Agenda and minutes

Apologies had been received from Councillor Philip Corthorne.

Councillors Duncan, Harmsworth and Lewis, and advisory member John Holroyd declared a personal interest in all Agenda Items, in that they were all members of the Local Government Pension Scheme, and remained in the room.

Resolved:

The Committee agreed that Agenda Items 6 to 10 were to be considered in public; and Agenda Items 11 to 13 were to be considered in private for the reasons stated on the agenda.  Members of the press and public would be excluded from the meeting during the consideration of these items.

The minutes of the meeting held on 14 December 2012 were agreed as an accurate record by the Committee.

Officers presented the review of the fund manager performance for the

London Borough of Hillingdon Pension Fund for the period ending on

31 December 2011. The total value of the fund’s investments as at 31

December 2011 was £583.7m.

Resolved:

The Committee noted the update.

The Chairman of the Committee presented the report which summarised the number of Early Retirements in the year 2011/12. Officers informed Members that in quarter 3 of the current year 59 people over the age of 55 had their LGPS benefits put into payment due to redundancy and efficiency.

Resolved:

The Committee noted the report.

Officers presented the Pension Budget Fund 2011/12 to the Committee.

Resolved:

The Committee noted the budget position as at 30 September

2011.

Officers informed the Committee Members that during the period 1 October 2011 to 31 December 2011 Pensions Administration was combined with Payroll under a single manager. Members were pleased with the performance of the Pensions Administration.

Resolved:

The Committee noted the report.

Officers presented the Committee with an update on Governance Issues.

Members discussed what approach should be taken to member

development. Members said it was imperative that Officers continue to

keep the Committee updated on changes to legislation and to maintain

member knowledge. Members agreed that substitute Members of the

Pensions Committee should also be provided with a good working

knowledge of current issues. Officers agreed to circulate a training leaflet to all Members of the Pensions Committee including substitute Members. Officers also agreed to provide substitute Members of the Pensions Committee with a hard copy of the agenda when requested by individual Members.

The Committee discussed the usefulness of Fund Manager Meetings, and decided that Members should only attend these if they deemed it necessary. Officers would continue to meet with Fund Managers and report any urgent issues to Members.

Resolved:

1. Members discussed and agreed an approach to Fund Manager Meetings.
2. Members noted the remaining items.

Officers informed Members that the pre-audit would begin on 29 March 2012, where Deloitte would identify the key risks to investigate as part of their Annual Audit Plan.

Resolved:

The Committee noted the report.

This item was discussed as a Part 2 item without the press or public

present as the information under discussion contained confidential or

exempt information as defined by law in the Local Government (Access

to Information) Act 1985. This was because it discussed ‘information

relating to the financial or business affairs of any particular person

(including the authority holding that information)’ (paragraph 3 of the

schedule to the Act).

This item was discussed as a Part 2 item without the press or public

present as the information under discussion contained confidential or

exempt information as defined by law in the Local Government (Access

to Information) Act 1985. This was because it discussed ‘information

relating to the financial or business affairs of any particular person

(including the authority holding that information)’ (paragraph 3 of the

schedule to the Act).

This item was discussed as a Part 2 item without the press or public

present as the information under discussion contained confidential or

exempt information as defined by law in the Local Government (Access

to Information) Act 1985. This was because it discussed ‘information

relating to the financial or business affairs of any particular person

(including the authority holding that information)’ (paragraph 3 of the

schedule to the Act).