Decision details

(Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972. It was considered that in all the circumstances of the case the public interest in maintaining the exemption outweighed the public interest in disclosing the information).

The Committee received presentations from the Local Pension Partnership representatives in relation to the proposed 2019/20 budget and short term objectives. It was noted that the associated strategic plan had not changed from the one approved by Committee in June 2018.

It was reported that the Local Pension Partnership had faced challenges over the last 9 months and had responded to the issues raised by the Committee with regard to the pension administration service. A number of examples were given of recent improvements to the service and in relation to the ongoing performance of the Fund.

The Committee was informed that the budget set out at Appendix 'A' was primarily focussed on short term measures to provide a quality, cost effective service with an emphasis on the continuing improvement of the pension administration service.  The current funding level was discussed and members of the Committee questioned the representatives from the Local Pension Partnership on various elements of the proposed budget and the short term objectives, requesting further clarification of the information provided where appropriate.

Resolved:

1.  That the Local Pensions Partnership 2019/20 budget, as set out in Appendix 'A' to the report presented, is approved.

2.  That the 2019/20 short term objectives of the Local Pensions Partnership, as set out in Appendix 'B' to the report presented, are approved.

3.  That the Local Pension Partnership provide the following information to the Committee outside of the meeting.

a)  A detailed breakdown of the figures for 'Travel' and 'Other' referred to in the 'Non Staff Costs' section of Appendix 'A'.

b)  Details of the 'growth roles' referred to under 'Staff Costs' in Appendix 'A'.

c)  A breakdown of staff numbers at the various locations across the Local Pension Partnership.

d)  Examples of diversity/legal statements in relation to responsible investment.

e)  An update on progress towards the achievement of cultural targets in relation to addressing pay differentials and climate change.