Agenda and minutes

Paragraph 24 of the Terms of Reference stipulated that the appointment of the Chair would be subject to the passing of a motion, by a majority of the employer and member representatives of the Board.

RESOLVED

That Roger Buttery be appointed as Chair of the LGPS Local pension Board.

ROGER BUTTERY IN THE CHAIR

An apology for absence was received from Councillor M S Jones.

(To receive a report which invites the Board to consider and adopt its Terms of Reference and Terms of Office)

A report was considered which presented the Board's Terms of Reference and the initial terms of office for individual board members.

The Board's membership consisted of:

·         1 x Independent Chair (non-voting);

·         2 x Employer Representatives (voting);

·         2 x Scheme Member Representatives (voting).

In the case of an even tie during a vote, the Chair did not have a casting vote.  Instead, discussion on the issue would need to continue until a majority vote was reached.

Paragraph 27 of the Terms of Reference required the Board members to be given staggered terms to allow for continuity.  This requirement was discussed and the following terms agreed:

·         4 year term for the Independent Chair – Roger Buttery;

·         2 year term for Employer Representative – Councillor M S Jones (this would take his term up to the next County Council election);

·         2 year term for Scheme Member Representative – David Vickers;

·         4 year term for Employer Representative – Kirsty McGauley;

·         4 year term for Scheme Member Representative – Ian Crowther.

It was requested that all members of the Board receive the agenda papers for the Pensions Committee on a regular basis.

RESOLVED that:

1.    The Terms of Reference be adopted;

2.    That the initial Terms of Office for all Board members be agreed.

(To receive a report which invites the Board to consider and adopt its Code of Conduct and Conflict of Interest Policy)

Consideration was given to a report which presented the draft Code of Conduct and Conflict of Interest Policy to the Board for adoption.

Discussion took place regarding the Conflict of Interest Policy and the requirement for conflicts of interest to be listed in a register.  As a result of the discussion, it was agreed to amend the Register of Potential and Actual Conflicts of Interest to include declaration of other appointments that may be potentially related. 

RESOLVED

That the Code of Conduct and Conflict of Interest Policy be adopted by the Board, subject to an amendment in the Register of Potential and Actual Conflicts of Interests to include declaration of other appointments that may be potentially related.

(To receive a report which invites the Board to consider and adopt its Knowledge and Training Policy)

Consideration was given to a report which presented the draft Knowledge and Training Policy for the Lincolnshire Pension Board for adoption.

The onus was on each individual member of the Board to log any training undertaken.  This would include even passive training such as listening to a relevant radio or television programme.  The Pensions and Treasury Manager will keep a central record of all training done for each member. 

Local Government Association training was available to members and the Board was also welcome to attend scheduled Pensions Committee training sessions.

Training was available from pensions fund managers and they were very happy to provide this free of charge.

Once training needs were identified, one hour of the three hours allocated for the Board meetings could be used for training.

RESOLVED

That the Knowledge and Training Policy be adopted.

(To receive a report which invites the Board to consider and adopt its Reporting Breaches Procedure)

The Board considered a report which presented the draft Reporting Breaches Procedure for adoption.

The breaches procedure affected both officers and members and there was a personal responsibility, as well as collective, to comply with it.  If unsure, a member could bring an issue to the Board's attention for wider discussion.

The Board was advised of a non-payment of pension contributions issue caused by Serco, acting on behalf of the County Council.  The Chair advised the Pensions and Treasury Manager to be open, transparent and proactive about the issue and raise it with the Pensions Regulator.  This would be added to the Record of Breaches.

RESOLVED that:

1.    The Reporting Breaches Procedure be adopted;

2.    The non-payment of pension contributions issue be reported to the Pensions Regulator and added to the Record of Breaches.

(To enable the Board to discuss and agree a programme of work for the coming year)

The Board considered a programme of work for forthcoming meetings and the following list was agreed:

·         Code of Practice – for the Board to work through the Pensions Regulator's Code of Practice document.  This could potentially identify training needs for the Board;

·         Communications;

·         Internal and External Audit Report – to look at complaints and compliments.

·         Pensions Administration – accounting and reporting, and investment strategy and funding.

RESOLVED

That the Board's programme of work for forthcoming meetings be agreed.

(This item provides an opportunity to discuss, with the potential to set, the dates of future meetings of the Board)

The Board discussed possible meeting dates and the following was agreed:

·         Wednesday, 7 October 2015 – 2pm - 4pm;

·         Wednesday, 2 December 2015 – 10am - 12pm;

·         Thursday, 17 March 2016 – 10am - 12pm.

RESOLVED

That the dates for three meetings of the Board be agreed.