(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 28 November 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 “BI”) will be submitted to the Board in order to be able fulfil its role 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.

Appendix document containing the training presentation to follow.

Recommended –

That the report and presentation be noted and discussed.

(Matt Mott - 07815 476877)

The report of the Managing Director, WYPF (Document “BJ”) will be submitted to the Board and presents an update on West Yorkshire Pension Fund’s (WYPF) pensions administration activities for the period 1 October 2024 to 31 December 2024.

Recommended –

That the report be noted.

(Yunus Gajra - 01274 432343)

The report of the Managing Director, WYPF (Document “BK”) will be submitted to the Board and presents the Register of Breaches of Law which is maintained in accordance with the Pensions Regulator’s requirements and WYPF Breaches procedure.

To comply 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) 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 the entries and action taken on the Register of Breaches be noted.

(Caroline Blackburn – 07790353179)

The report of the Managing Director, WYPF (Document “BL”) will be submitted to the Board and provides updates on changes to the Local Government Pension Scheme (LGPS) 2014 and 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 “BM”) will be submitted to the Board and provides details of the monthly financial reports which are used to inform management reports, policies, and decisions made across WYPF. These financial performance and risk management activities inform this report.

In accordance with Local Government Pension Scheme Regulations, costs of managing LGPS pension funds must be charged to the pension fund accounts and not to local authorities’ general fund accounts. Financial resources outlined in this report delivers pension services over 500,000 (WYPF 326,000) pension members, 900 (WYPF 400) employers, and 26 shared service partners - pension administering organisations.

Recommended –

1.          That the latest WYPF expenditure forecast of £16.55m against a budget of £18.50m for 2024/25, net underspend of £1.95m be noted.

2.          That the total WYPF approved budget of £19.64m for 2025/26 be noted.

3.          That the WYPF total cost per member of £44.67 is the lowest within LGPS (2^nd £69.55). Projected total cost per member for 2025/26 of £60.19 will maintain our cost performance going forward. All LGPS cost will be up based on a number of regulatory proposals be noted.

4.          That at the time of writing this report Bradford accounts for 2023/24 is planned to be signed after the Governance & Audit 25 February 2025 meeting. This should meet the statutory backstop deadline of 28 February 2025 be noted.

(Ola Ajala - 01274 434534)

Resolved –

1.      That the latest WYPF expenditure forecast of £16.55m against a budget of £18.50m for 2024/25, net underspend of £1.95m be noted.

2.     That the total WYPF approved budget of £19.64m for 2025/26 be noted.

3.      That the WYPF total cost per member of £44.67 is the lowest within LGPS (2^nd £69.55). Projected total cost per member for 2025/26 of £60.19 will maintain our cost performance going forward. All LGPS cost will be up based on a number of regulatory proposals be noted.

4.     That the Bradford accounts for 2023/24 were signed of at the Governance & Audit 25 February 2025 meeting, thus meeting the statutory backstop deadline of 28 February 2025 be noted.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BN”) will be presented to the Board and provides details of WYPF’s written statement of the authority’s policies in relation to such matters as it considers appropriate in relation to procedures for liaison and communication with scheme employers and the levels of performance which the employers and WYPF are expected to achieve in order to be in compliance with the LGPS Regulations 2013.

Recommended –

That the report be noted.

(Yunus Gajra – 01274 432343_

Resolved –

That the report be noted.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BO”) will be submitted to the Board and outlines 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 “BP”) will be presented to the Board and provides details of the recent national knowledge base exercise carried out to help Officers assess and report on the Knowledge and Skills of Committee and Board members, demonstrating they're meeting the requirements laid out in The Pensions Regulator's General Code of Practice.

Recommended –

That the report be noted and members engage with future training provided, commissioned or recommended by the Fund.

(Yunus Gajra – 01274 432343)

Resolved –

That the report be noted and members must engage with statutory training requirements as commissioned or recommended by the Fund.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BQ”) 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 “BR”) will be presented to the Board and provides details of the assessment carried out by WYPF on compliance with the General Code as set out by TPR in order to meet its legal obligations and regulatory expectations.

Recommended –

That the results of compliance against TPR’s General Code of Practice be noted.

(Yunus Gajra – 01274 432343)

Resolved –

That the results of compliance against TPR’s General Code of Practice be noted.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BS”) will be presented to the Board and contains the minutes of the meeting of WYPF Joint Advisory Group which are submitted to the Pension Board to enable the Board to ensure effective and efficient governance and administration of the LGPS in order to assist The Pension Board to fulfil its role as defined by sections 5(1) and (2) of the Public Service Pensions Act 2013.

Recommended –

That the minutes from the meeting be reviewed.

(Euan Miller - 01274 434517)

Resolved –

That the minutes be reviewed.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BT”) will be presented to the Board and provides details of training courses, conferences and seminars for Board 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 –

1.          That new Members of the Local Pension Board complete TPR Public Sector Toolkit online training, including the Scam module as soon as possible as the 17 January 2025 has expired.  In addition, to complete 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 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 as soon as possible as the 17 January 2025 has expired.  In addition, to complete 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 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

Members are asked to consider if the Not for Publication Documents “BU” and “BV” containing the CEM Benchmarking Survey and Investments update report and related appendices respectively, 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 Document “BU” and “BV” containing the CEM Benchmarking Survey and Investment Update 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 Document “BU” and “BV” containing the CEM Benchmarking Survey and Investment Update 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 Not for Publication report of the Managing Director, WYPF (Document “BU”) will be presented to the Board which compares WYPF’s pension administration costs and member service with a peer group of other schemes, from both public and private sector, for the year to 31 March 2024.

Recommended –

That the report be noted.

(Euan Miller – 01274 434517)

Resolved –

That the report be noted.

To be actioned by: The Managing Director, WYPF

The report of the Managing Director, WYPF (Document “BV”) will be presented to enable the Board to ensure effective and efficient governance and administration of the LGPS, included is a summary of WYPF’s investment portfolio as at 31 December 2024 and the performance of each mandate over the quarter and 12-month period up to that date.

Also included is a report that was submitted to the Bradford Council Governance & Audit Committee on 25 February 2025 regarding the ‘LGPS Fit for the Future’ consultation, the slides presented to this meeting and the final version of the Northern LGPS Pool Business Plan.

Recommended –

That the report and appendices attached be noted.

(Euan Miller – 01274 434517)

Resolved –

That the report and appendices attached be noted.

To be actioned by: The Managing Director, WYPF