North Yorkshire Pension Board Minutes

The North Yorkshire Pension Board’s role is to assist the Administering Authority (North Yorkshire Council) in ensuring that the North Yorkshire Pension Fund is managed and administered effectively and efficiently and complies with pensions’ legislation and requirements imposed by the Pensions Regulator.

Minutes of the North Yorkshire Pension Board meeting held on 18th of April 2024

Attended by Simon Purcell, UNISON Officer, Scheme Member and Pensioner Representative

  • Climate change. The board was addressed by 2 climate change activists Howard Green and Dr Margaret Jackson Who talked to the board about disinvesting from fossil fuels. And that there is no proof that engagement works with these types of companies. And that Aon’s climate monitoring of companies was very poor. Dr Jackson also said that climate change is also a health emergency, from the issues that climate change causes.  They had been informed by the Pension committee that North Yorkshire Pension fund only has 1.3% approximately £55 to 60 million invested in this category. The fund is aiming to be carbon natural by 2050 Gary Fielding said that he thinks NYPF will be unlikely to have anything invested in this category in five years’ time, and it was also reported that the fund has invested in green projects like battery storage. Plus have money in a climate opportunities fund.

 

  • Gary Fielding gave a report to the board. The fund is now 114% funded up from 104%. He also said the committee are looking to do some de-risking of the fund in some of the Borders to Coast funds, as they do not need to take as much risk with the good level of funding. Which he hoped could mean the employers might be able to use surplus funds to reduce their contributions again, at the next review. Which is due next year 2025. McLoud and the pensions dashboard work are taking up a lot of staff time.

 

  • They are and have been doing testing for the McLoud remedy. Anyone who retires from the 6th of May will have their pension including any additional monies for McCloud included. They will then start working through the retired members. We were informed that most pensions it applied too are looking at an extra £50 to £80 per year added to their pension. People do not need to contact the pension section as they will look at all records of people who were members of the fund before 31st of March 2012.

 

  • Disaster recovery. This is still ongoing and has been for some time, it is hoped to have this item sorted in the next few months but Christmas at the latest. They need to have systems in place in case something happened to County Hall, or someone Managed to hack into the IT systems stopping them from working. Unison has raised this since it first came to light.