Agenda and draft minutes

Venue: Committee Room (B6) - Lambeth Town Hall, Brixton, London, SW2 1RW. View directions

Contact: Shaughna Phillips, Telephone 020 7926 0045, Email: SPhillips4@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 Members’ 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 no declarations of interest.

2.

Minutes from the previous meeting pdf icon PDF 96 KB

3.

Lambeth Pension Administration - Quarterly Performance Update to September 2019 pdf icon PDF 267 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

     

    For noting

    Minutes:

    Linda Osborne, Pensions Operations Manager, presented the report and answered questions as below:

    ·         ITM Ltd were on schedule with the project to complete the Guaranteed Minimum Pension (GMP) reconciliation.

    ·         Further details on the next phase of the GMP project would be provided at the January 2020 pension board meeting.

    ·         In August 2019 annual benefit statements were completed for active and deferred pension scheme members.  Active members could access their statements via the online portal, while deferred members were sent a paper copy by post.

    ·         Following the annual statements being sent out, there was a spike in members accessing their online account. This resulted in higher than usual “password reset” requests that had been reported.

     

    RESOLVED:

    1.         To note the Pension Administration Service Performance update covering the period August 2019 to 18 September 2019.

4.

Lambeth Pension Fund Risk Register pdf icon PDF 124 KB

5.

Lambeth Pension Fund - Governance Review Action Plan Update pdf icon PDF 123 KB

    Wards: All

     

    Report authorised by: Fiona McDermott, Strategic Director for

    Finance and Investment

     

    Contact for enquiries: Andrien Meyers, Treasury and Pensions, 020 7926

    7089, ameyers@lambeth.gov.uk, Linda D’Souza, Interim Head of HR Operations, 07854 752 186, ldsouza@lambeth.gov.uk

     

    For noting

    Additional documents:

    Minutes:

    Linda D’Souza, Acting Head of HR Operations, presented the report and answered questions as below:

    ·         Progress had been made on the implementation of the structure regarding the Pensions Administration review.

    ·         The new governance arrangements were scheduled to be further reviewed under phase 2, with possible changes to be implemented in 2020.

    ·         The Staff Conference held in September 2019 was used to engage with scheme members of the council, and drop in sessions to help users navigate the members self-service portal had proved highly popular.

     

    RESOLVED:

    1.               To note the updated and action plan included as Appendix One.

     

6.

Lambeth Pension Fund - Investment Performance Review pdf icon PDF 357 KB

7.

Lambeth Pension Fund - Investment Manager's Summary