Greenwich Council

Agenda and minutes

Venue: Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Clare Chapman  Email: clare.chapman@royalgreenwich.gov.uk or tel: 020 8921 6160

Items
No. Item

1.

Apologies for Absence

To receive apologies for absence from Members of the Panel.

Minutes:

Apologies for absence were received from Councillor Olu Babatola.

2.

Urgent Business

The Chair to announce any items of urgent business circulated separately from the main agenda.

Minutes:

There was no urgent business.

3.

Declarations of Interest pdf icon PDF 38 KB

Members to declare any personal and financial interests in items on the agenda.  Attention is drawn to the Council’s Constitution; the Council’s Code of Conduct and associated advice.

Additional documents:

Minutes:

Resolved –

 

That the list of Councillors’ memberships as Council appointed representatives on outside bodies, joint committees and school governing bodies be noted.

4.

Minutes pdf icon PDF 43 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 20 June 2016.

 

No motion or discussion may take place upon the Minutes except as to their accuracy, and any question on this point will be determined by a majority of the Members of the body attending who were present when the matter in question was decided.  Once confirmed, with or without amendment, the person presiding will sign the Minutes.

Minutes:

Resolved -

 

The Minutes of the meeting of the Pension Fund Investment & Administration Panel held on 20June 2016 were agreed and signed as a true and accurate record.

 

5.

Pension Fund Statement of Accounts 2015/16- Audit Findings Report pdf icon PDF 40 KB

To review and comment upon the contents of the Auditor’s Audit Findings Report in respect of the Pension Fund Accounts.

 

Additional documents:

Minutes:

The report was introduced by the Engagement Lead for Grant Thornton (the Appointed Auditor) who informed Members of the audit findings in relation to the Pension Fund Accounts 2015/16.

 

The Engagement Lead informed the Panel that an enhancement to the statements had been made at Note 11 of the Accounts.

 

The Chair thanked the representatives for their comprehensive report. 

 

Resolved:-

 

That the contents of the Auditor’s Audit Findings Report in respect of the Pension Fund Accounts, as detailed in Appendix A of the report, be noted. 

 

6.

Pension Fund Annual Report 2015/16 pdf icon PDF 28 KB

To agree the Pension Fund Annual Report 2015/16 and to note that the Annual Report will be published upon receipt of the Audit Opinion following Council on 27 July 2016.

 

Additional documents:

Minutes:

The report was introduced by the Finance Manager who summarised the key points. 

 

The Panel were informed that the value of the Fund remained largely steady, and a new investment strategy and transfer of assets had commenced. 

 

It was noted that further work was required with changes to investment regulations in 2016/17. 

 

Resolved:-

 

1.     That the Pension Fund Annual Report 2015/16 attached as Appendix A to the report, be agreed subject to amendment by the Audit Findings Report.

 

2.     That it be noted that the Annual Report will be published upon receipt of the Audit Opinion following Council on 27 July 2016.

7.

Early Retirements 01/10/15-31/03/16 pdf icon PDF 30 KB

To note a report on early retirements covering the period 1 October 2015 to 31 March 2016 and review the financial effect, and to agree that the appendix be considered in closed session as exempt information.

Additional documents:

Minutes:

The report was introduced by the Pensions Operations Manager who summarised the key points. 


In response to a question from the Panel, the Principal Accountant confirmed that the early retirement strain figure in the half year report was not the same as that in the annual accounts, as the latter was for the full year.  

 

Resolved:-

 

1.     That the report on early retirements covering the period 1 October 2015 to 31 March 2016 be noted.

 

2.     That it be agreed that the appendix to the report be considered in closed session as information as defined in paragraph 2 of Schedule 12A of the Local Government Act 1972 (Schedule 1) is likely to be made known: “2. Information which is likely to reveal the identity of an individual.”