Agenda and minutes
PDF 274 KBVenue: Meeting Room 225 - 160 Tooley Street, London SE1 2QH. View directions
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Apologies
To receive any apologies for absence. Minutes: Apologies for absence were received from Barry Berkengoff, the pensions manager. |
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Confirmation of voting members
Voting members of the committee to be confirmed at this point in the meeting. Minutes: Councillor Stephanie Cryan, Councillor Andy Simmons, Councillor Rachel Bentley and Caroline Watson were confirmed as voting members.
Everyone introduced themselves. |
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NOTIFICATION OF ANY ITEMS OF BUSINESS WHICH THE CHAIR DEEMS URGENT
Minutes: There were none. |
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DISCLOSURE OF INTERESTS AND DISPENSATIONS
Members of the committee to declare any interests and dispensation in respect of any item of business to be considered at this meeting. Minutes: It was noted that the following pensions advisory panel members who are involved in agreeing and setting budgets for the council (as administering authority for the pension fund had interests to declare in items 8 and 14 relating to the triennial actuarial valuation results:
Councillor Stephanie Cryan Councillor Andy Simmons Councillor Rachel Bentley Duncan Whitfield Tim Jones. |
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Minutes
To agree as correct records, the minutes of the meeting held on 31 October 2022. Supporting documents: Minutes: RESOLVED:
That the minutes of the meeting held on 31 October 2022 be agreed as a correct record.
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Asset Allocation September 2022
Supporting documents: Minutes: Jack Emery, CIPFA Trainee, Treasury & Pensions presented the report.
There were questions on the report and a discussion.
RESOLVED:
That the fund’s asset allocation at 30 September 2022 be noted.
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Carbon Footprint Update
Supporting documents: Minutes: Jack Emery, CIPFA Trainee, Treasury & Pensions presented the report.
There were questions on the report and a discussion.
RESOLVED:
That the fund’s updated carbon footprint as at 30 September 2022 be noted. |
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2022 Triennial Actuarial Valuation Results - Aon
Supporting documents: Minutes: Laura Caudwell and Loren Wynn from Aon presented the report.
There were questions on the report and a discussion.
RESOLVED:
a) That the initial valuation results presentation attached as Appendix 1 be noted.
b) That it be noted that scheme employers will have the opportunity to feedback on the amended funding strategy statement, via a consultation which will commence shortly.
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Quarterly Investment Update
¾ david cullinan ¾ AON
Supporting documents: Minutes: David Cullinan presented his report updated the panel. He advised that the fund’s return over the quarter had been 0% but this was not bad considering the recent market volatility.
Colin Cartright from Aon presented his report and updated the panel. He advised that 0% growth for the quarter was not a bad performance considering the market volatility.
There were questions and a discussion on the reports.
RESOLVED:
That the quarterly investment updates be noted.
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Investment Strategy Review - Aon
Supporting documents: Minutes: Colin Cartwright from Aon presented the report.
There were questions on the report and a discussion.
RESOLVED:
1. That the recommendation agreed via email correspondence to extend the Fund’s investments with Temporis Capital, by investing circa £30 million in the Temporis Renewable Energy Fund, subject to satisfactory completion of legal due diligence, be confirmed.
2. That the objectives and considerations for the investment strategy review as set out in full within closed Appendix A be noted.
3. That the following actions as part of the investment strategy review be confirmed::
i. Reallocate the 10% current strategic asset allocation to diversified growth funds to the other underlying asset classes in the Fund. ii. Agree a new 10% strategic asset allocation to multi asset credit. The voting members of the panel shall conduct a manager selection exercise. iii. Remove the current 5% strategic asset allocation to absolute return bonds once suitable multi asset credit funds are found.
4. That the proposed framework, as set out in closed Appendix A, as a minimum set of requirements to be met prior to agreeing a new investment within the illiquid assets allocation be agreed.
5. That the modelling results, as set out in closed Appendix A, which set out the investment returns and value at risk for the current and proposed strategy be noted.
6. That the next steps as set out in the closed Appendix A be noted. |
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CMA Order - Objectives for the Fund's Investment Consultant
Supporting documents: Minutes: Caroline Watson, senior finance manager, presented the report.
There were no questions.
RESOLVED:
1. That the requirements set out in the report for administering authorities to set objectives for their investment consultant and monitor these annually be noted.
2. That the objectives which have been set to comply with this requirement and the arrangements in place to ensure ongoing compliance be noted.
3. That the scoring mechanism as set out in Appendix 1 be noted. |
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Pensions Services Update
Supporting documents: Minutes: In the absence of Barry Berkengoff, the pensions manager, Duncan Whitfield, the strategic director of finance and governance, presented the report.
There was a brief discussion.
RESOLVED:
That the update on the pensions administration function be noted. |
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Local Pension Board Update
Supporting documents: Minutes: Mike Ellsmore updated the pensions advisory panel on the last meeting of the local pension board.
RESOLVED:
That the update from the local pension board (LPB) meeting of 19 October 2022 be noted. |
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EXCLUSION OF THE PRESS AND PUBLIC
That the press and public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in category 3 of paragraph 10.4 of the access to information procedure rules of the Southwark Constitution.
The following is a summary of the decisions taken in the closed part of the meeting.
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2022 Triennial Actuarial Valuation Results - Aon
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. Please see item 8 for the decision. |
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Quarterly Investment Update
- AON Minutes: The voting members of the pensions advisory panel considered the closed information relating to the Aon presentation section of this item. Please see item 9 for the decision. |
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Investment Strategy Review - Aon
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. Please see item 10 for the decision. |