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Agenda and draft minutes

Venue: Cyfarfod Rhithiol / Virtual Meeting. View directions

Contact: Lowri Haf Evans  01286 679878

Items
No. Item

1.

ELECT CHAIR

To elect a Chairman for this meeting

Minutes:

RESOLVED to elect Councillor Stephen Churchman as chairman of the meeting.

 

2.

Apologies

To receive any apologies for absence

Minutes:

Apologies were received from Councillor Robin Williams (Representative of Isle of Anglesey County Council), H Eifion Jones (Pension Board Member), Sioned Parry (Pension Board Member), Wendy Jones (Community and Voluntary Support Conwy),  Karen Nelson (Grŵp Llandrillo Menai), Rebecca (Menter Môn) Jo Cavill (Careers Wales), Geraint Owen (Cyngor Gwynedd), Alwen Williams (Economic Ambition Board), Gwyn Jones (Ysgol Eirias), Sue Hill (ABM Catering), Dave O’Neill (Community and Voluntary Support Conwy), Nia Murray (Eryri National Park Authority), Carys Edwards (Ynys Môn), Amanda Davies (Byw’n Iach), Sion Wyn Hughes (Caernarfon Town Council), Caren Byron (Careers Wales), Rachel Lees (Conwy Town Council) and Rick Mills (Public)

 

3.

Declaration of Personal Interest

To receive any declaration of personal interest.

Minutes:

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

 

4.

Urgent Business

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

Minutes:

None to note

5.

GWYNEDD PENSION FUND ANNUAL REPORT 2021/22 pdf icon PDF 2 MB

To receive the Pension Fund’s Annual Report for 2021/22

Minutes:

Everyone was welcomed to the annual meeting of the Pension Fund.

 

Introduction from the Fund Director

 

It was reported that the value of the Pension Fund had increased from £2,528 million to £2,776 million which was considered a substantial increase of £248 million during 2021/22. It was reiterated, despite the period of uncertainty in global markets at the start of 2020, there had been a long period of recovery, and although performance was behind the benchmark, the fund had seen a strong performance of 10.0%, and was now in the highest quartile of the Local Government Pension Scheme LGPS funds (ref PIRC official statistics for 2021/22).

a) Pensions Administration:

During 2021/22 it was reported that the use of the 'My Pension Online' system was increasing year on year, with more than 16,000 registered thus far and approximately 500 members using the site every month. Employers were encouraged to promote the site in the workplace to ensure that staff took advantage of the services on offer. It was noted that a software company was in the process of creating a new version of the self-service system and that it was intended to launch the system during the spring of 2023 along with a campaign to increase fund membership. It was explained that the Administration Unit was also in the process of uploading pensioners' pension slips to the site which would enable pensioners to view their pension slips every month.

The use of the i-Connect system was reported upon, which updated pay data and contributions on the system every month. It was reiterated that i-Connect provided substantial benefits to LGPS members by submitting clear, accurate and timely data and that 100% of members' records were now being updated through the system. All the employers were thanked for using the system.

Attention was drawn to the Members’ Satisfaction Survey which was sent out to all Fund members at the end of each process, e.g. retirements and payment of backpayments, for members to give their opinion on the quality of the service received and on the service provided by the department's staff.

It was reported that over 96% of members either strongly agreed or agreed that the quality of the service was high, and that 98.12% of users strongly agreed or agreed that the quality of the service provided by the staff was high. In order to achieve these high scores, it was noted that the employers' collaboration had been crucial, and the employers were thanked tor their willingness to provide the information promptly.

 

b) Investment Performance

The Market Value of the Fund was £1.9 Billion in 2020 (after a dip during Covid, March 2020). By the end of March 2021, the Fund's Market Value was £2.5 Billion (with the stock market restored to its pre-Covid level by the end of May 2021). £2.775 Billion on 31 March 2022) but £2.628 Billion on 30 September 2022 after 6 difficult months for the stock market with the global recession  ...  view the full minutes text for item 5.