Greenwich Council

Agenda and minutes

Venue: Committee Room 5 - Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Jasmine Kassim  Email: jasmine.kassim@royalgreenwich.gov.uk tel 020 8921 5146

Items
No. Item

1.

Apologies for Absence

To receive apologies for absence from Members of the Panel.

Minutes:

Apologies for absence were received on behalf of Councillors Olu Babatola, and Mick Hayes.

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 34 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 68 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 20 March 2017.

 

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:

The Panel noted that the Minutes of meeting of the Pension Fund Investment & Administration Panel held on 20 March 2017 was submitted at a prior meeting, and agreed as a true and accurate record.

5.

Pension Fund Statement of Accounts 2016/17 - Audit Findings Report pdf icon PDF 72 KB

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

 

Additional documents:

Minutes:

The representatives on behalf of the External Auditor, Grant Thornton, presented the report to the Panel, highlighting findings in regard to the Council’s Pension Fund Accounts.

 

In response to questions raised, the representatives gave an assurance to the Panel that the assets in the Pension Fund were secured, and the External Auditor’s findings were in line with performance.  It was confirmed that contributions were also within expectations.  Furthermore, the journals were tested, and no concerns relating to financial controls were found.  It was stated that estimates and judgements were also audited.  Thus, there was evidence of ‘going concern’, but the true value of the assets would only be known after selling them.

 

The Panel also received clarification from the representatives that as a process, the bulk of the audit work had been completed.  However, it was not unusual to undertake final reviews but in the circumstance, it was likely that an ‘unqualified’ opinion would be granted by the External Auditor in regard to the Council’s Pension Fund Account.

 

Resolved –

 

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

6.

Annual Report of the Pension Board 2016/17 pdf icon PDF 54 KB

To note the annual report of the Pension Board (‘the Board’) for 2016/17

Additional documents:

Minutes:

The Panel considered the report presented by the Finance Manager and

 

Resolved –

 

That the annual report of the Pension Board for 2016/17 (attached as Appendix A to the report), be noted.

7.

Pension Fund Annual Report 2016/17 pdf icon PDF 55 KB

 

 

To consider and comment upon the Pension Fund Annual Report 2016/17, which is subject to amendment by the external auditor’s Audit Findings Report and to note that the Annual Report will be published upon receipt of the Audit Opinion following Council on 19 July 2017.

Additional documents:

Minutes:

The Panel noted the report presented by Assistant Director (Corporate Finance & Deputy S151 Officer), and welcomed an assurance that the Royal Borough of Greenwich’s Pension Fund was in a healthy financial state of affairs.

 

Resolved –

 

1.            That the Pension Fund Annual Report 2016/17, attached as an appendix 1 to the report, and subject to amendment by the External Auditor’s Audit Findings Report, be noted.

 

2.            That it be noted that the Annual Report will be published upon receipt of the Audit Opinion following Council on 19 July 2017.

8.

Funding Update pdf icon PDF 68 KB

To note a funding update report from the pension fund actuary Barnett Waddingham as at 31 March 2017.

Additional documents:

Minutes:

The Panel noted the report presented by Assistant Director (Corporate Finance & Deputy S151 Officer).

 

In light of an enquiry, the Assistant Director reiterated to the Panel that while the funding level had increased marginally from 90% in March 2015 to 91% in the current period, liabilities would not be ignored.  However, liabilities were dependent on the demographics of the fund and, the higher the risk, the higher volatility.

 

The representatives on behalf of the External Auditor, Grant Thornton, supported the response by the Assistant Director, and they commented that there would need to be caution in the management of the portfolio because the fund was dependent on the market movements.

 

Resolved –

 

That the funding update report from the Pension Fund Actuary, Barnett Waddingham as at 31 March 2017, be noted.