(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:

(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.

Recommended –

That the minutes of the meeting held on 5 September 2024 be signed as a correct record (previously circulated).

(Su Booth - 07814 073884)

(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)

The report of the Managing Director, WYPF (Document “Y”) will be submitted to the Board and presents West Yorkshire Pension Fund’s Risk Policy and Strategy which is subject to annual review.

Recommended –

That the Risk Register be noted.

(Yunus Gajra – 01274 432343)

Resolved –

That the risk register be noted.

To be actioned by: the Managing Director, WYPF

The report of the Managing Director, WYPF (Document “Z”) will be presented 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.

A Register of Breaches of Law is maintained in accordance with the Pensions Regulator’s requirements and WYPF Breaches procedure.

Recommended –

That the entries and action taken on the Register of Breaches be noted.

(Caroline Blackburn – 07790 353179)

Resolved –

That the entries and action taken on the Register of Breaches be noted.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BA”) will be presented to the Board and provides an update on the 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)

Resolved –

That the report be noted.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BB”) will be presented to the Board and provides an update on West Yorkshire Pension Fund’s (WYPF) pensions administration activities for the period 1 July 2024 to 30 Sept 2024.

Recommended –

That the report be noted.

(Yunus Gajra – 01274 432343)

Resolved –

1.          That the report be noted.

2.          That Officers be thanked for their hard work.

To be actioned by: The Managing Director, WYPF.

The report of the Managing Director, WYPF (Document “BC”) will be submitted to provide a summary of the proposed approach to the actuarial valuation at 31 March 2025 by the Fund’s actuary.  A procurement exercise to appoint a Fund Actuary has been completed and Aon – WYPF’s incumbent actuary has been re-appointed to provide actuarial services to the Fund until 31 October 2033.

Recommended –

That the report be noted.

(Caroline Blackburn – 01274 434523)

Resolved –

That the report be noted.

To be actioned by: The Managing Director, WYPF.

The report of the Managing Director, WYPF (Document “BD”) will be submitted and provides an outline of the progress of the introduction of the Pensions Dashboard.

Recommended –

That the report be noted.

(Elizabeth Boardall – 07890 532188)

Resolved –

That the report be noted.

To be actioned by: The Managing Director, WYPF.

The report of the Managing Director, WYPF (Document “BE”) will be submitted in order to assist the Scheme Manager and meet the requirements of the Public Service Pensions Act 2013.  Pension Board Members must be able to demonstrate suitable knowledge and skills of the LGPS to effectively scrutinise the decisions made by officers.

Recommended –

1.          That new Members of the Local Pension Board complete TPR Public Sector Toolkit online training, including the Scam module, by 17 January 2025 and the relaunched Hymans Robertson online LGPS Learning Academy Training, in order to meet the expectations of TPR and the requirements defined by the Public Service Pensions Act 2013.

2.          That all other Members of the Local Pension Board complete this training as soon as possible if they not have done so already.

3.          That further to Pension Board Members being asked, at the July Board to complete the Board effectiveness questionnaire and learning needs analysis by 1 August 2024 and Members who have not done so already are requested to complete these by the extended deadline of 31 December 2024.

4.          That Board Members be encouraged to attend external training events provided by PLSA, LGA & Actuarial firms. Consideration should also be given to Local Pension Board Member representation at various national events such as the PLSA Conference and LGA Governance conference.

(Matt Mott – 07815 476877)

Resolved –

1.          That new Members of the Local Pension Board complete TPR Public Sector Toolkit online training, including the Scam module, by 17 January 2025 and the relaunched Hymans Robertson online LGPS Learning Academy Training, in order to meet the expectations of TPR and the requirements defined by the Public Service Pensions Act 2013.

2.          That all other Members of the Local Pension Board complete this training as soon as possible if they have not done so already.

3.          That further to Pension Board Members being asked, at the July Board to complete the Board effectiveness questionnaire and learning needs analysis by 1 August 2024 and Members who have not done so already are requested to complete these by the extended deadline of 31 December 2024.

4.          That Board Members be encouraged to attend external training events provided by PLSA, LGA & Actuarial firms. Consideration should also be given to Local Pension Board Member representation at various national events such as the PLSA Conference and LGA Governance conference.

To be actioned by: The Managing Director, WYPF.

The report of the Managing Director, WYPF (Document “BF”) will be presented to Members in order to assist the Scheme Manager and meet the requirements of the Public Service Pensions Act 2013, Pension Board Members must be able to demonstrate suitable knowledge and skills of the LGPS to effectively scrutinise the decisions made by officers.

Recommended –

That the presentation be discussed and noted.

(Matt Mott – 07815 476877)

Resolved –

That the presentation be discussed and noted.

To be actioned by: The Managing Director, WYPF.

The report of the Managing Director, WYPF (Document “BG”) will be presented to Members and provides a summary of activity since the last update was provided and outlines a potential future governance model for discussion as part of a review of the effectiveness, roles and responsibilities of the WYPF Investment Advisory Panel (‘IAP’), JAG and the Local Pension Board (‘LPB’).

Recommended –

That the report be noted and Members provide any initial feedback they have on the matters outlined.

(Euan Miller – 01274 434517)

Resolved –

That the report be noted and Member feedback be provided on the matters outlined.

To be actioned by: The Managing Director, WYPF.

Members are asked to consider if the Not for Publication Appendix to (Document “BH”) containing the minutes of the West Yorkshire Pension Fund Investment Advisory Panel meeting held on 25 July 2024 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 Not for Publication Appendix to Document “BH” containing the minutes of the West Yorkshire Pension Fund Investment Advisory Panel meeting held on 25 July 2024 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.

Resolved –

That the public be excluded from the meeting during consideration of the Not for Publication Appendix to Document “BH” containing the minutes of the West Yorkshire Pension Fund Investment Advisory Panel meeting held on 25 July 2024 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.

The report of the Managing Director, WYPF (Document “BH”) will be presented to ensure effective and efficient governance and administration of the LGPS in accordance with Public Service Pensions Act 2013.

Recommended –

That the minutes of the IAP meeting held on 25 July 2024 be noted.

(Euan Miller – 01274 434517)

Resolved –

That the minutes of the IAP meeting held on 25 July 2024 be noted.

To be actioned by: The Managing Director, WYPF.