Pension Board and Committee – Work Programme

 


Future Pension Board Agenda

Item

Description

Author

Standing items (items that appear on each agenda)

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

Pensions Manger – Governance and Compliance

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

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

15 November 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

Employer Forum Agenda

Discussion on Pension Fund Employer Forum Agenda topics

Pensions Manger – Employer Engagement

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

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

Annual Training Plan

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

Head of Pensions

8 February 2023

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

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

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

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

Head of Pensions

2 June 2023 (TBC)

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

 

 


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

when new KPI tool implemented

Decision making

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

for information.

 

In progress

 

 

 

 

 


 

 


Future Pension Committee Agenda

Item

Description

Author

Standing items (items that appear on each agenda)

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

Pensions Administration report

An update on the performance of the Pensions Administration Team.

Head of Pensions Administration

Internal Audit reports

Internal audit reports on the ESPF and annual audit plan.

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

Investment Report

A Quarterly performance report of the investment managers

Head of Pensions and Investment Consultant

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

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

27 September 2022

Covenant Review Report

Report from PWC on the covenant review project

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

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 including 2020/21 Annual Report and Accounts for approval

Head of Pensions

Employer Forum Agenda

Discussion on Pension Fund Employer Forum Agenda topics

Pensions Manger – Employer Engagement

Annual Training Plan

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

Head of Pensions

22 February 2023

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

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

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

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

Head of Pensions

15 June 2023 (TBC)

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

 

 

 

Actions requested by the Committee

Subject Area

Detail

Status

 

 

 

 

 

 

 

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

·         28 January 2022

·         15 March 2022 (catch up call on actions)

·         29 April 2022 (workplan discussion)

·         16 August 2022 (various topics)

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

Cllr Fox or substitute committee member is invited to attend

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

·         5 July 2022

·         16 August 2022

Scheduled

·         18 October 2022

·         15 December 2022

Cllr Fox, Ray Martin, Stephen Osborne, Neil Simpson (from August 2022) 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

·         12 January 2022 – 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

·         28  February 2022

·         28 April 2022

·         9 June 2022

·          

Scheduled meetings

·         14 September 2022

·         9 November 2022

Lynda Walker, Ray Martin, Cllr Druitt, Sian Kunert, Tim Hillman, Paul Linfield

Note - All Board members invited to attend

 

 

 


 

 


Training and Development - recent and future events

Invited:

Date

Topic

Committee

Board

O + C

20-21 Jan 22

LGPS Governance Conference 2022 - Bournemouth
Scheme Advisory Board update • Divest now? • The scheme member’s view • Valuation 2022 - a panel of experts • Cyber security and pension scams • McCloud judgment • Legal update

• The Regulators  • Investment outlook

Cllr Fox

 

B + C + O

27-Jan-22

Valuation -  Barnett Waddingham
• 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

 

 

 

 

 

Cllrs Fox, Hollidge, Hilton, Redstone

 

Ray Martin, Linda Walker, Niki Polermo, S. Osborn, Cllrs Illingworth, Druitt

B + C + O

28-Mar-22

Impact Investment - Pensions for Purpose
• Introduction to Pensions for Purpose;
• What is impact investing? Introducing the spectrum of capital;
• Overview of the Impact Investing Principles for Pensions - Impact-Investing-Principles-for-Pensions.pdf (impactinvest.org.uk) - and why pension funds should consider impact when they invest, including setting net zero targets;
• What impact investments look like across public and private markets;
• Tools to help support impact investment implementation.

Cllrs Hilton, Fox

B + C + O

28-Apr-22

Overview of the Local Government Pension Scheme,
Designed especially for new members of LGPS Boards or Committees, and LGPS officers too. Also useful for anyone who wants to touch up their knowledge. They will also provide online networking opportunities. Topics:
• The LGPS
• Benefit Summary & Employee Costs
• Employer Costs & Cost Caps
• Governance

 

Neil Simpson

B + C + O

11-May-22

Climate Change and TCFD - Uni of Sussex & Izzy
• Fundamental science of the earth’s climate system
• Observe the changing patterns in earth’s climate (e.g. temperature, rainfall)
• Why the earth’s climate is changing and the evidence
• How future climate is projected using global models under different scenarios
• Predicted changes and impacts globally and for the UK under different scenarios
TCFD
• Introduction, objectives and Agenda
• Climate change and financial stability
• An introduction to the TCFD
• Key Themes and topics
• The TCFD Recommendations and examples of application
• TNFD reporting
• Practical next steps
• Reflection and Summary

Cllrs Taylor, Hollidge, Redstone

 Ray Martin

 

 

 

 

 

B

18-May-22

CIPFA's Annual Conference for Pension Board Members

 

 

C + O

25-26 May

Investment conference
After the government’s rallying cry to ignite an investment ‘big bang’, coupled with rising inflation and the continuing economic reverberations of the pandemic, how can pension investors adjust to the new environment, meet their responsibilities, and rise to the challenge?  Join us to discuss climate-aware investing, value for money and the productive finance agenda. It’s a changed world. What does it all add up to? Where is the next big risk?

 

 

O + C + B

13-15 June

PLSA Local Authority Conference
• Responsible Investment, including DLUHC’s consultation on new reporting regulations.
• Asset pooling in the LGPS – what should the pools be doing for the funds?
• Results of the PLSA’s own Local Authority research project.
• How pensions dashboards will work in the LGPS, and how funds can get ready for them.

 

 

B

22-Jun

Local Pension Board Members. latest updates on governance and the LGPS from key industry players.: Scheme Advisory Board update; DLUHC update; tPR update; Triennial Valuations; Legal update

 

Neil Simpson