Agenda and minutes
PDF 164 KBVenue: Ground Floor Meeting Room G01C - 160 Tooley Street, London SE1 2QH. View directions
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Apologies
To receive any apologies for absence. Minutes: Apologies were received from Councillor Rachel Bentley and Derrick Bennett.
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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 Emily Hickson 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: There were none. |
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MINUTES
To agree as correct records, the open minutes of the meetings held on 17 July 2023. Supporting documents: Minutes: RESOLVED:
That the minutes of the meeting held on 17 July 2023 be agreed as a correct record.
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EQUALITY, DIVERSITY AND INCLUSION UPDATE
Supporting documents: Minutes: Caroline Watson, Senior Finance Manager, Treasury and Pensions, introduced the report.
There were questions on the report and a discussion.
RESOLVED:
1. That the following points be noted:
a) The requirements of The Pensions Regulator guidance on equality, diversity and inclusion (EDI) as set out in the report.
b) The actions being taken to comply with the guidance and incorporate EDI into Fund activities.
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ASSET ALLOCATION AND NET ZERO STRATEGY UPDATE - JUNE 2023
Supporting documents: Minutes: Caroline Watson, Senior Finance Manager, Treasury and Pensions, introduced the report.
There were questions on the report and a discussion.
RESOLVED:
a) That the fund’s asset allocation at 30 June 2023, overall performance and other matters considered by the officers and advisers of the fund during the quarter and post quarter end, be noted.
b) That the recent progress in the implementation of the net-zero carbon strategy be noted. |
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ADVISERS' UPDATES - QUARTER TO JUNE 2023
¾ david cullinan ¾ AON
Supporting documents: Minutes: David Cullinan presented his report and updated the panel.
Colin Cartwright from Aon presented his report and updated the panel.
There were questions and a discussion on the reports.
It was agreed that Newton would be invited to the next pensions advisory panel meeting.
RESOLVED:
That the quarterly investment updates be noted.
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CARBON FOOTPRINT UPDATE
Supporting documents: Minutes: Spandan Shah, Interim ESG Manager, Finance and Governance, presented the report.
There were questions on the report and a discussion.
RESOLVED:
That the fund’s carbon footprint at 30 June 2023 be noted.
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LOCAL GOVERNMENT PENSION SCHEME POOLING CONSULTATION
Supporting documents: Minutes: Tracey Milner, Interim Pension Investments Manager presented the report.
There were questions on the report and a discussion.
Officers gave an undertaking to circulate the response to the consultation to the pensions advisory panel members for comment before the final sign off by the chair.
The chair also advised officers to liaise with the communications team and the public affairs team.
RESOLVED:
1. That the content of the LGPS pooling consultation 2023 be noted.
2. That the final response shall be circulated to members of the pensions advisory panel ahead of being submitted by the S151 officer.
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PENSION FUND DRAFT TRAINING POLICY
Supporting documents: Minutes: Tracy Milner, Interim Pensions Investments Manager, presented the report.
There were questions on the report and a discussion on the draft training policy (Appendix 1) for the pensions advisory panel members, local pensions board members and for those officers dealing with matters relating to the pension scheme.
RESOLVED:
That the policy be agreed in principle and recommended to the local pension board of 11 October 2023.
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RESPONSIBLE INVESTMENT POLICY
Supporting documents: Minutes: Caroline Watson, Senior Finance Manager, Treasury and Pensions, introduced the report.
There were questions on the report and a discussion.
Officers were requested to provide the panel with an update on the voting record of the fund managers.
RESOLVED:
That the standalone responsible investment policy for the fund, at Appendix 1 of the report be agreed.
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PENSION SERVICE - ADMINISTRATION FUNCTION UPDATE
Supporting documents: Minutes:
Barry Berkengoff, the Pensions Manager, introduced the report.
There were questions on the report and a discussion.
It was requested that the Pensions Manager brought an action plan, relating to avoiding delays to the annual benefit statements, to the local pension board in January 2024.
RESOLVED:
That the update on the pensions administration function be noted.
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UPDATE ON THE LOCAL PENSION BOARD
Supporting documents: Minutes: Mike Ellsmore, Chair of the Local Pension Board, updated the pensions advisory panel on the last meeting of the local pension board.
There was a brief discussion.
RESOLVED:
That the update from the local pension board (LPB) meeting of 10 July 2023 be noted.
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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 8 for the decision.
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QUARTERLY ACTUARIAL FUNDING UPDATE
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item.
RESOLVED:
That the updated funding position at 30 June 2023, as set out in Appendix 1 of the closed agenda, be noted.
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LOCAL GOVERNMENT PENSION SCHEME POOLING CONSULTATION
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. Please see item 10 for the decision.
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