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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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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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Internal Audit Strategy and Plan |
Draft internal audit Pension Fund Strategy and Audit Plan 2022/23 |
Internal Audit |
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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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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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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 June 2022 |
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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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24 February 2022 |
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2020 Stewardship Code Submission |
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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Internal Audit Strategy and Plan |
Draft internal audit Pension Fund Strategy and Audit Plan 2022/23 |
Internal Audit |
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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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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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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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Communications Policy |
Revision to the Communications Policy |
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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Investment Strategy Review |
Annual consideration on the effectiveness of the Investment strategy and suggested changes to the Investment Strategy Statement. |
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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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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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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Beyond Oil and Gas Alliance |
Request for a paper to be made available at February 2022 meeting to provide members with information on the Beyond Oil and Gas Alliance so Committee members have sufficient information to consider if they want to issue a public statement, calling on the UK Government to commit to becoming a core member of the Beyond Oil & Gas Alliance |
To be presented in February 2022 meeting |
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Schroders Cash position |
Request for officers / Isio to find out reasons for the large cash position in the Schroders portfolio |
Complete – update to be provided February 2022 meeting |
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Correlation of assets |
Request for a brief overview of how the portfolio investments are correlated |
To be presented in February 2022 meeting |
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Inflation |
Request for information on how increasing Inflation could impact the Fund |
To be presented in February 2022 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 · 18 November 2021 · 6 December 2021 · 26 January 2022 – special meeting for Infrastructure Manager Selection Presentations (Core members only invited) · 28 January 2022 |
William Bourne, Russell Wood, Sian Kunert, Representative from Investment Consultant Cllr Fox or substitute committee member is invited to attend |
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Administration Working Group |
The Administration Working Group was set up in 2021 following the conclusion of the ABS and Data Improvement Working Group. The group discuss ongoing administration projects and areas of administration focus Recent meetings · 2 December 2021 · 19 January 2022 Scheduled · 28 March 2022 · 4 May 2022 · 5 July 2022 · 16 August 2022 · 18 October 2022 · 15 December 2022 |
Cllr Fox, Ray Martin, Stephen Osborne, Paul Punter, Sian Kunert, Ian Gutsell Vacancy for Scheme Member Rep |
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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 · 12 January 2022 – 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 · 14 December 2021
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Lynda Walker, Ray Martin, Cllr Druitt, Sian Kunert, Tim Hillman, Izzy Widdowson, Paul Linfield Note - All Board members invited to attend
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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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LGPS-Live – A webinar series Scheme Advisory Board Update |
· Collaborations and Consolidation in the LGPS · Should We Worry About Inflation? |
3 Nov ‘21 |
Cllrs: Hollidge, Hilton, Redstone |
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Aon’s Global Pension Risk Survey 2021/22 UK Survey findings |
Looked at the results and findings of the survey |
4 Nov ‘21 |
Cllrs Hilton, Hollidge |
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LGPS Climate Summit |
Covered: · The Economics of Climate Change · From Risk to Opportunity · TCFD and the LGPS · Ensuring an inclusive Net Zero transition · What next after COP26? · Pooling and Climate Risk · Which truth? Data Malaise from Pandemic to Climate Crises · Addressing Greenwashing Risks: How Can the LGPS Steer Clear? · Driving the Transition: Effectively Investing in The Transition of Carbon Intensive Industries · How is Climate Change Shaping Private Equity and Venture Capital Investments? · Looking beyond – Biodiversity as an Investment Opportunity · Expectations for the LGPS 10 Years from Now
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15 Nov ‘21 |
Cllr Hilton |
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Embedding ESG into Pension Scheme Decision-Making - a toolkit for pension trustees |
Key elements of the A4S toolkit and how it can be used by trustees to drive consensus across their Board, and by advisers to share with their clients |
16 Nov ‘21 |
Cllrs Hollidge, Hilton |
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ESPF Employer forum |
· WHEB Investment Manager · Compliance and Governance update · Administration Manager Update · Engagement and Website update · I-Connect update
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24 Nov ‘21 |
R Martin, S Osborn, Cllr Illingworth. Cllrs: Fox, Tutt, Hollidge, Redstone, Hilton |
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Evaluating the ESG Capabilities of Your Service Providers |
Top tips and examples of good practice on procuring the right service providers to deliver your ESG objectives and assessing their continuous performance. |
25 Nov ‘21 |
Cllr Hilton |
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LGPS Governance Conference 2022 |
• The Economics of Climate Change • From Risk to Opportunity • TCFD and the LGPS • ensuring an inclusive Net Zero transition • What next after COP26? • Pooling and Climate Risk • Which truth? Data Malaise from Pandemic to Climate Crises • Addressing Greenwashing Risks: How Can the LGPS Steer Clear? • Driving the Transition: Effectively Investing in The Transition of Carbon Intensive Industries • How is Climate Change Shaping Private Equity and Venture Capital Investments? • Looking beyond – Biodiversity as an Investment Opportunity • Expectations for the LGPS 10 Years from Now
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20-21 Jan ‘22 |
Cllr Fox |
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Valuation |
· Purpose and objectives of the valuation · Valuing the assets and liabilities - methodology and approach · Data - requirements and the importance of data quality · Assumptions - how these are determined and their impact on results · A look back at the 2019 funding position and what we might expect at 2022 · Hot topics impacting the valuation
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27 Jan ‘22 |
N Palermo, S Osborn; Cllrs: Fox, Hollidge, Druitt, Illingworth, Redstone, Hilton |
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Title of Training/Briefing |
Detail |
Proposed Date |
Invited |
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LAPF Strategic Investment Forum |
· Bonds – balancing your portfolio’s risk · Fading scars and enduring policies – long term capital market assumptions as a key driver of portfolio construction
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3 Feb ‘22 |
Committee Members |
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Admin and Data Forum 2022 |
½ day event run by Professional Pensions’. Focus on the challenges that trustees and scheme managers are currently facing, as they evolve their administrative and data functions to meet regulatory duties, capture efficiencies and provide best outcomes for members.
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8 Mar ’22 |
Committee Members |
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ESG Conference 2022 - Pensions, people, planet |
2 day ESG conference run by PLSA |
9-10 Mar ‘‘22 |
Committee Members |
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LGC Investment Seminar on 24-25 March 2022. |
2 Day LGPS investment seminar held in Chester. Due to costs for this event places are not offered to all |
24-25 Mar |
Cllr Redstone |