Agenda and minutes

Pensions Board - Wednesday 22 July 2020 6.30 pm

Venue: Microsoft Teams - please copy and paste the following link into your browser: https://bit.ly/2OpLfpL

Contact: Wayne Chandai, Democratic Services Manager, 020 7926 0029, Email: wchandai@lambeth.gov.uk 

Items
No. Item

1.

Declaration of Pecuniary Interests

    Under Standing Order 4.4, where any councillor has a Disclosable Pecuniary Interest (as defined in the Memers’ Code of Conduct (paragraph 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 none.

2.

Minutes from the previous meeting pdf icon PDF 92 KB

    To agree the minutes for the meeting of 9 October 2019.

     

    To agree the minutes for the meeting of 29 January 2020.

     

    Additional documents:

    Minutes:

    That the Minutes of the meetings held on 9 October and 29 January 2020 be agreed as a correct record.

     

     

3.

Pension Board work Plan for 2020-21 pdf icon PDF 115 KB

    To  note the Pension Board work plan for 2020-21.

    Minutes:

    RESOLVED: The report was noted.

4.

Lambeth Pension Administration - Quarterly Performance update pdf icon PDF 302 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 Manager introduced the report and in response to question from Members she confirmed that:

    • There were lower redundancy estimates than the previous year
    • The breaches were set out in appendix 2 of the report and they were being monitored closely.
    • The Pensions Manager explained that the McCloud Ruling referred to 2014 pension scheme changes which were discriminatory on grounds of age, and that the judgement was being implemented to ensure it was in line with the new pension scheme

     

    RESOLVED: The report was noted.

     

5.

Lambeth Pension Fund - Governance Review action plan update pdf icon PDF 167 KB

    Wards: All

     

    Report authorised by: Fiona McDermott, Strategic Director for

    Finance and Investment

     

    Contact for enquiries:Linda D’Souza: Interim Head of HR Operations: 07854 752186, ldsouza@lambeth.gov.uk and Andrien Meyers: Head of Treasury & Pensions: 020 7926 0576, ameyers@lambeth.gov.uk 

     

    Report for noting.

     

    Additional documents:

    Minutes:

    Linda Dsouza Head of Payroll and Pensions, introduced the report and in response to question from Members she confirmed that:

    • The targeted online sessions were very successful and the results of those would be used to update and amend the scheme
    • Members of the scheme were encouraged to use Altair to gather information that would be used to inform the new incumbent.

     

    RESOLVED: The report was noted.


6.

Lambeth Pension Fund Risk Management Strategy & Risk Register pdf icon PDF 172 KB

    Wards: All

     

    Report authorised by: Fiona McDermott, Strategic Director for

    Finance and Investment

     

    Contact for enquiries: Linda D’Souza: Interim Head of HR Operations: 07854 752186, ldsouza@lambeth.gov.uk

     

    Report for noting.

     

     

    Additional documents:

    Minutes:

    In response to questions from Members, Linda Dsouza Head of Payroll and Pensions advised that:

    • There were no specific financial implications on the scheme as a result of the COVID19 pandemic
    • As discussed with redundancies, the whole council was engaged with forward planning with regards to entering a recession.

     

    The chair noted that pensions board attendance was low and that there would be training on 5/8/20.

     

    RESOLVED: The report was noted.

7.

Lambeth Pension Fund - Investment Performance Review pdf icon PDF 286 KB

8.

Lambeth Pension Fund - Investment Manager's Summary

    Wards: All

     

    Report authorised by: Fiona McDermott, Strategic Director for

    Finance and Investment

     

    Contact for enquiries:Andrien Meyers: Head of Treasury & Pensions: 020 7926 0576, ameyers@lambeth.gov.uk 

     

    Report for noting.

     

Minutes:

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.