Agenda and draft minutes

Noted.

Any Member of the Committee, or any other Member present in the meeting room, who has a disclosable pecuniary interest, in a matter to be considered at the meeting is reminded to disclose the interest to the meeting and to leave the room while any discussion or vote on the matter takes place.

Members are also reminded that if they have any other significant interest in a matter to be considered at the meeting, whether registered or not, which they feel should be declared in the public interest, such interests should be declared to the meeting. In such circumstances Members should consider whether a member of the public, with knowledge of the relevant facts would reasonably regard the interest as so significant that it is likely to prejudice their consideration or decision making. If the Member considers that to be the case, they should leave the room while any discussion or vote on the matter takes place.

None declared.

The minutes were accepted as an accurate record and signed by the Vice-Chair.

Anerley Smith introduced the report. There were some delays in member pension increases which occurred as a result of the GMP project. The delay in payment was a one-off incident. She commented that there were approximately 119 pensions under the Guaranteed Minimum Pension project to be rectified.

It was noted that the Westminster quarter 1 Key Performance Indicators used different categories from RBKC’s and only listed caseload figures.

The Board considered the most meaningful measurement of performance, and requested that KPIs should include numbers of complaints and compliments received in each quarter to be reported to future meetings.

Action: Anerley Smith

She confirmed that in regard to the Internal Audit Report which had given the rating as substantial assurance in the administration of pensions, both recommendations had been put into practice.

The report was noted.

Julia Stevens introduced the report and commented that risks identified were same as listed in previous reports. Inflation levels were not expected to vary significantly in the near future, and an interest rate cut was expected later this year.

The report was noted.

Julia Stevens summarised the report. In response to queries she noted the latest valuation of BlackRock reflected the withdrawal of £105 million as part of a redemption. The portfolio valuation of Direct Property investments was caused in part by payment of stamp duty, tax and other capital costs.

She drew attention to the fund’s performance which was better than any other LGPS fund across all time periods measured.

The report was noted.

The report was noted.

Julie Stevens commented that levelling up targets were likely to continue. Pat Rowe advised that within the LCIV, efforts were underway to identify areas of further co-operation within the pool to enable convergence rather than any merging of funds. Pressure for further efficiencies was expected.

(Each written report on the Agenda detailed above:

(i)     was made available for public inspection from the date of the Agenda;

(ii)    incorporates a list of the background papers which (i) disclose any facts or matters on which that report, or any important part of it, is based; and (ii) have been relied upon to a material extent in preparing it.  (Relevant documents which contain confidential or exempt information are not listed.); and

(iii)    may, with the consent of the Chairman and subject to specified reasons, be supported at the meeting by way of oral statement or further written report in the event of special circumstances arising after the despatch of the Agenda.)

None.

Julia Stevens referred to CBRE’s full valuation of Direct Property assets which could be circulated to board members on request. She noted the live acquisitions of Park Central, Oxford and Holla Park Dunstable.  Negotiations were also proceeding on two central London data centres.  She reassured the board that there were no bad debts arising from direct property assets.

Regarding the fall in the valuation of Horspath Driftway RP, Oxford, Julia Stevens agreed to circulate a more detailed explanation to board members.

Action: Julia Stevens

The report was noted.

The minutes were agreed to be an accurate record and signed by the Vice-Chair.