Agenda and draft minutes

Venue: Lambeth Town Hall, Room B6, Brixton Hill, London, SW2 1RW

Contact: David Rose, Telephone 020 7926 1037, Email: drose@lambeth.gov.uk 

Items
No. Item

1.

Declarations of Pecuniary Interest

    Under Standing Order 4.4, where any councillor has a Disclosable Pecuniary Interest (as defined in the Members’ Code of Conduct (paragraph 4)) in any matter to be considered at a meeting of the Council, a committee, sub-committee or joint committee, they must withdraw from the meeting room during the whole of the consideration of that matter and must not participate in any vote on that matter unless a dispensation has been obtained from the Monitoring Officer.

    Minutes:

    There were no declarations of interest. 

     

2.

Minutes from the previous meeting pdf icon PDF 100 KB

3.

Lambeth Pension Administration - Quarterly Performance update to end of May 2018 pdf icon PDF 277 KB

    Wards: All

     

    Report authorised by: Jackie Belton: Strategic Director for Corporate Resources

     

    Contact for enquiries: Linda Osborne, Pensions Manager, 0207 926 5762,

    losborne1@lambeth.gov.uk

     

    For noting

     

    Minutes:

    The Acting Strategic Director for Corporate Resources, Christina Thompson; and, Linda Osborne, Pensions Operations Manager, presented the report and answered questions as below:

    ·           There were no significant developments since the October meeting.

    ·           The Aquila Heywood training on document production and workflow was due next week.

    ·           The decline of the overall control environment (agenda pack, page 7) was due to the delay incurring by external partners and the reconciliations were now up to date.

    ·           ITM Ltd confirmed the Guaranteed Minimum Pension (GMP) reconciliation project was on schedule and data, which only included figures for pensions less than £1,000, was comparable to other Funds.

    ·           HMRC held data on people’s GMPs and whilst this was slightly different from that held by Lambeth, ITM had confirmed that discrepancies were less than other local authority Pension Funds.

     

    Pension Board Members welcomed the full resolution of 69% of discrepancies by April 2019.

     

    RESOLVED:

    1.         To note the Pensions Administration Service Performance update covering the period September 2018 to November 2018.

     

4.

Lambeth Pension Fund - Governance Review action plan update pdf icon PDF 121 KB

5.

Lambeth Pension Fund - Risk Register pdf icon PDF 278 KB

    Wards: All

     

    Report authorised by: Jackie Belton: Strategic Director for Corporate Resources

     

    Contact for enquiries: Linda D’Souza: Interim Head of HR Operations – 07854 752186, ldsouza@lambeth.gov.uk  

     

    For noting and discussion

     

    Additional documents:

    Minutes:

    Linda Osborne, Pensions Operations Manager, presented the report and answered questions as below:

    ·           There were no red-rated risks, but control measures had been put in place for risks PA9 and PA17 (agenda pack, pages 60-1).

    ·           5% of the Fund’s membership were from small employers, some of whom made late payments and employers were contacted via email and letter if they were late contributing.  In addition, action was being taken against one consistently late-paying employer whose admitted body’s membership was now ceasing as they were finding it difficult to meet payments.

    ·           Pension Fund payment was checked every month and consistently late payment could be taken to the Pensions Regulator if necessary, but this latter step had not been undertaken to date.

    ·           There was no risk to Lambeth pensioners from late payments as they were paid by Lambeth payroll.

     

    RESOLVED:

    1.         To note and review the Lambeth Pension Fund Risk Register and the additional actions proposed to mitigate risk.

    2.         To recommend any possible amendments to the Pensions Committee.

     

6.

Lambeth Pension Fund - Investment Performance Review - 31 March 2018 pdf icon PDF 224 KB

7.

Lambeth Pension Fund - Investment Manager's Summary - 31 March 2018

Minutes:

Exclusion of the press and summary of part II proceedings.

 

MOVED by the Chair and,

 

RESOLVED: That under section 100A-H of the Local Government Act 1972, the press and public be excluded from the remainder of the meeting on the grounds that, for the item of business summarised below, it was likely that exempt information, as defined by Section 1001 and Schedule 12a of the Local Government Act 1972 and as specified by reference to the appropriate paragraph thereof, would be disclosed to them:

 

3. Information relating to the financial or business affairs of any particular person including the authority holding that information.