Agenda and draft minutes

Local Pension Board - Wednesday, 8th September, 2021 10.00 am

Venue: Conference Room, Civic Centre, Silver Street, Enfield, EN1 3XA. View directions

Contact: Email: 

No. Item


Welcome and Introductions


The Chair welcomed everyone to the meeting.


Declarations of Interest

Members are asked to declare any disclosable pecuniary, other pecuniary or non-pecuniary interests relating to items on the agenda.



Pauline Kettless declared an interest as a member of a Local Government pensions scheme.


Councillor Oykneer declared an interest as a relative receives their pension.


Minutes of the previous meeting pdf icon PDF 109 KB

To note the minutes of the previous meeting held on 9 June 2021.


The minutes of the meeting held on 9 June 2021 were agreed.


Pension Administration Performance, Team Update and LGPS Update pdf icon PDF 229 KB

To receive a Pension Administration Performance, Team Update and LGPS Update.

Additional documents:


Tim O’Connor, Exchequer Manager Pensions, provided the following update:

·         The LBE Pensions Statement has been sent out. These have been rebranded to provide greater detail.

·         There are concerns around Credential’s performance and at the time of the meeting LBE were still waiting for their statements. Due to this, they have been “red rated”.

·         Death Report – has levelled out but increases could be expected during winter months.

·         McCloud – career average pensions were brought in and the Government were taken to court over this. Updates on legislation are expected.

·         Amendments to the pension age are expected in 2028.

·         Work continues on the Pension Dashboard and the Exit Pay Cap.

·         The Pension Regulator Code of Practise is due to be completed in Summer 2022.

·         Annual Allowance Project has now started, and this will effect some senior officers.

·         The Online Pensioner Self Service has now been rolled out. So far, 1,800 people have signed up for this.

·         The Fund Valuation preparation continues.

·         The Pensions Team are recruiting for maternity cover.


Pension Administration Risk Register pdf icon PDF 438 KB

To receive the Pension Administration Risk Register.


Tim O’Connor, Exchequer Manager Pensions, informed the Board that one employer has taken members out of the pension scheme. Legal guidance on this issue is expected imminently.


Employer Contributions Report pdf icon PDF 166 KB

To receive the Employer Contributions Report.

Additional documents:


Bola Tobun, Finance Manager (Finance & Pensions), highlighted the following two employers have been delaying their contribution payment since the start of the financial year. These payments have been two days late each time and this being monitored.



Review of The Pensions Regulator Code of Practice pdf icon PDF 205 KB

To review the Pensions Regulator Code of Practice.

Additional documents:


This was brought to the last meeting of the Board.


It was noted that the document still says Northumberland.


The Code of Practise is being changed so this item will be updated.


Review of Responsible Investment Policy pdf icon PDF 431 KB

To review of Responsible Investment Policy.

Additional documents:


Bola Tobun, Finance Manager (Finance & Pensions), presented this item and highlighted the following:

·         The review is to assist the Pensions Policy & Investment Committee.

·         The aim is to reduce ESG and climate issues and increase sustainable development goals.

·         It will reduce the carbon content of the LBE’s investments by investing 10% of assets in renewable energy.

·         AON are reviewing how clean the renewable infrastructure investment is.

·         By 2022, there will be no hedge funds for LBE. It can take 6 months to one year for LBE to get its money back.

·         The Board will be kept update on what the next steps up.

·          Members of the Pensions Policy and Investments Committee meet monthly with fund managers.


Review of Governance Compliance Statement

To receive a verbal update on the Review of Governance Compliance Statement.


There was no report for this item.


The Board were eager to hold an Annual General Meeting during December 2021/January 2022.


It was discussed that the Monitoring Officer had previously statement that virtual formal meetings of the Council would be unlawful.




Minutes of the Pension Policy & Investment Committee - 29 July 2021 pdf icon PDF 94 KB

To note the minutes of the last meeting of the Pension Policy & Investment Committee,


The minutes of the previous Pension Policy & Investment Committee meeting were noted.


LCIV Quarterly Update - PART 2

To receive the LCIV Quarterly Update.

Additional documents:


Following discussions in part 2 the report was noted.