Agenda and minutes

Moved, Pensions Committee - Monday 19 October 2020 7.30 pm

Venue: Microsoft Teams - please copy and paste the following link into your browser https://bit.ly/36PMxoG

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

Items
No. Item

1.

Declaration of Pecuniary Interests

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    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 of the Previous Meeting - 11 March 2020 pdf icon PDF 144 KB

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    The Minutes of the previous meeting, held on 11 March 2020, will be
    reported to the next meeting.

    Additional documents:

    Minutes:

    The Committee agreed the following changes to 11 March 2020 minutes:

    ·           Page 2, final bullet point be changed from “The Committee could consider having an exclusive fund for fossil fuel investment” to “The Committee could consider having an exclusive fund for fossil fuel-free investments”.

     

    RESOLVED: Subject to the changes outlined above, that The minutes of the meeting of 11 March 2020 were agreed as a correct record of proceedings.

     

3.

Minutes of the Previous Meeting - 8 July 2020 pdf icon PDF 320 KB

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    The Minutes of the previous meeting, held on 8 July 2020, will be
    reported to the next meeting.

     

    Additional documents:

    Minutes:

    The Committee agreed the following changes to 8 July 2020 minutes:

    ·           The bullet point on page 11 stating “Mercer has missed the LCIV’s cut-off to make the MAC investment…” be changed to “The deadline for agreeing LCIV’s MAC investment had been missed…”.

    ·           Page 15 be corrected from “CQS were aiming to making 45% return in a minimum volatility fashion” to “ 4 to 5% return”.

     

    RESOLVED: Subject to the changes outlined above, that The minutes of the meeting of 8 July 2020 were agreed as a correct record of proceedings.

     

4.

Action Log and Work Programme pdf icon PDF 127 KB

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    (All wards)


    Report authorised by: Fiona McDermott: Strategic Director for Finance & Investment


    Contact for enquiries: Andrien Meyers, Head of Treasury and Pensions, 0207 926 9153, ameyers@lambeth.gov.uk

    Additional documents:

    Minutes:

    Andrien Meyers, Head of Treasury and Pensions, presented the report and noted below:

    ·           Page 17, the date for the October meeting needed to be corrected to Monday 19 October 2020.

     

5.

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

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    (All wards)


    Report authorised by: Fiona McDermott: Strategic Director for Finance & Investment


    Contact for enquiries: Andrien Meyers, Head of Treasury and Pensions, 0207 926 9153,
    ameyers@lambeth.gov.uk

     

    Additional documents:

    Minutes:

    Andrien Meyers, Head of Treasury and Pensions, presented the report and responded to questions as follows:

    ·           The auditors had recommended no adjustments nor amendments.

    ·           Covid-19 had made an impact on compilation of the report, meaning that deadlines had been missed, but the reports were in the process of being finalised.  Information on missed targets would be included in final version.

    ·           Once completed, the error messages in the report would become weblinks to the information, and would be available in an accessible format.

    ·           The annual and actuarial reports would be circulated to Committee members.

     

    RESOLVED:

    1.         To note and delegate approval to the Chair for the Financial Statements and Annual Report 2019/20 - Appendix One.

    2.         To note the Letter of Representation as set out in Appendix Two.

     

6.

Lambeth Pension Fund Business Plan 2020-21 pdf icon PDF 274 KB

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    (All wards)


    Report authorised by: Fiona McDermott: Strategic Director for Finance & Investment


    Contact for enquiries: Linda D’Souza, Head of Payroll and Pensions – 07854 752186, ldsouza@lambeth.gov.uk

    Additional documents:

    Minutes:

    Andrien Meyers, Head of Treasury and Pensions, introduced this report.

     

    RESOLVED:

    1.         To approve of the final version of the 2020/21 Business Plan shown in Appendix One.

     

7.

Lambeth Pension Fund Risk Register pdf icon PDF 170 KB

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    (All wards)


    Report authorised by: Fiona McDermott: Strategic Director for Finance & Investment


    Contact for enquiries: Linda D’Souza, Head of Payroll and Pensions – 07854 752186, ldsouza@lambeth.gov.uk

     

    Additional documents:

    Minutes:

    Andrien Meyers, Head of Treasury and Pensions, presented the report and stated:

    ·           Remedies to lower McCloud and GMP target ratings (agenda pack, page 115) and their timescales were detailed.

     

    RESOLVED:

    1.         To note and review the Lambeth Pension Fund Risk Register and the additional actions proposed to mitigate risk.

     

8.

Investment Performance Report 30 June 2020 pdf icon PDF 193 KB

    • View the background to item 8.

    (All wards)


    Report authorised by: Fiona McDermott: Strategic Director for Finance & Investment


    Contact for enquiries: Andrien Meyers, Head of Treasury and Pensions, 0207 926 9153, ameyers@lambeth.gov.uk

     

    Additional documents:

    Minutes:

    Andrien Meyers, Head of Treasury and Pensions; Sandy Dickson, Mercers; and Tony English, Mercers, presented the report and responded to questions as follows:

    ·           The fund had outperformed across all timelines.

    ·           The portfolio was sufficiently diversified and was not overly focused on shopping centres.

     

    RESOLVED:

    1.         That the report, together with the information in the accompanying exempt from disclosure report, be noted.

     

9.

Investment Managers' Summary 30 June 2020

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:

 

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

10.

Lambeth Pension Fund Investment Strategy 2020 Implementation

Minutes:

During the discussion of this item, the guillotine fell at 9.30pm.

 

It was MOVED by the Chair, and,

 

RESOLVED: That in accordance with Standing Order 9.5-9.7, the meeting continue for a further period of up to 30 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:

 

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

 

11.

London Collective Investment Vehicle Update

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:

 

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