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Future Pension Board Agenda |
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Item |
Description |
Author |
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Standing items (items that appear on each agenda) |
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Pension Board Updates |
Verbal updates on training events or conferences attended by Members of the Board |
N/A |
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Pension Committee Agenda |
A consideration of the draft agenda of the Pension Committee. |
Head of Pensions |
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Governance Report |
A report on governance issues effecting the fund, developments in the LGPS, policy amendments and McCloud working group update |
Pensions Manger – Governance and Compliance |
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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 |
Pensions Manger – Employer Engagement |
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Pensions Administration report |
An update on the performance of the Pensions Administration Team. |
Head of Pensions Administration |
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Internal Audit reports |
All internal audit reports on the ESPF are reported to the Board |
Head of Internal Audit |
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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 |
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East Sussex Pension Fund (ESPF) Risk Register |
A report on the ESPF’s Risk Register |
Head of Pensions |
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Work programme |
A report on the Board and Committee’s work programme |
Head of Pensions |
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East Sussex Pension Fund (ESPF) Breaches Log |
A report on the ESPF breaches log |
Head of Pensions |
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Employer Admissions and Cessations |
A report on the admission and cessation of employers to the ESPF. |
Head of Pensions |
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5 November 2021 |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Pensions Manger – Employer Engagement |
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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 |
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Annual Training Plan |
Report on Training completed in the year and training recommendations for the up-coming year |
Head of Pensions |
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10 February 2022 |
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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 |
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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 |
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Communications Policy |
Revision to the Communications Policy |
Head of Pensions |
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Covenant Review Report |
Report from PWC on the covenant review project – project expected to complete late 2021 |
Head of Pensions |
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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 |
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Additional Voluntary Contributions (AVC) review |
Paper reviewing the AVC provision to members |
Head of Pensions |
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1 June 2022 |
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Internal Audit Strategy and Plan |
Draft internal audit Pension Fund Strategy and Audit Plan 2022/23 |
Internal Audit |
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Governance and Compliance Statement |
Annual Review of Governance and Compliance Statement |
Governance and Compliance Pensions Manager |
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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 |
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Training Policy |
Biannual review of the training Strategy |
Governance and Compliance Pensions Manager |
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9 September 2022 |
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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 |
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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 |
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15 November 2022 |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Pensions Manger – Employer Engagement |
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Annual Training Plan |
Report on Training completed in the year and training recommendations for the up-coming year |
Head of Pensions |
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8 February 2023 |
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Business Plan and Budget 2023/24 |
Report to set the Budget for the Pension Fund for the Financial Year 2023/24 including the Business Plan with key deliverables for the year. |
Head of Pensions |
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External Audit Plan for the East Sussex Pension Fund 2022/23 |
Draft External Audit Plan for 2021/22 Pension Fund Financial Statements |
Head of Pensions |
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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 |
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Actions requested by the Pensions Board |
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Subject Area |
Detail |
Status |
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Internal Audit reports |
The Board requested that internal audit consider an audit of the common data sets provided to the Pensions Regulator |
TBC |
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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 |
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The Board requested a future report on how the ESPF KPIs for pension administration compare with those of other local government pension schemes.
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To be provided when new KPI tool implemented |
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Decision making |
To revise the decision-making matrix (including a RACI model) and to circulate it for information.
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To be provided February 2022 |
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ABS |
Request that details of the ABS performance be circulated to the Board by email |
Circulated 16/09/2021 |
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Future Pension Committee Agenda |
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Item |
Description |
Author |
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Standing items (items that appear on each agenda) |
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Investment Report |
A Quarterly performance report of the investment managers |
Head of Pensions and Investment Consultant |
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Governance Report |
A report on governance issues effecting the fund, developments in the LGPS, approval of policy amendments and McCloud working group update |
Pensions Manger – Governance and Compliance |
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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 |
Pensions Manger – Employer Engagement |
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Pensions Administration report |
An update on the performance of the Pensions Administration Team. |
Head of Pensions Administration |
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Internal Audit reports |
Internal audit reports on the ESPF and annual audit plan. |
Head of Internal Audit |
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East Sussex Pension Fund (ESPF) Quarterly budget report |
An update on the ESPF’s budget - reported Q2-4 only |
Head of Pensions |
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East Sussex Pension Fund (ESPF) Risk Register |
A report on the ESPF’s Risk Register |
Head of Pensions |
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Work programme |
A report on the Board and Committee’s work programme |
Head of Pensions |
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East Sussex Pension Fund (ESPF) Breaches Log |
A report on the ESPF breaches log – reported only when a new breach is recognised, or status changed. Report goes quarterly to Board. |
Head of Pensions |
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Employer Admissions and Cessations |
A report on the admission and cessation of employers to the ESPF - reported only when outstanding admissions or cessations. |
Head of Pensions |
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25 November 2021 |
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Annual Report and Accounts 2020/21 |
2020/21 Annual Report and Accounts for approval including external audit confirmation of consistency of the report to the published Accounts. |
Head of Pensions |
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Annual Training Plan |
Report on Training completed in the year and training recommendations for the up-coming year |
Head of Pensions |
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24 February 2022 |
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2020 Stewardship Code |
Report outlining the Funds compliance with the 2020 Stewardship Code |
Head of Pensions |
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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 |
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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 |
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Covenant Review Report |
Report from PWC on the covenant review project |
Head of Pensions |
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Additional Voluntary Contributions (AVC) review |
Paper reviewing the AVC provision to members |
Head of Pensions |
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Communications Policy |
Revision to the Communications Policy |
Head of Pensions |
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17 June 2022 |
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Internal Audit Strategy and Plan |
Draft internal audit Pension Fund Strategy and Audit Plan 2022/23 |
Internal Audit |
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Governance and Compliance Statement |
Annual Review of Governance and Compliance Statement |
Governance and Compliance Pensions Manager |
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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 |
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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 |
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Training Policy |
Biannual review of the training Strategy |
Governance and Compliance Pensions Manager |
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20 July 2022 (no standing items) |
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Independent Auditors Report on the Pension Fund Accounts 2021/22 |
A report on the External Audit findings of the Pension Fund financial Statements for 2021/22 |
Head of Pensions |
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Training / Focus of choice |
Time for specific training or to focus on a specific topic |
Head of Pensions |
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27 September 2022 |
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Pension Fund Annual Report and Accounts 2021/22 |
2020/21 Annual Report and Accounts for approval |
Head of Pensions |
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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 |
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30 November 2022 |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Pensions Manger – Employer Engagement |
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Annual Training Plan |
Report on Training completed in the year and training recommendations for the up-coming year |
Head of Pensions |
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22 February 2023 |
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Business Plan and Budget 2023/24 |
Report to set the Budget for the Pension Fund for the Financial Year 2023/24 including the Business Plan with key deliverables for the year. |
Head of Pensions |
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External Audit Plan for the East Sussex Pension Fund 2022/23 |
Draft External Audit Plan for 2021/22 Pension Fund Financial Statements |
Head of Pensions |
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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 |
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Actions requested by the Committee |
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Subject Area |
Detail |
Status |
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Fossil Fuel engagement Report |
At its meeting on 11 July 2021 Committee requested a report setting out the specific oil and gas company holdings held by the Fund’s absolute return managers (Newton and Ruffer), identifying any of those companies still actively seeking new oil fields; the engagement activity undertaken by these managers, including what escalation measures they have in place if engagement does not work; and the potential cost to the Fund of full divestment over five years. |
Scheduled for November committee (due to accounts audit commitments of the team leading to September meeting) |
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Current working groups |
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Title of working group |
Detail and meetings since last Pensions Board and Committee meetings |
Membership |
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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 |
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Data Improvement and ABS Working Group |
Recent meetings · 29 July 2021 · 12 October 2021
Scheduled · 2 December 2021 |
Cllr Fox, Ray Martin, Diana Pogson, Stephen Osborne, Paul Punter, Sian Kunert, Ian Gutsell |
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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 |
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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 · 14 September 2021 |
All Board members invited Sian Kunert, Tim Hillman, Izzy Widdowson
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Training and Development - recent and future events |
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Title of Training/Briefing |
Detail |
Date |
Attended |
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PLSA Annual conference |
The PLSA Annual Conference we’ll be asking what the road to economic recovery looks like, analysing the hurdles for pensions and revealing the opportunities to lead the race. o Retirement Living Standards o ESG Guidance o Guided Retirement Income Choices o UK pension climate regulation and investment o DB Funding code |
12-14 October |
Ray Martin, Cllr Hilton |
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ATLAS Infrastructure - Investment Overview |
Overview of infrastructure manager mandate and methodology including ESG overlay with climate modelling |
6 October 2021 |
Cllr Fox, Cllr Hilton, Cllr Hollidge |
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Title of Training/Briefing |
Detail |
Proposed Date |
Invited |
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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 |
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Cryptocurrency |
Training on Cryptocurrency investment provided by Ruffer as requested by Committee on 1 March 2021 |
TBC |
Committee Members |
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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 |
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LGA Fundamentals |
3 day Fundamentals training day for Members new to Pensions Committee or Board |
Oct, Nov, Dec |
Committee Members and Board members |