Agenda and minutes

Pensions Committee - Wednesday 24 March 2021 6.30 pm

Venue: To be held via Microsoft Teams https://bit.ly/3vpTxm5

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

Items
No. Item

1.

Declarations of Pecuniary Interests

    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 pecuniary interests.

2.

Minutes of the Previous Meeting pdf icon PDF 284 KB

    To approve the minutes of the meeting held 17 December 2020.

    Additional documents:

    Minutes:

    On item 2 (Action Log and Work Programme) of the minutes it should read: ‘Officers stated that the Government had announced the outcome of a RTI consultation two weeks previously, which was being reviewed by the Pensions team, who would be hosting a training session on it in the new year.’

     

    RESOLVED:

     

    The minutes were approved with those amendments.

3.

Action Log and Work Programme pdf icon PDF 320 KB

    Democratic Services

    Additional documents:

    Minutes:

    Members requested to see the Brunel report on ESG, and the training on LDI. Officers stated that training on LDI would be delivered later in the year. Members raised the issue that training should not take place within meetings. Officers agreed to discuss future training taking place outside of meetings.

     

4.

Lambeth Pension Fund Longevity Update pdf icon PDF 138 KB

    Additional documents:

    Minutes:

    The Club Vita longevity update information provided in the report and in the Appendix were noted.

5.

Investment Performance Report pdf icon PDF 269 KB

6.

Lambeth Pension Fund Carbon Metrics Analysis pdf icon PDF 247 KB

7.

Pension Fund Risk Register pdf icon PDF 171 KB

    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 : Robert Browning, Head of Treasury and Pensions – 07394 402801, rbrowning@lambeth.gov.uk.

     

    Additional documents:

    Minutes:

    Linda D’Souza presented the report.

    The Committee agreed to increase the risk of PA21, as recommended by the Pensions Board.

     

    RESOLVED:

     

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

    2. To adopt the recommendations submitted by the Board.

8.

Annual Audit Plan 2020/21 pdf icon PDF 153 KB

    Report Authorised by: Strategic Director for Finance and Investment: Fiona McDermott

     

    Contact for Enquiries:Robert Browning, Head of Treasury and Pensions, 07394 402801, rbrowning@lambeth.gov.uk

     

    Minutes:

    It was agreed that this item would be deferred until after the Corporate Committee meeting and brought to the Pensions Committee in July, since the appendix from the auditors was not yet ready.

9.

Investment Performance Manager Report

    Report Authorised by: Strategic Director for Finance and Investment: Fiona McDermott

     

    Contact for enquiries:Robert Browning, Head of Treasury and Pensions, 07394 402801, rbrowning@lambeth.gov.uk

     

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.

Private Debt Top-up

    Report Authorised by: Strategic Director for Finance and Investment: Fiona McDermott

     

    Contact for enquiries:Robert Browning, Head of Treasury and Pensions, 07394 402801, rbrowning@lambeth.gov.uk 

     

    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 CIV Update

    Report Authorised by: Strategic Director for Finance and Investment: Fiona McDermott

     

    Contact for enquiries:Robert Browning, Head of Treasury and Pensions, 07394 402801, rbrowning@lambeth.gov.uk

     

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.