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  • Agenda and minutes

    Gwynedd Pensions Fund Annual Meeting Between Members of Gwynedd Council's Pension Committee and Representatives of the Employers and Unions - Tuesday, 28th November, 2023 10.00 am

    • Attendance details
    • Agenda frontsheet PDF 127 KB
    • Agenda reports pack PDF 3 MB
    • Printed minutes PDF 147 KB

    Venue: Cyfarfod Rhithiol / Virtual Meeting. View directions

    Contact: Lowri Haf Evans  01286 679878

    Items
    No. Item

    1.

    Chairman

    To elect a Chairman for this meeting

    Minutes:

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

     

    2.

    Apologies

    To receive any apologies for absence

    Minutes:

    Apologies were received from Councillor Robin Williams (Isle of Anglesey Council Representative), Councillor John Pughe Roberts (Cyngor Gwynedd), H Eifion Jones (Chair of the Pension Board), Tony Deakin, Ned Michael and Councillor Beca Roberts (Pension Board Members) and Ben Hughes (Audit Wales).

     

    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 2022/23 pdf icon PDF 3 MB

    To receive the Pension Fund’s Annual Report for 2022/23

    Minutes:

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

     

    The Head of Finance introduced the Fund Officers together with Members of the Pensions Committee and Members of the Pensions Board to all. Brief reference was made to the main responsibilities of the Committee including its role as ‘Quasi-trustees' to the Fund, determining the general policy objectives, strategy and implementation of the Fund in accordance with relevant legislation. It was added that they also determined the strategy to invest money in the Pension Fund and monitor and review the investment arrangements.  Reference was made to the Committee's work during 2022/23 and it was noted that the reports and minutes of the Committee meetings could be viewed on the Council’s website.

     

    In reference to the work of the Pension Board, it was noted that the Board was an oversight body and although the Board had no decision-making powers it would oversee the operation of the Fund ensuring that it met the legal and administrative requirements.
    It was reiterated that the Board membership consisted of 3 member representatives and 3 employer representatives. Reference was made to the Committee's work during 2022/23 and it was noted that the reports and minutes of the Committee meetings could be viewed on the Council’s website.

     

    Former Board members, Sharon Warnes and Huw Trainor, were thanked for their work during the year.

     

    Pensions Administration:

    The Pensions Manager referred to the main duties of the Administrative Unit and presented the Fund's statistics for 2022/23 and the Unit's performance.

    Whilst reporting on the 'My Online Pension' system, it was noted that membership was increasing annually, with over 20,000 now enrolled. It was highlighted that a Member Satisfaction Survey was sent to Fund members at the end of each process, e.g., retirements and payment of refunds, for members to give their views on the quality of service received and the service provided by department staff.

    It was reported that over 96% of members either strongly agreed or agreed that the quality of the service was high, and that 98.04% of users strongly agreed or agreed that the quality of the service provided by the staff was of a high standard. In order to achieve these high scores, it was noted that the employers' collaboration was crucial, and the employers were thanked tor their readiness to provide the information promptly.

    Reference was made to the new logo which was introduced at the 2023 Boduan National Eisteddfod and to the work underway for 2023/24 which included the establishment of a new Self Service System, compliance with Pensions Dashboard requirements and the development of new administration processes.

    Investment Performance

    The Investment Manager presented details about the value of the Fund and noted that the value, although gradually increasing (apart from the impact of covid in 2020) had remained constant between 2022 and 2023 at £2.8 billion. It was reported that the year had been a challenging one with  ...  view the full minutes text for item 5.

     

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