Agenda and draft minutes

To elect a Chairman for this meeting

RESOLVED to elect John Pughe Roberts as Chair of the meeting.

To receive any apologies for absence

Apologies - Councillor Seimon Glyn (Gwynedd Council), Councillor Peter Read (Gwynedd Council), Councillor Peredur Jenkins (Gwynedd Council), Councillor David Cowans (Conwy County Borough Council Representative), Councillor Aled Evans (Gwynedd Council), Mandy Evans (Abergele Town Council), Robert Henderson (Holyhead TC), Wendy Jones (CVSC), Einir Griffiths (Gwynedd Council), Mantell Gwynedd, Gwyn Jones (Ysgol Eirias), Tina Earley (Colwyn Bay Town Council), Careers Wales, Jo Cavill (Careers Wales) and Beaumaris Town Council.

To receive any declaration of personal interest.

No declarations of personal interest were received from any members present.

To note any items which are urgent business in the opinion of the Chairman so that they may be considered

None to note

To receive the Pension Fund’s Annual Report for 2018/19

a)           Note from the Chair - Councillor John Pughe Roberts

Everyone was welcomed to the annual meeting of the Pension Fund. The Chair expressed that 2018/19 had been a transitional year with 60% of fund assets now transferred to Wales Partnership funds. It was noted that Fund assets received 7.6% investment returns for the year compared to an average of 6.6% that was returned by LGPF funds (and a highest quartile of 7.2%). As a result, the total value of the Fund increased to more than two billion on 31 March 2019. It was reiterated that continuous growth in asset value remained encouraging and the fund was now in a relatively favourable position as the Actuary had announced that the Fund was now funded 108% in the Valuation on 31/03/2019. 

Although the position of individual employers within the Fund was different, generally, it was explained that the Fund's strength had allowed the fund to take a flexible approach to employer contribution rates, which would be in effect from April 2020. It was highlighted that most employers had been issued a notice of their amended pension contribution level, which would assist them with the financial situation in light of the continuous squeeze on public spending.

All officers who administrated the Fund were thanked, with a special mention to Nicholas Hopkins (Manager of the Administration Unit) and Caroline Roberts (Investment Manager). It was added that Nick Hopkins and Caroline Roberts were retiring and best wishes were expressed for a happy retirement for both. It was announced that Meirion Jones had been appointed as a new Manager for the Administration Unit and Delyth Jones-Thomas had been appointed as Investment Manager. Both were congratulated on their appointments. Tony Deakin, who had stood down as member of the Pension Board since his retirement, was thanked for his contribution to the Board’s work and Osian Richards was congratulated on being elected as new Chair of the Board.

b)           Note from the Chair of the Pension Board (2018/19) - Mr Tony Deakin

Reference was made to the annual report of the Fund's Pension Board that had been included in the report along with the main functions of the Board as a body that monitors and reviews the decisions of the Pension Committee and the work of the Administration Unit. Compared to other funds, he expressed that the system was a success in Gwynedd and that the Board had assisted and contributed towards the success of the Fund. Attention was drawn to the work plan and specific attention was drawn to examples of the Board's input to responsible investment and staffing succession arrangements. The need was noted to encourage employers to adopt the i-Connect information technology software to ensure clean and accurate data for the future. Attention was drawn to the need and willingness of the Board to attend training in order to keep up with current information and matters. He took the opportunity to congratulate Meirion Jones and Delyth Jones-Thomas on their appointments and his  ...  view the full minutes text for item 5.