Pension Board and Committee – Work Programme

 


Future Pension Board Agenda

Item

Description

Author

Standing items (items that appear on each agenda)

Pension Board Updates

Verbal updates on training events or conferences attended by Members of the Board

N/A

Pension Committee Agenda

A consideration of the draft agenda of the Pension Committee.

Head of Pensions

Governance Report

A report on governance issues effecting the fund, developments in the LGPS, policy amendments and McCloud working group update

Head of Pensions

Employer Engagement and Contributions Report

A report on Employer Engagement matters to note, Employer Contributions update, Communications from the Fund and Communications working group update

Head of Pensions

Pensions Administration report

An update on the performance of the Pensions Administration Team.

Head of Pensions Administration

Internal Audit reports

All internal audit reports on the ESPF are reported to the Board

Head of Internal Audit

East Sussex Pension Fund (ESPF) Quarterly budget report

An update on the ESPF’s budget. This is reported in Q2-4 only.

Head of Pensions

East Sussex Pension Fund (ESPF) Risk Register

A report on the ESPF’s Risk Register

Head of Pensions

Work programme

A report on the Board and Committee’s work programme

Head of Pensions

East Sussex Pension Fund (ESPF) Breaches Log

A report on the ESPF breaches log

Head of Pensions

Employer Admissions and Cessations

A report on the admission and cessation of employers to the ESPF.

Head of Pensions

5 November 2021

Employer Forum Agenda

Discussion on Pension Fund Employer Forum Agenda topics

Head of Pensions

Covenant Review Report

Report from PWC on the covenant review project – project expected to complete late 2021

Head of Pensions

Independent Auditors Report on the Pension Fund Account and Annual Report and Accounts 2020/21

A report on the External Audit findings of the Pension Fund financial Statements and the complete 2020/21 Annual Report and Accounts.

Head of Pensions

Communications Policy

Revision to the Communications Policy

Head of Pensions

Annual Training Plan

Report on Training completed in the year and training recommendations for the up-coming year

Head of Pensions

Good Governance Decision making matrix

Report to outline the revise the decision-making matrix for the Pension Fund, delegations and representations in line with SAB Good Governance project

Head of Pensions

10 February 2022

Business Plan and Budget 2022/23

Report to set the Budget for the Pension Fund for the Financial Year 2022/23 including the Business Plan with key deliverables for the year.

Head of Pensions

External Audit Plan for the East Sussex Pension Fund 2021/22

Draft External Audit Plan for 2021/22 Pension Fund Financial Statements

Head of Pensions

1 June 2022

Internal Audit Strategy and Plan

Draft internal audit Pension Fund Strategy and Audit Plan 2022/23

Internal Audit

Governance and Compliance Statement

Annual Review of Governance and Compliance Statement

Governance and Compliance Pensions Manager

Annual Report of the Pension Board

Annual report of the Pension Board to the Scheme manager outlining the work throughout the year

Head of Pensions with the Chair of the Board

Training Policy

Biannual review of the training Strategy

Governance and Compliance Pensions Manager

9 September 2022

Independent Auditors Report on the Pension Fund Account and Annual Report and Accounts 2021/22

A report on the External Audit findings of the Pension Fund financial Statements and the complete 2021/22 Annual Report and Accounts.

Head of Pensions

2022 Actuarial Valuation and Funding Strategy Statement

Report from the Fund Actuary on the March 2022 triennial valuation process, methodology and assumptions with a draft Funding Strategy Statement for approval prior to consultation

Head of Pensions

15 November 2022

8 February 2023

2022 Valuation report and results and Final Funding Strategy Statement (FSS)

Final report and results from the Fund Actuary of the 31 March 2022 triennial valuation with the final FSS for approval post consultation.

Head of Pensions

 


 

 

 


Actions requested by the Pensions Board

Subject Area

Detail

Status

Internal Audit reports

The Board requested that internal audit consider an audit of the common data sets

provided to the Pensions Regulator

TBC

Scheme administration

The Board requested a report on potential recommendations from the Scheme

Advisory Board (SAB) that the Scheme Manager role is removed from local

authority control.

Ongoing

discussions

Scheme administration

The Board requested a future report on how the ESPF KPIs for pension

administration compare with those of other local government pension schemes.

 

To be provided

November 2021

Decision making

To revise the decision-making matrix (including a RACI model) and to circulate it

for information.

 

To be provided

November 2021

Abatement Policy

The Board requested officers report back to the Pension Board and Committee once the number of affected members is known and what the impact of backdating the change in policy will mean for the Fund and its administration.

Provided at the September 2021 meeting

 

 

 

 


 

 


Future Pension Committee Agenda

Item

Description

Author

Standing items (items that appear on each agenda)

Investment Report

A Quarterly performance report of the investment managers

Head of Pensions and Investment Consultant

Governance Report

A report on governance issues effecting the fund, developments in the LGPS, policy amendments and McCloud working group update

Head of Pensions

Employer Engagement and Contributions Report

A report on Employer Engagement matters to note, Employer Contributions update, Communications from the Fund and Communications working group update

Head of Pensions

Pensions Administration report

An update on the performance of the Pensions Administration Team.

Head of Pensions Administration

Internal Audit reports

All internal audit reports on the ESPF are reported to the Board

Head of Internal Audit

East Sussex Pension Fund (ESPF) Quarterly budget report

An update on the ESPF’s budget. Reported Q2-4 only

Head of Pensions

East Sussex Pension Fund (ESPF) Risk Register

A report on the ESPF’s Risk Register

Head of Pensions

Work programme

A report on the Board and Committee’s work programme

Head of Pensions

East Sussex Pension Fund (ESPF) Breaches Log

A report on the ESPF breaches log

Head of Pensions

Employer Admissions and Cessations

A report on the admission and cessation of employers to the ESPF.

Head of Pensions

28 September 2021

Investment Strategy Statement including Statement on Responsible Investment Principles

Annual review of Investment Strategy Statement to reflect asset allocation and other changes including a review of the Statement on Responsible Investment Principles

Head of Pensions

GDPR

Refresh of the GDPR policies including the Privacy notice including the communications of these documents

Governance and Compliance Pensions Manager

Contracts and Tenders

Appointment of Independent Advisor

Head of Pensions

25 November 2021

Responsible Investment implementation Statement

Report outlining the implementation of Responsible investment within the Fund

Head of Pensions

2020 Stewardship Code

Report outlining the Funds compliance with the 2020 Stewardship Code

Head of Pensions

Independent Auditors Report on the Pension Fund Account and Annual Report and Accounts 2020/21

A report on the External Audit findings of the Pension Fund financial Statements and the complete 2020/21 Annual Report and Accounts for review.

Head of Pensions

Covenant Review Report

Report from PWC on the covenant review project

Head of Pensions

Communications Policy

Revision to the Communications Policy

Head of Pensions

Annual Training Plan

Report on Training completed in the year and training recommendations for the up-coming year

Head of Pensions

24 February 2022

Business Plan and Budget 2022/23

Report to set the Budget for the Pension Fund for the Financial Year 2022/23 including the Business Plan with key deliverables for the year.

Head of Pensions

External Audit Plan for the East Sussex Pension Fund 2021/22

Draft External Audit Plan for 2021/22 Pension Fund Financial Statements

Head of Pensions

17 June 2022

Internal Audit Strategy and Plan

Draft internal audit Pension Fund Strategy and Audit Plan 2022/23

Internal Audit

Governance and Compliance Statement

Annual Review of Governance and Compliance Statement

Governance and Compliance Pensions Manager

Annual Report of the Pension Board

Annual report of the Pension Board to the Scheme manager outlining the work throughout the year

Head of Pensions with the Chair of the Board

Carbon Footprinting

A report on the carbon footprint of the portfolio of ESPF including whether investments are in line with transition pathways.

Head of Pensions

Training Policy

Biannual review of the training Strategy

Governance and Compliance Pensions Manager

20 July 2022 (no standing items)

Independent Auditors Report on the Pension Fund Account and Annual Report and Accounts 2021/22

A report on the External Audit findings of the Pension Fund financial Statements and the complete 2021/22Annual Report and Accounts for review.

Head of Pensions

Training / Focus of choice

Time for specific training or to focus on a specific topic

Head of Pensions

27 September 2022

Independent Auditors Report on the Pension Fund Account and Annual Report and Accounts 2021/22

A report on the External Audit findings of the Pension Fund financial Statements and the complete 2021/22 Annual Report and Accounts.

Head of Pensions

2022 Actuarial Valuation and Funding Strategy Statement

Report from the Fund Actuary on the March 2022 triennial valuation process, methodology and assumptions with a draft Funding Strategy Statement for approval prior to consultation

Head of Pensions

30 November 2022

22 February 2023

2022 Valuation report and results and Final Funding Strategy Statement (FSS)

Final report and results from the Fund Actuary of the 31 March 2022 triennial valuation with the final FSS for approval post consultation.

Head of Pensions

 

 

 

Actions requested by the Committee

Subject Area

Detail

Date completed

 

 

 

 

Current working groups

Title of working group

Detail and meetings since last Pensions Board and Committee meetings

Membership

Investment Implementation Working Group (IIWG)

The Investment Working Group and ESG working group have been amalgamated, as agreed at Pensions Committee 21 September 2020.

The IIWG has an advisory role to over oversee the implementation of decisions by the Pension Committee in relation to investment decisions and carry out detailed research and analysis for Pensions Committee.

Recent meetings

·         2 June 2021

·         18 June 2021

·         02 September 2021

William Bourne, Russell Wood, Sian Kunert, Representative from Investment Consultant

Cllr Fox or substitute committee member is invited to attend

Data Improvement and ABS Working Group

Recent meetings

·         29 July 2021

Scheduled

·         12 October 2021

·         2 December 2021

Cllr Fox, Ray Martin, Diana Pogson, Stephen Osborne, Paul Punter, Sian Kunert, Ian Gutsell

McCloud Working Group

The McCloud Working Group has been established to oversee the implementation of the McCloud ruling within a prescribed timeframe and addressing any gaps and barriers preventing progress and ultimately delivery of the project.

A high-level impact assessment has been completed to identify those members of the scheme that will be affected by this ruling.

The Group have acknowledged there are many data requests of employers and this project needs to be managed carefully with other demands on employers time.

Recent meetings

·         22 April 2021 – supported by Hymans

Cllr Fox, Stephen Osborn, Lynda Walker, Paul Punter, Sian Kunert, Dave Kellond

Communications Working Group

The Communications Working Group was established by the Pensions Board in February 2021 to drive forward improvements in communications with stakeholders with support from employee and employer representatives.

Recent meetings

·         2 June 2021

·         20 July 2021

Scheduled

·         14 September 2021

All Board members invited

Sian Kunert, Tim Hillman, Izzy Widdowson

 

 

 

 


Training and Development - recent and future events

Title of Training/Briefing

Detail

Date

Attended

An introduction to covenant

PWC training session for officers, Committee and Board members to understand Employer covenants and their importance. Part of the Covenant review project.

3 August

Ray Martin, Niki Palermo, Stephen Osborn

Employers in distress

PWC training session for officers, Committee and Board members to understand how to manage Employers in distress following the employer covenants analysis. Part of the Covenant review project.

10 August

Stephen Osborn

Infrastructure Training

In house session with guest presentations from Pantheon and GLIL

8 July

Cllr Fox, Cllr Hilton, Cllr Redstone

Fixed Income Training and Investment Strategy Training

In house session run by Isio to support the investment strategy discussions at the upcoming committee

9 July

Cllr Fox, Cllr Hilton, Cllr Redstone, Cllr Tutt

CIPFA LGPS Local Pension Board Annual Event

CIPFA LGPS Local Pension Board Annual Event

23 June

Ray Martin

Title of Training/Briefing

Detail

Proposed Date

Invited

Overview of the Local Government Pension Scheme

Overview of the Local Government Pension Scheme for new Committee or Board members or as a refresher. Webinar hosted by Barnet Waddingham.

28 October

Committee Members and Board members

Cryptocurrency

Training on Cryptocurrency investment provided by Ruffer as requested by Committee on 1 March 2021

TBC

Committee Members

Infrastructure training part 2 - ESG

Continuation of inhouse training item on Infrastructure to understand how ESG is integrated into the Pantheon strategy

TBC

Committee Members

LGA Fundamentals

3 day Fundamentals training day for Members new to Pensions Committee or Board

Oct, Nov, Dec

Committee Members and Board members