Agenda and minutes

The Chair welcomed everyone to the meeting.

There were no apologies.  

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

Pauline Kettless declared a non-pecuniary interest as she is in receipt of a LGPS Pension from Enfield.

To agree the minutes of the previous meeting held on 15 September 2022.

The minutes were agreed.

ACTION: Report to come to the Pension Board on the Independent Chair and costs related to this.

Pension Board are recommended to note the forecast and outturn position based on the cashflow forecast from operational activities for 2022/23, attached to this report as Appendix 1.

Bola Tobun presented this item highlighting the key points from the report.

From September quarter end the account is in surplus. A transfer was received for almost £6.7 million which was slightly above what was budgeted for.

The report was noted.

The Pension Board is recommended to note the contents of this report and the attached Appendix.       

Bola Tobun presented this item.

Employers have occasionally missed payments but are generally on time. There are a total of 60 employers.

One employer missed the deadline for paying there pension contribution on 3 occasions but only by one or two days. There have only been 9 late payments across all 60 employers.

The report was noted.

Members are recommended to:

a)    Note the contents of this report;

b)    Note the Pension Fund Accounts for 2021/22, set at Section 2 of the Pension Fund Annual Report attached as Appendix A to this report;

c)    Note the draft Enfield Pension Fund Annual Report and Accounts for 2021/22 attached as Appendix A to this report;

d)    Note the Enfield Pension Fund ranking and returns as prepared and produced by PIRC (Pensions & Investment Research Consultants Ltd) UK Local Authority League table for 2021/22, set in section 31 to 34 and Appendix B of this report.

Bola Tobun presented this item explaining that the auditors have been delayed in signing off the reports since Covid-19. This is a national issue rather than a problem just for Enfield.

Bola suggested that the national audit office need to investigate the delays.  

The investments between April 21- March 22 have gone up by £170million. By the end of March our investments were £1.52billion.

The annual report compares the investment returns with our funds to see if we are getting good returns.

The report was noted.

The Local Pension Board is recommended to note the contents of this update.

Tim O’Connor presented this item highlighting the key points from the report.

A meeting has been set up in January to discuss Prudential’s performance and are looking at the option of other AVC providers. AVC wise is doing well and get attendance on their online seminars.

There has not been a huge increase in opt-outs. The pensions team have been pressing the 50/50 option and visiting sites with staff who don’t have access to online information. Members suggested the 50/50 option be advertised better.

FCA have given advice on pensions scams, following this the ‘zpensions’ email address is being looked at and hopefully will change.

In September 2024 we are looking to onboard pension members to the pensions dashboard. The first focus is getting the data as clear as possible.

Members expressed concern that the cut off at 75 for survivor benefits is discriminatory at a national level.

The new pensions regulator is starting in January 2023.

There is a Governance Conference taking place in January 2023 and an LGA employer training also coming up.

ACTION: Bola to send details for training to members.

The Pensions Team are doing a restructure on their projects. This is taking into account the national difficulties in recruitment to local government pension teams and in house training will be taking place to upkeep staff.

Members had questions on flexible retirement for teachers and the need for an understanding on Enfield’s policy on this and suggested the team coming out to talk to teachers. 

To receive a verbal update from Bola Tobun (Finance Manager, Pensions & Treasury)

The Board received a verbal update from Bola Tobun.

Concerns were expressed by the Board concerning the effects of soaring inflation and cost of living increase may affect employee’s ability to continue to pay pension contributions. So far this has not had an adverse effect, but it will be monitored and more likely to see effects next year.

The Pension, Policy and Investment Committee are also looking into this.

ACTION: Include this item on the next Pension Board Meeting Agenda.

The Local Pension Board are reccomended to note the contents of the draft Pension Policy & Investment Committee minutes

The Board noted the minutes.

The Chair advised she had been meeting with the Chair of the Pension, Policy and Investment Committee virtually.

To note the date of the future meeting:

Wednesday 10 April 2023

To consider passing a resolution under Section 100(A) of the Local Government Act 1972 excluding the press and the public from the meeting for the items listed as part 2 on the agenda on the ground that they involve disclosure of exempt information as defined in those paragraphs of Part 1 of Schedule 12A to the Act (as amended by the Local Government (Access to Information) (Variation) Order 2006).

The Pension Board is recommended to note the contents of this report.

Following the Part 2 discussion the confidential report was NOTED.

ACTION: Bola to send the board LCIV report from the investmnet consultant which asseses how risky the investments are.

Members are recommended to:

a)    Note the contents of this report;

b)    Note the Fund Actuary will be presenting updates at this meeting as part of the training section for members;

c)    Note the approved initial results of 31st March 2022 triennial actuarial valuation attached to this report as Appendix 1;

d)    Note the draft Funding Strategy Statement (FSS) of the Enfield Pension Fund attached to this report as Appendix 2; and

As part of the part 2 discussion Members received an update from Aon on the Triennial Valuation results for 2022.

The Pension Board are recommended:

a.    to note the contents of this report.

b.    to note the response from London CIV attached as Appendix 1, LAPFF as Appendix 2 and Scheme Advisory Board as Appendix 3; and

c.    to note Enfield Pension Fund response attached as Appendix 4.

Following the Part 2 discussion the confidential report was NOTED.

Members raised the question as to whether councillors on the Pension, Policy & Investment Committee are subject to a DBS check given their financial responsibility.  

ACTION: Robyn to advise on DBS checks of Councillors.