (Directly Related)

OR

Non-Registrable Interests (Directly Related)

Disclose the interest; speak on the item only if the public are also allowed to speak but otherwise not participate in the discussion or vote; and leave the meeting unless you have a dispensation.

 

 

 

Other Registrable Interests (Affects)

OR

Non-Registrable Interests (Affects)

Disclose the interest; remain in the meeting, participate and vote unless the matter affects the financial interest or well-being

 (a) to a greater extent than it affects the financial interests of a majority of inhabitants of the affected ward, and

(b) a reasonable member of the public knowing all the facts would believe that it would affect your view of the wider public interest;

in which case speak on the item only if the public are also allowed to speak but otherwise not do not participate in the discussion or vote; and leave the meeting unless you have a dispensation.

 

(2)        Disclosable pecuniary interests relate to the Member concerned or their spouse/partner.

 

(3)        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. 

 

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

4.

MINUTES

Recommended –

 

That the minutes of the meeting held on 27 January 2022 be signed as a correct record (previously circulated).

 

(Jane Lythgow/Su Booth – 01274 432270/07814 073884)

5.

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/Su Booth - 01274 432270/07814 073884)

 

6.

RISK MANAGEMENT REPORT pdf icon PDF 99 KB

The report of the Director, West Yorkshire Pension Fund (Document “A”) will be submitted to the Joint Advisory Group to provide Members with details relating to the identified risks which have been rated and plotted on a matrix and a risk tolerance line agreed in order to prioritise the risks. The risk matrix measures each risk for its likelihood and impact in terms of its potential for affecting the ability of WYPF to achieve its objectives.

 

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

 

7.

PENSIONS ADMINISTRATION pdf icon PDF 208 KB

The report of the Director, West Yorkshire Pension Fund (Document “B”) will be submitted to the Joint Advisory Group to provide Members with an update on West Yorkshire Pension Fund’s (WYPF) pensions administration activities for the period 1 January 2022 to 30 June 2022.

 

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.

WYPF FINANCE REPORT pdf icon PDF 235 KB

The report of the Director, West Yorkshire Pension Fund (Document “C”) will be submitted to the Joint Advisory Group and presents the WYPF 2021/22 financial outturn, financial and service performance and the draft 2021/22 annual report and accounts (WYPF accounts). The Local Government Pension Scheme Regulations 2013 (LGPS Reg 2013), Regulation 57 specifies that:

 

1.    An annual report must be prepared each year ending 31 March.

2.    The annual report must be published by 1st December following the year end.

3.    In preparing and publishing the annual report, WYPF must have regard to guidance from the Secretary of State and use best practice.

 

Recommended –

 

1.      JAG note the content of the annual report and account and suggest any improvements.

 

2.      JAG note the financial and service performance.

 

(Ola Ajala – 01274 434534)

 

Additional documents:

Decision:

Resolved –

 

That the content of the annual report, including the financial and service performance, be noted.

 

Action: Director, West Yorkshire Pension Fund

 

9.

BUSINESS PLAN 2022-2027 pdf icon PDF 111 KB

The report of the Director, West Yorkshire Pension Fund (Document “D”) will be submitted to the Joint Advisory Group to provide details relating to the finalising of a five-year business plan which highlights objectives for the Fund and documents the priorities and improvement to be implemented to help achieve those objectives.

 

Recommended –

 

That the report be noted.

 

(Ola Ajala – 01274 432343)

 

Additional documents:

Decision:

Resolved –

 

That the report be noted.

 

Action: Director, West Yorkshire Pension Fund

10.

LOCAL GOVERNMENT PENSION SCHEME REGULATIONS UPDATE pdf icon PDF 114 KB

The report of the Director, West Yorkshire Pension Fund (Document “E”) will be submitted to provide Members of the Joint Advisory Group with updates 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

11.

2022 ACTUARIAL VALUATION pdf icon PDF 95 KB

The report of the Director, West Yorkshire Pension Fund (Document “F”) will be submitted to provide Members with details of the next triennial actuarial valuation of the Fund.  It will be prepared based on the situation at 31 March 2022, and will determine the level of employers’ contributions from April 2023 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.

REGISTER OF BREACHES OF LAW pdf icon PDF 105 KB

The report of the Director, West Yorkshire Pension Fund (Document “G”) will be submitted to provide Members with the details of the register of breaches in accordance with West Yorkshire Pension Fund (WYPF) Breaches procedure.

 

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 imposes a requirement to report a matter to The Pensions Regulator, as soon as is reasonably practicable where that person has reasonable cause 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.

 

Recommended –

 

That Members note the entries on the 2021/22 Register of Breaches.

 

(Caroline Blackburn – 01274 434523)

Additional documents:

Decision:

Resolved –

 

That the entries on the Register of Breaches of Law 2021/22 be noted.

 

ACTION:  Director, West Yorkshire Pension Fund

 

13.

POOLING OF ACADEMIES pdf icon PDF 95 KB

The report of the Director, West Yorkshire Pension Fund (Document “H”) will be submitted to advise Members that the Fund is seeking to introduce pooling to all academies for funding purposes as the number of academies increases.

 

Recommended –

 

1.    That the principle to move towards pooling all academies for funding purposes is noted.

 

2.    That the outcome of the consultation exercise with all employers and updates to the Funding Strategy Statement will be considered in January 2023.

(Caroline Blackburn – 01274 434523)

 

Decision:

Resolved –

 

1.    That the principle to move towards pooling all academies for funding purposes be noted.

 

2.    That the outcome of the consultation exercise with all employers and updates to the Funding Strategy Statement will be considered in January 2023.

 

Action: Director, West Yorkshire Pension Fund

14.

MAZARS EXTERNAL AUDIT REPORT TO JAG pdf icon PDF 103 KB

The report of the external auditors (Mazars) (Document “I”) will be submitted to provide Members with the Draft Audit Strategy Memorandum (ASM) which sets out the plan for the external audit of the West Yorkshire Pension Fund for the year ended 31 March 2022.

 

Recommended –

 

That the report be noted.

 

(Cameron Waddell – 0191 383 6300)

Additional documents:

Decision:

Resolved –

 

That the report be noted.

 

ACTION:  Director, West Yorkshire Pension Fund

 

15.

TRAINING, CONFERENCES AND SEMINARS pdf icon PDF 139 KB

The report of the Director, West Yorkshire Pension Fund (Document “J”) will be submitted as there is a growing need for LGPS funds to demonstrate that Members have an adequate level of knowledge to carry out their roles effectively. With the upcoming introduction of a refreshed CIPFA Knowledge & Skills Framework, the Scheme Advisory Board’s Good Governance project (England and Wales), and increasing scrutiny from The Pensions Regulator, the expectation on funds has never been greater.

 

Recommended –

 

That members complete the online training as soon as possible and give consideration to attendance at the events as provided.

 

(Yunus Gajra – 01274 432343)

 

Decision:

Resolved –

 

That members complete the online training as soon as possible and give consideration to attendance at the events as provided.

 

Action: Members and the Director, West Yorkshire Pension Fund