Agenda item

(To receive a report by Jo Ray (Pension Fund Manager) which invites the Board to review the main policies of the Pension Fund)

The Board gave consideration to a report from Jo Ray, Pension Fund Manager, which brought to the Board the main policies of the Pension Fund for review.

It was highlighted that under the various Local Government Scheme Regulations, the Pensions Committee, as the Administering Authority of the Lincolnshire Pension Scheme, was required to produce and maintain a number of key policy documents. 

The Board was advised that the Pensions Committee had reviewed and approved the Appendices supporting the report.  The Accounting, Investment and Governance Manager highlighted to the Board the changes that had been made to each of the Appendices.

·         Appendix A – Investment Strategy Statement – It was noted that information had been added relating to the responsible investor policy and voting framework, that had been agreed by the Pensions Committee at their October 2017 meeting;

·         Appendix B – Funding Strategy Statement – The Board was advised that a note had been added about the change to Cessation Arrangements due to a change in the regulations.  It was highlighted that any surpluses calculated on cessation of an employer must be repaid to the exiting employer.  It was highlighted further that these had previously been retained by the Fund;

·         Appendix C – Communications Policy – The Board was advised that reference to the members Roadshows had been added; and that reference to the Annual Members Meeting had been deleted.  It was noted that the Annual Meeting had been stopped due to poor attendance; and it was hoped that the roadshow approach across the county would increase attendance;

·         Appendix D – Governance Policy and Compliance Statement.  It was highlighted that the document had been extended to include Asset Pooling Governance.  The Board was also advised that the Council's Constitution would also need to be amended to reflect the changes;

·         Appendix E – Stewardship Code Statement – The Board was advised that there were no changes planned at present;

·         Appendix F – Breaches Reporting Procedure – The Board was advised that there were no changes planned at present; and

·         Appendix G – Risk Register – The Board were invited to consider the Risk Register presented.  It was highlighted that there was only one red risk at the moment.  Following a short discussion, the Board agreed to do a more in depth look at 3 items on the risk register for the 11 October 2018 meeting.

RESOLVED

1.    That the Lincolnshire Pension Fund Policies Review Report and associated Appendices be noted.

2.    That three items from the risk register be selected for a more in-depth review at the 11 October 2018 Pension Board meeting.