Agenda and draft minutes

Pensions Board - Wednesday 13 April 2022 6.30 pm, MOVED

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

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

Note: Information on how to access the meeting is set out in the agenda. However, if you just want to watch the live broadcast you can copy and paste the following link into your browser: https://bit.ly/3ubfbMj The video will remain available to view for 180 days. 

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 pecuniary interest.

2.

Minutes of the Previous Meeting pdf icon PDF 148 KB

    To approve and sign the minutes of the meeting held on 26 January 2022 as a correct record of the proceedings.

     

    Additional documents:

    Minutes:

    The minutes of the meeting held on 26 January 2022 were agreed as an accurate record of the proceedings.

3.

Pension Administration Performance Report pdf icon PDF 433 KB

    Linda D’Souza, Head of Payroll and Pensions, 07854 752186, ldsouza@lambeth.gov.uk

    Additional documents:

    Minutes:

    Linda D’Souza, Head of Payroll and Pensions, summarised the report highlighting that:

     

    ·         The Guaranteed Minimum Payment (GMP) rectification exercise had been completed and corrected amounts would be paid from April 2022;

    ·         Board members were asked that, if they had attended training that had not been included in the Training Log, they should advise Sarah Hargraves, the Treasury and Pensions Governance and Compliance Officer;

    ·         The Lambeth Pension Fund had made an estimated net saving of £985,000 in the year to 31 December 2021 as a result of joining the London Collective Investment Vehicle (LCIV).

     

    Linda D’Souza recommended that members of the Board attend the LGPS Live and PLSA Investment conferences.

     

    Members congratulated the Pensions team for successfully becoming a signatory of the UK Stewardship Code and for being the first of the London boroughs to do so.

     

    RESOLVED:

     

    To note the Pension Administration Service Performance update covering January 2022 to March 2022.

4.

Risk Register Report pdf icon PDF 169 KB

    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 and Rob Browning, Head of Treasury and Pensions, introduced the risk register report, stating that there had been no changes to the ratings since the last meeting, but that risks would be reassessed and reviewed following the setting of the Pensions Committee’s net zero climate change target date.

     

    RESOLVED:

     

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

    2.    To recommend any possible amendments to the Pensions Committee.

5.

Investment Performance - Q4 2021 pdf icon PDF 277 KB

6.

Investment Manager Performance - Q4 2021

Minutes:

RESOLVED:

 

Unanimously that members of the Press and Public be excluded from the remainder of the meeting under Section 100A(4) of the Local Government Act 1972 on the grounds that: (i) it involved the likely disclosure of exempt information as defined in Paragraph 3 (Information relating to the financial or business affairs of any particular person (including the authority holding that information)) of Part 1 of Schedule 12A of the Act: and (ii) that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

 

7.

ESG Considerations

Minutes:

RESOLVED:

 

Unanimously that members of the Press and Public be excluded from the remainder of the meeting under Section 100A(4) of the Local Government Act 1972 on the grounds that: (i) it involved the likely disclosure of exempt information as defined in Paragraph 3 (Information relating to the financial or business affairs of any particular person (including the authority holding that information)) of Part 1 of Schedule 12A of the Act: and (ii) that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

 

 

8.

Decarbonisatoin Planning

Minutes:

RESOLVED:

 

Unanimously that members of the Press and Public be excluded from the remainder of the meeting under Section 100A(4) of the Local Government Act 1972 on the grounds that: (i) it involved the likely disclosure of exempt information as defined in Paragraph 3 (Information relating to the financial or business affairs of any particular person (including the authority holding that information)) of Part 1 of Schedule 12A of the Act: and (ii) that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.