Agenda and draft minutes

Pensions Committee - Wednesday 6 October 2021 6.30 pm

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/3kJ1bEB The video will remain available to view for 180 days. 

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 interest.

2.

Minutes of the Previous Meeting pdf icon PDF 303 KB

3.

Investment Performance Report - Q2 2021 pdf icon PDF 273 KB

    Additional documents:

    Minutes:

    Hamant Bharadia, Assistant Director of Strategic Finance, and Tony English, the representative from Mercer, introduced the report, explaining that the Fund had performed well again in this quarter.

     

    Members expressed concerns around the Fund’s investments in the Private Rented Sector property market, as there was a housing crisis in Lambeth. Officers agreed to arrange for a representative from Invesco to brief the Committee on these investments.

     

    Members agreed to send any questions around this to Rob Browning, Head of Treasury and Pensions.

     

    APPROVED:

     

    That the report, together with the information in the accompanying performance report, be noted.

     


4.

Risk Register - September 2021 pdf icon PDF 174 KB

5.

Training Policy and Plan - October 2021 pdf icon PDF 155 KB

    Additional documents:

    Minutes:

    Officers confirmed that they would be doing a skills audit and made a request to Members to email any specific training requirements to them.

                                                                                                                       

    The Chair requested that any training opportunities be offered to all councillors and not just those currently involved with Pensions, as the upcoming Borough Council elections may lead to new committee members. The Chair also requested that officers highlighted any training sessions that were particularly helpful for members.

     

    APPROVED:

     

    1.    That the Training Policy be approved.

    2.    That the suggested Training Plan be noted.

    3.    That members commit to undertaking a skills audit and return results to officers before the May elections, with a view to reassessing this after May 2022.

6.

UK Stewardship Code pdf icon PDF 162 KB

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

    Additional documents:

    Minutes:

    Officers explained that the Lambeth Pension Fund was not likely to be accepted into the Stewardship Code as it was lacking in some areas of the twelve principles. In comparison, much larger funds with more resources were able to achieve more of the required targets. The Pensions team would make a number of amendments before applying to be a signatory of the Stewardship Code at the end of October 2021.

     

    The Chair extended the Committee’s thanks to officers for their work on this, and requested that members send their comments to the Chair before the 31 October deadline.

     

    APPROVED:

     

    1.    That the Committee review and provide feedback where relevant on the Fund’s draft UK Stewardship Code report.

    2.    That the Committee delegate to the Chair the approval and sign-off of the amended report before the October 31 deadline.

7.

General Update - October 2021 pdf icon PDF 167 KB

8.

LDI Hedging Review

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.

9.

Climate Change Scenario Analysis

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.

 

10.

Investment Performance (Manager) Report - Q2 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.