Issue - meetings

To receive the Draft Pension Fund Accounts 2019/20 from Bola Tobun.

There will be a 10 minute break after this item.

The Committee received the draft Pension Fund Year End Financial Statements for 2019/20 from the Pensions and Treasury Finance Manager.

The Pensions and Treasury Finance Manager highlighted that we were waiting for auditors’ approval but that currently no contentious issues had been raised.

Figures given in the report show the Enfield Pension Fund ranking and returns.  The update position at the end of March 2020 indicated a weakened funding level position of 96% however due to market volatility this had ‘bounced back’ by the end of June 2020 and would now be considered to be at approximately 101% to 103% funding level.

Councillor Neville suggested that it would be helpful if future reports could focus on those areas where there were differences/ variances and provide a brief note on each.

Councillor Taylor drew attention to two amendments to be made relating to Note 25 in the Pension Fund Accounts -2019/20 – under ‘Governance’ it states that Enfield Council has decided that councillors should not be allowed to join the LGPS scheme. Cllr Taylor pointed out that this is the statutory, national position.  He also mentioned that he was no longer a Governor of Capel Manor, a scheduled body.

NOTED

1. The contents of the report

AGREED

1. The Committee noted and considered the draft Pension Fund Financial Statements for 2019/20
2. The Committee noted the Enfield Pension Fund ranking and returns as prepared and produced by PIRC (Pensions & Investment Research Consultants Ltd) UK Local Authority League table for 2019/20, set in section 25 to 28 and appendix B of the report.

The Chair thanked Fay Hammond and her team for their achievements in providing end of year figures in the current circumstances and said he awaits the final sign- off re the Pension Fund Accounts.