Agenda, decisions and minutes
Venue: Cyfarfod Rhithiol / Virtual Meeting. View directions
Contact: Lowri Haf Evans 01286 679878
No. | Item |
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APOLOGIES To receive
any apologies for absence Minutes: Apologies
were received from Councillor Peredur Jenkins and
Councillor Simon Glyn |
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DECLARATION OF PERSONAL INTEREST To receive
any declaration of personal interest Minutes: None to
note |
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URGENT ITEMS To note any
items which are urgent business in the opinion of the Chairman so that they may
be considered Minutes: None to
note |
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The Chairman shall propose that the minutes of the meeting of this committee held on 21st January 2021, to be signed as a true record Minutes: The
Chair accepted the minutes of the meeting held on 21 January 2021 as a true
record |
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TREASURY MANAGEMENT STRATEGY STATEMENT FOR 2021/22 PDF 269 KB To consider the report, adopt the strategy and confirm pooling arrangements Additional documents: Decision: ·
To adopt the Treasury Management Strategy
Statement for 2021/22 as adapted for the purpose of the Pensions Fund. ·
To request that the Council (although not a
separate body) allow the surplus cash balances of the Pension Fund to continue
to be pooled with the Council’s general cash flow from 1 April 2021 onwards. Minutes: Submitted - the report of the
Investment Manager, noting in accordance with Welsh Government's Statutory
Guidance on Local Government Investments, the Council was required to prepare
an Annual Investment Strategy as part of its treasury management role. As good
practice, it was considered that the Gwynedd Pension Fund (the "Fund"),
should adopt Gwynedd Council's Treasury Management Strategy Statement (TMSS)
for 2021/22, as revised for the purpose of the Pensions Fund. Gwynedd Council's TMSS for 2021/22 was approved by the full Council
on 4 March 2021. The Pensions Committee wished to
allow the Pension Fund's cash balances to be pooled
with the Council's financial balances. At the end of the financial year,
Gwynedd Council paid interest to the Pension Fund based on the Fund’s daily
balances over the year. It was highlighted that the
exercise was one that was determined annually as the returns received were
better, with the risks reduced when the money was pooled with the Council's
funds. The sum
available to pool varied and had grown recently to around £20m-£25m. In
recent discussions at the Investment Panel, it was
recommended to invest up to £20m in the WPP ARB fund - the Investment
Manager confirmed that £10m had now been invested. The type of investments
available jointly with the Council as seen in the report were Banks and
Building Societies, other Authorities, Cash Market Funds and pooled funds. The main advantages of the
exercise were attracting higher interest, minimising bank costs and avoiding
duplication of work within the Council. It was confirmed
that keeping the Fund safe and protecting the money was the priority and not to
take risks. It was proposed and seconded to accept the recommendations. During the ensuing discussion, the following observations were noted: · That there was no point in having a different strategy · The arrangement worked well RESOLVED: · To adopt the Treasury Management Strategy Statement for 2021/22 as adapted for the purposes of the Pension Fund · To request that the Council (although not a separate body) allow the surplus cash balances of the Pension Fund to continue to be pooled with the Council’s general cash flow from 1 April 2021 onwards. |
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WALES PENSION PARTNERSHIP BUSINESS PLAN PDF 114 KB To consider and approve the Business Plan Additional documents: Decision: To approve the Wales Pension Partnership Business Plan Minutes: Submitted for information - a report by the Investment
Manager noting the Wales Pension Partnership's wish for each individual
committee within the partnership to approve their Business Plan. It was explained that the Business Plan had been submitted to
the Joint Governance Committee for approval on 24 March 2021, where two
amendments were recommended - 2 elements relating to annual training and the
disclosure / 'Whistleblowing' policy. It was highlighted that the
Business Plan provided a detailed overview of what the WPP was doing, as well
as how they achieved their objectives. It was reiterated
that the Plan would be monitored regularly and be reviewed and agreed upon
annually. Proposed and seconded – to approve the Business Plan as well
as the additions recommended by the Joint Governance Committee RESOLVED to approve
the Wales Pension Partnership Business Plan |
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To consider the report Additional documents: Decision: To note and
accept the contents of the Risk Register for information Minutes: The Investment Manager and the Pensions Manager presented
the current risk register that highlighted the relevant risks to the Pension
Fund. It was highlighted that the register was an active document, that it was reviewed regularly, and updated in response to any
substantial risks that were likely to develop. It was highlighted that the register, since it was formed,
has been submitted to the Pension Board regularly, with the Board reviewing its
contents and making observations on the risk scores
and the register's format. Since the Board had been submitted
in February 2021, it was highlighted that the risks that had been reviewed, the
assessments had been amended and the register was up-to-date with the current
situation. Gratitude was expressed for the
information. During the ensuing discussion, the following observations were noted: · Welcomed the colour-coding to highlight the risk; although it was not considered that purple reflected 'catastrophic' · Risk number 1.2 - conflict of interest... - needed to highlight the interests clearly ·
Risk number 2.1 - making inappropriate decisions
as a result of insufficient information - the Pension Board needed to be
included as a Mitigation Measure to reinforce the statement - the Board played
an important role by challenging and scrutinising the administration and
management of the Pension Fund In response to a question regarding risk number 7.5 -
pension benefits continuing to be paid to deceased pensioners...' - it was
confirmed that a request was made for a copy of the death certificate RESOLVED, to accept,
for information, including the Risk Register |