Issue - meetings
Clwyd Pension Fund Update.
Meeting: 23/06/2017 - Clwyd Pension Fund Committee (Item 73)
73 Clwyd Pension Fund Update 
PDF 118 KB
To provide Committee Members with a high level
summary of issues across the Fund and an update on the use of
delegations since the last Committee meeting.
Additional documents:
- Appendix 1 - Draft Pension Board Minutes 01-03-16, item 73
PDF 133 KB
- Appendix 2 - Officer Delegations, item 73
PDF 87 KB
- Appendix 3 - Internal Audit Report, item 73
PDF 316 KB
- 5 Appendix 4 - Technical Team Organisation Structure, item 73
PDF 46 KB
Decision:
(a) That the Committee considered the update and provide any comment;
(b) That the Committee approve the revised organisation structure for the Technical Team and ring-fence the appointment of the Lead Technical Officer.
Minutes:
Mr Latham provided an update on the Pension Fund. He highlighted that he has reduced the number of reports under this agenda item given the new members to the PFC but said that these would be picked up as part of the Committee training.
Mr Latham asked if everyone was available on 19 July for the first day of training on Governance; this was agreed by all members. The second training day will be on funding occurring the week beginning 24 July, and this will be provided by the Fund Actuary.
Mr Latham informed the Committee that due to positive investment returns, the Pension Fund was 86% funded as at 31 March 2017. Nikki Gemmell (Support Actuary – Mercer) said that the funding position had improved further from the stated position in the papers – funding position was 89% at the end of May and was up to c90% funded in the last couple of days. Kieran Harkin (Fund Investment Consultant – JLT Group) said that the value of the Fund’s assets was £1.746m as at end of May. Mr Latham noted that the current funding level was as high as he had ever known.
Mr Latham drew attention to the issue on pages 32/33 of the papers as they are identical; he noted that page 32 is incorrect. He said that it was regarding the ongoing monitoring of Fund Managers and there is nothing significant to highlight at the meeting.
Mr Latham distributed a document from LAPF Investments regarding pooling which members might find useful. Mr Latham and the Chair will be travelling to Cardiff on Thursday for the first Joint Governance Committee meeting. The Wales Pool will be known as the Wales Pension Partnership.
Mr Latham said there was still some work to do regarding the Workforce planning of the Administration Section and the reorganisation of resources with succession planning and business continuity a focus. He drew the Committee’s attention to Appendix 4 which shows the current structure and proposed structure for the Technical section. The additional cost following the restructure is minimal.
Councillor Bateman asked who the Lead Technical Development Officer was. Mrs Burnham confirmed this is a new position in the Technical Team and will be ring-fenced within the existing team. Mrs Burnham said that due to someone retiring they needed to restructure this sooner rather than later. They are only looking at the Technical Team at the moment but going forward will look at the wider team as well.
Ms Brooks said that if it helped the new Committee members, the CPF Board had been looking at workforce planning within the Fund's staffing and supported any changes that would assist the team meeting the requirements of the business plan.
RESOLVED:
(a) That the Committee considered the update and provide any comment;
(b) That the Committee approve the revised organisation structure for the Technical Team and ring-fence the appointment of the Lead Technical Officer.