Agenda

To approve the minutes of the meeting held on 1 December 2023 and to receive information arising from them.

10:20

A copy of the unconfirmed Minutes of the Local Pension Board, which met on 26 January is attached for information only.

10:25

Adams Street Partners will present an update on the private equity portfolio the Pension Fund holds with them.

The Committee is RECOMMENDED to note the Private Equity Review.

10:45

This report will cover an overview of the financial markets, the overall performance of the Fund’s investment against the Investment Strategy Statement and commentary on any issues related to the specific investment portfolios. The report includes the quarterly investment performance monitoring report from Brunel.

The Committee is RECOMMENDED to note the report of the Independent Financial Advisor.

10:55

The Chief Investment Officer, Brunel, will cover the main issues arising from the performance of the Brunel portfolios over the past year and highlight the key issues for the forthcoming year.

The Committee is RECOMMENDED to note the annual review of investment performance.

11:25

A review of management fees incurred by the Pension Fund pre- and post-pooling.

The Committee is RECOMMENDED to note the report.

11:30

This report will present the draft Responsible Investment policy to the Committee for feedback before it is put out for wider consultation.

The Committee is RECOMMENDED to agree the draft Responsible Investment Policy as presented at Annex 1 to this report as the basis of a consultation exercise with key Fund Stakeholders. 

11:45

The report sets out the items the Local Pension Board would like to draw to the attention of this Committee following their last meeting on 26 January 2024.

The Committee is RECOMMENDED to note the comments of the Board as set out in the report.

11:50

This report proposes a Business Plan, Budget and Training Plan for the forthcoming financial year. The report also includes a review against the key priorities set out in the Annual Business Plan for 2023/24.

The Committee is RECOMMENDED to:

a.     Note the progress against the service priorities for 2023/24;

b.    Determine their preferred approach to the proposed activity-based exclusions as set out in Annex 2; and

c.     approve the Business Plan, Budget, Training Plan and Cash Management Strategy for 2024/25 as set out at Annex 1, and authorise the Executive Director of Resources & Section 151 Officer to approve the Special Reserved Matter in respect of the Brunel budget.

12:05

This report will present the latest position on the Funds’ risk register, including any new risks identified since the report to the last meeting.

The Committee is RECOMMENDED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate. 

12:10

This report covers the key governance and communication issues for the Fund, including a report on any breaches of regulation in the last quarter.

The Committee is RECOMMENDED to:

i)      Note the Fund’s update on the Pension Regulator’s General Code of Practice. 

ii)    Review and note the latest quarter’s breaches for the fund.

iii)   Note the communications update regarding the McCloud Disclosure requirements and Member Engagement.

12:20

The report sets out the preliminary thoughts and ideas for the future workforce planning for the Fund.

The Committee is RECOMMENDED to

i)           Agree to the development of a Succession Plan for both the Pension Services Manager and the Service Manager Pensions;

ii)          Agree to the development of a Workforce Strategy for the fund which:

a)    Covers a short, medium and long-term horizon;

b)    Facilitates the implementation of the appropriate structure, staffing, skills and knowledge to meet new and changing demands;

c)    Makes use of new technologies and new ways of working, including agile working where appropriate;

d)    Considers succession planning, retention, and development of the workforce.

12:30

This report updates the Committee on the key administration issues including service performance measurement, the debt recovery process and any write offs agreed in the last quarter.

The Committee is RECOMMENDED to

a)    Agree the change of contract for two administrators from temporary to permanent posts;

b)    Determine whether to increase in establishment of one administrator post and one assistant post or reduce the SLA requirements; and

c)    Review team performance statistics and determine if any further information is required.

12:40

This report will present the reviewed Cyber Security policy to the Committee for approval.

The Committee is RECOMMENDED to review this report and determine any further actions to be taken.

12:50

This report will present the reviewed Scheme of Delegations policy to the Committee for approval.

The Committee is RECOMMENDED to agree the revised Scheme of Delegation contained as Annex 1 to this report, noting the key changes set out in the report below. 

13:00

This item provides the opportunity to raise any issues concerning Corporate Governance and Responsible Investment which need to be brought to the attention of the Committee.