Agenda and minutes

Venue: Council Chamber, County Hall, Newport, Isle of WIght

Contact: Megan Tuckwell  Email: democratic.services@iow.gov.uk

Media

Items
No. Item

1.

Election of Chairman for the Day

Minutes:

Due to the absence of the Chairman it was necessary to elect a Chairman for the day.

 

RESOLVED:

 

THAT Cllr Vanessa Churchman be elected Chairman for the day.   

 

2.

Minutes pdf icon PDF 212 KB

To confirm as a true record the Minutes of the meeting held on 28 April 2021. 

Minutes:

RESOLVED:

 

THAT the Minutes of the meeting held on 28 April 2021 be confirmed.

 

3.

Declarations of Interest

To invite Members to declare any interest they might have in the matters on the agenda.

Minutes:

No declarations were received at this stage.

 

4.

Public Question Time - 15 Minutes Maximum

Questions may be asked without notice but to guarantee a full reply at the meeting, a question must be put including the name and address of the questioner by delivery in writing or by electronic mail to Democratic Services at democratic.services@iow.gov.uk, no later than two clear working days before the start of the meeting. Therefore the deadline for written questions will be Thursday 27 May 2021.

 

Minutes:

No public questions were received.

 

5.

Introduction pdf icon PDF 86 KB

Members of the Committee to receive introductory information on the Local Government Pension Scheme (LGPS) and the Isle of Wight Council Pension Fund (IWCPF), including an overview on governance, administration, investment, funding (including preparation for the 2022 valuation) and the future workplan.

Additional documents:

Minutes:

The committee received a presentation  delivered by the Technical Finance Manager which contained information on the Local Government Pension Scheme and the Isle of Wight Council Pension Fund, including an overview on governance, administration, investment, funding (including preparation for the 2022 valuation) and the future workplan.

 

Questions were raised and discussion took place regarding the upcoming triennial valuation, employer contributions, the role of actuaries, and the role of the Local Pension Board in relation to the committee.

 

The Technical Finance Manager presented the proposed workplan for the forthcoming year, including proposals for development sessions outside of the regular meeting schedule.

 

RESOLVED:

 

THAT the presentation be noted.

 

At the conclusion of discussion, members adjourned for a 5-minute comfort break.

6.

Investment Position pdf icon PDF 3 MB

To note the fund’s investment performance for the period ending 31 March 2021.

Minutes:

The Investment Consultant of from Hymans Robertson presented the report which detailed the fund’s investment performance for the period ending 31 March 2021, including market background, capital market outlook, asset allocation, fund performance, and manager rating and analysis. No questions were raised at this stage.

 

RESOLVED:

 

THAT the update be noted.

 

7.

Indicative Funding Level as at 31 March 2021 pdf icon PDF 623 KB

To note the fund’s indicative funding level as at 31 March 2021.

Minutes:

The committee noted that the Investment Consultant of from Hymans Robertson had presented an update under the previous agenda item which illustrated the estimated development of the Fund’s funding position from 31 March 2019 to 31 March 2021. Members were reassured that the Fund was 100% funded and a review of the investment strategy was underway to maintain this. No questions were raised at this stage.

 

RESOLVED:

 

THAT the update be noted.

8.

Draft Financial Results 2020-21 pdf icon PDF 85 KB

To receive and approve the draft financial results 2020-21. 

Minutes:

The committee received the draft financial results which summarised the Fund’s income, expenditure, and balance sheet for 2020-21. Members were advised that this would form part of the Fund’s annual report and accounts which would be included as an appendix to the Council’s accounts, and it was anticipated that the full draft financial statement would be available for presentation to the committee at its next meeting in July 2021. No questions were raised at this stage.

 

RESOLVED:

 

THAT the update be noted.

 

9.

Items circulated for Members Attention

To note that in between committee meetings, information will be circulated by the Technical Finance Manager for members’ information. Such items will be listed on each formal committee agenda as a reminder, with key topics included on the agenda for more in-depth discussion. As this is the first meeting with newly selected members, no items are reported below.

Minutes:

Members were advised that information would be circulated by the Technical Finance Manager in between committee meetings. Such items would be listed on each agenda as a reminder and for the opportunity to consider through more in-depth discussion. As this was the first meeting following the election with newly selected committee membership, no items were reported.

 

RESOLVED:

 

THAT the update be noted.

 

10.

Members' Question Time

To guarantee a reply to a question, a question  must be submitted in writing or by electronic mail to democratic.services@iow.gov.uk no later than 10.00am on Friday 28 May 2021. A question may be asked at the meeting without prior notice but in these circumstances there is no guarantee that a full reply will be given at the meeting.

Minutes:

No members questions were received.