Agenda and minutes

Pensions Board - Wednesday 21 October 2020 6.30 pm

Venue: Microsoft Teams - please copy and paste the following link into your browser: https://bit.ly/375GRH8

Contact: Marianna Ritchie, Democratic Services,  020 7926 8640, Email: mritchie@lambeth.gov.uk

Items
No. Item

1.

Declarations of Pecuniary Interest

    Under Standing Order 4.4, where any councillor has a Disclosable Pecuniary Interest (as defined in the Members’ Code of Conduct (para. 4)) in any matter to be considered at a meeting of the Council, a committee, sub-committee or joint committee, they must withdraw from the meeting room during the whole of the consideration of that matter and must not participate in any vote on that matter unless a dispensation has been obtained from the Monitoring Officer.

     

    Minutes:

    There were no declarations of interest.

     

2.

Minutes from the Previous Meeting pdf icon PDF 34 KB

    To approve and sign the minutes of the meeting held on 22 July 2020 as a correct record of the proceedings.

     

    Minutes:

    Linda D’Souza confirmed that nominations for a new Pensions Board representative had been received, and we expect confirm the appointment before the next meeting.

     

    RESOLVED: That the minutes of the meeting of 22 July 2020 were agreed as a correct record of proceedings.

     

3.

Work Programme pdf icon PDF 116 KB

    To note the Pensions Board work programme 2020-21.

    Minutes:

    The Board noted that the Triennial Valuation was included on the Work Programme inadvertently.

     

4.

Lambeth Pension Administration - Performance report for the period July 2020 to September 2020 pdf icon PDF 176 KB

    Wards: All

    Report authorised by: Fiona McDermott, Strategic Director for Finance and Investment
    Contact for enquiries: Linda Osborne, Pensions Manager, 020 7926 5762, losborne1@lambeth.gov.uk
    Report for noting.

     

    Additional documents:

    Minutes:

    Linda Osborne, Pensions Operations Manager, presented the report. The following paragraph was included in section 1.14, which had been omitted from the agenda reports pack:

    ·         This contract will also cover the pensioner payroll, Member Self Service and i-Connect. The Procurement Strategy Report was approved by the Procurement Board on 22 September 2020 and further procurement strategy activities are underway to ensure a new contract is in place for next April.

     

    RESOLVED:

    1. The Pension Administration Service Performance update covering the period July to September 2020 was noted.

     

5.

Lambeth Pension Fund - Business Plan 2020/21 pdf icon PDF 286 KB

    Wards: All
    Report authorised by: Fiona McDermott, Strategic Director for Finance and Investment
    Contact for enquiries: Linda D’Souza, Head of Payroll and Pensions, 07854 752186, ldsouza@lambeth.gov.uk

    Report for noting.

     

    Additional documents:

    Minutes:

    Linda D’Souza, Head of Payroll and Pensions, presented the report. It was agreed that, to assist Board members, there should be consistency around the language used when referring to the Investment Strategy Framework within the report.

     

    RESOLVED:

    1. The final version of the 2020/21 Business Plan shown in Appendix One was approved.

     

6.

Lambeth Pension Fund - Risk Register pdf icon PDF 173 KB

    Wards: All
    Report authorised by: Fiona McDermott, Strategic Director for Finance and Investment
    Contact for enquiries: Linda D’Souza, Head of Payroll and Pensions,
    07854 752186, ldsouza@lambeth.gov.uk 

    Report for noting.

     

    Additional documents:

    Minutes:

    Linda D’Souza, Head of Payroll and Pensions, introduced this report and made reference to the two new risks; PA29 – Pensions System Procurement and PA30 – Exit Pay Reform. Christina Thompson, Director of Finance and Property explained some of the language around PA 21 to mean that the strategic asset funds were split over a number of types of investments, spreading the risk in case one particular type of investment reduced in value.

     

    RESOLVED:

    1. The Lambeth Pension Fund Risk Register and the additional actions proposed to mitigate risk were reviewed and noted.

     

7.

Lambeth Pension Fund - Annual Report 2019/20 pdf icon PDF 152 KB

    Wards: All
    Report authorised by: Fiona McDermott, Strategic Director for Finance and Investment
    Contact for enquiries: Andrien Meyers, Head of Treasury and Pensions, 020 7926 7089, ameyers@lambeth.gov.uk

    Report for noting.

     

    Additional documents:

    Minutes:

    Hamant Bharadia, Assistant Director of Strategic Finance, presented the report. Members sought clarity concerning the percentage of the fund which was held in fossil fuel investments. It was not clear to Board members whether the funds were to be divested or what the timeframe was for a move away from fossil fuel investment. Board requested copy of the decision regarding Fossil fuel investment.

     

    RESOLVED subject to the above clarifications:

    1. The decision made by the Pensions Board was noted.

     

8.

Lambeth Pension Fund - Investment Performance Review - 30 June 2020 pdf icon PDF 194 KB

    Wards: All
    Report authorised by: Fiona McDermott, Strategic Director for Finance and Investment
    Contact for enquiries: Andrien Meyers, Head of Treasury and Pensions, 020 7926 9153, ameyers@lambeth.gov.uk
    Report for noting.

     

    Additional documents:

    Minutes:

    Hamant Bharadia, Assistant Director of Strategic Finance, presented the report. It was agreed that Pensions Committee training opportunities should be extended to the Pensions Board members, and that there should be a continuous skills audit carried out. A training log be included in the routine update to Board.

     

    RESOLVED:

    1. The report, together with the information in the accompanying exempt from disclosure report, was noted.

     

9.

Lambeth Pension Fund - Investment Managers Summary - 30 June 2020

    Wards: All

    Report authorised by: Fiona McDermott, Strategic Director for Finance and Investment

    Contact for enquiries: Andrien Meyers, Head of Treasury and Pensions, Strategic Finance, 020 7926 9153, ameyers@lambeth.gov.uk

    Report for noting.

     

Minutes:

RESOLVED:

 

That under section 100A-H of the Local Government Act 1972, the press and public be excluded from the remainder of the meeting on the grounds that, for the item of business summarised below, it was likely that exempt information, as defined by Section 1001 and Schedule 12a of the Local Government Act 1972 and as specified by reference to the appropriate paragraph thereof, would be disclosed to them:

 

Information relating to the financial or business affairs of any particular person including the authority holding that information.