Agenda and minutes
Venue: Ystafell Gwyrfai, Council Offices, Caernarfon, Gwynedd. LL55 1SH
Contact: Lowri Haf Evans 01286 679878
No. | Item |
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APOLOGIES To receive
any apologies for absence Minutes: None to note |
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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 19.06.2018 to be signed as a true record Minutes: The Chair signed the minutes of the meeting of this committee, held on 19 June
2018, as a true record. |
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INVESTMENT STRATEGY STATEMENT PDF 50 KB To consider
the report of the Head of Finance Additional documents: Minutes: Submitted – a report requesting the Committee to approve the Amended Investment Strategy Statement. It was noted that the Pensions Committee had adopted the Statement in March 2017 accordance with the new legislation.
It was highlighted that the
statement now included the investment principles that the Committee and the Pensions Board had discussed and agreed in
previous meetings, as a result of the developmental session with Hymans
Robertson consultants. It was reiterated
that the principles highlighted the Fund's aspirations clearly, which in turn would
give guidance to the Fund's Assets Managers,
as well as set the direction for
discussions with the Wales
Pensions Partnership joint practitioner. In response to a question, it was confirmed that, in accordance with
the second principle in the paper, the Fund would seek
to invest within the Wales area when non-financial
investments could derive from this,
on condition that they satisfy
the requirements of the fiduciary
duty. RESOLVED
to approve the Investment Strategy
Statement. |
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TREASURY MANAGEMENT 2018/19 - MID YEAR REVIEW PDF 182 KB To consider
the report of the Head of Finance Minutes: Submitted, for information, a report highlighting the Council's actual Treasury Management activity during the current financial year. It was highlighted that, during the six months between
1 April and 30 September 2018, the Council’s borrowing activity had remained within the restrictions originally placed and there were
no banks where the Council had deposited money that had failed to repay. RESOLVED
to accept the information. |
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GUARANTEED MINIMUM PENSION (GMP) RECONCILIATION PDF 58 KB To consider
the report of the Pensions Manager Minutes: Submitted, for
information, an update for the Committee regarding the work that had been
undertaken to reconcile the Guaranteed Minimum Pension. Members were reminded
that a team of three had been set up in January 2016 under the leadership of
the former Pensions Manager, Mr Gareth Jones. With the process drawing to an
end in December 2018, the Committee was notified that the Gwynedd position was
comparatively good and the team was praised for its good work. It was noted
that the former Manager's expertise had secured a substantial saving for the
Council and it had been given to understand that other pension funds were
employing expensive consultants specialising in the field, or had not taken any
action and were therefore open to financial risk. The current
situation was envied that the Gwynedd Pension Fund had 119 cases designated as
stalemate where the Council and Her Majesty's Revenue and Customs (HMRC)
disagreed with the information submitted.
The Pensions Manager confirmed that HMRC had no grounds to challenge the
Council's information and that the Council was certain that its information was
accurate and had evidence to prove it. The officers confirmed that the Gwynedd
stalemates would be resolved in 2019 - 2020, but that the general situation
with the Guaranteed Minimum Pension and stalemates was currently the subject of
a Westminster Government investigation.
With the formal
process drawing to an end on 31 December 2018, it was noted that any unresolved
work would be transferred to the day-to-day work of the Pensions Department. RESOLVED to accept the information and it was
suggested that a letter be sent on behalf of the Committee to thank Mr Gareth
Jones for the heroic work of the Reconciliation Team. |
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EXCLUSION OF PRESS AND PUBLIC The Chairman shall propose that the press and public
be excluded from the meeting during the discussion on the following item due to the likely disclosure of exempt information as defined in paragraph
14, Part 4, Schedule 12A of the Local
Government Act 1972. There is an acknowledged public interest in
openness in relation to the use of public resources and related financial
issues. It is also acknowledged that there are occasions, in order to protect
the financial interests of public authorities that matters related to
commercial information need to be discussed without being publicised. The
report deals specifically with a price offer in relation to a software licence
which is commercially sensitive information. Publication of such commercially
sensitive information could undermine suppliers confidence to engage with the
Council and therefore the Councils ability to procure effectively. This would be contrary to the wider public
interest of securing value for money and the best overall outcome. For those
reasons the matter should be exempt in the public interest. Minutes: It was resolved that there is an acknowledged
public interest in openness in relation to the use of public resources and
related financial issues. It is also acknowledged that there are occasions, in
order to protect the financial interests of public authorities that matters
related to commercial information need to be discussed without being
publicised. The report is specifically
regarding receiving a specific offer for a software licence cost which is
commercially sensitive information. Publishing commercially sensitive
information of this type could undermine the provider's confidence in
submitting prices to the Council and, therefore, the Council's ability to
procure successfully. This would be contrary to the wider public interest of
securing value for money and the best overall outcome. For these reasons, the
matter was considered closed for the public interest. |
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SELF SERVICE SYSTEM To consider
the report of the Pensions Manager (Copies for
Committee members only) Minutes: Submitted – a
report requesting the Committee to approve additional funding to implement and
run the new Members' Self-Service system. The main reasons for the need to
update the system were highlighted, and a short presentation was given
comparing the old and new, and it was noted that Gwynedd would choose to host
the new software on hardware within the Council. It was reiterated that
negotiations with the provider were continuing in order to lower the price. During the ensuing
discussion, it was agreed that a new system would offer value for money and
addressed the Council's Language Policy requirements. The officers were
encouraged to continue to negotiate the price and put pressure to be able to
run the system on the Council's server. RESOLVED
to approve the funding up to the total noted in the report |