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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 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 Manager – 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 Manager – 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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30 May 2023 |
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Governance and Compliance Statement |
Annual Review of Governance and Compliance Statement |
Governance and Compliance Pensions Manager |
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Additional Voluntary Contributions (AVC) Report |
AVC update report on AVC offerings to members |
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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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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Privacy Notice and Memorandum of Understanding |
Annual review of Funds Privacy Notice (summary and full) and Memorandum of Understanding to check for any changes. This will be reported as a note in the governance report if no required changes. |
Governance and Compliance Pensions Manager |
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Breaches Policy refresh |
3 year review of the Breaches policy to ensure up to date and representing best practice |
Governance and Compliance Pensions Manager |
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4 September 2023 |
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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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2 November 2023 |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Pensions Manager – 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 2024 |
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Business Plan and Budget 2024/25 |
Report to set the Budget for the Pension Fund for the Financial Year 2024/25 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 2023/24 |
Draft External Audit Plan for 2023/24 Pension Fund Financial Statements |
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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Complete |
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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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Complete |
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Governance Committee – Committee Representation |
Request a report for Governance Committee to consider the constitution of the Pension Committee for representation |
Complete |
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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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Governance Report |
A report on governance issues effecting the fund, developments in the LGPS, approval of policy amendments and McCloud working group update |
Pensions Manager – Governance and Compliance |
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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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Investment Report |
A Quarterly performance report of the investment managers |
Head of Pensions and Investment Consultant |
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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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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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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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15 June 2023 |
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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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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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Additional Voluntary Contributions (AVC) Report |
AVC update report on AVC offerings to members |
Head of Pensions |
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Privacy Notice and Memorandum of Understanding |
Annual review of Funds Privacy Notice (summary and full) and Memorandum of Understanding to check for any changes. This will be reported as a note in the governance report if no required changes. |
Governance and Compliance Pensions Manager |
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Breaches Policy refresh |
3 year review of the Breaches policy to ensure up to date and representing best practice |
Governance and Compliance Pensions Manager |
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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. (Note this may slip to September depending on supplier turnaround times) |
Head of Pensions |
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20 July 2023 Investment Strategy review and training day (not a formal Committee meeting unless urgent decisions required) |
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19 September 2023 |
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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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Investment Strategy Statement |
Refresh of the Investment Strategy Statement following Strategy review day in July to formalise and approve the new strategy post triennial valuation |
Head of Pensions |
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Stewardship Code submission for 2022 |
Second annual submission to FRC for Stewardship activities for calendar year 2022 prior to October submission date |
Head of Pensions |
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16 November 2023 |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Pensions Manager – 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 2024 |
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Business Plan and Budget 2024/25 |
Report to set the Budget for the Pension Fund for the Financial Year 2024/25 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 2023/24 |
Draft External Audit Plan for 2023/24 Pension Fund Financial Statements |
Head of Pensions |
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Actions requested by the Committee |
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Subject Area |
Detail |
Status |
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The case for Divestment and implications on Investment Strategy |
Committee agreed in July 2022 to ask officers and the Fund’s external advisers to conduct a piece of work concurrent with the completion of the triennial valuation which: 1. Assesses the fiduciary and legal consequences of fossil fuel divestment for the Fund; 2. Examines how such a move aligns with relevant guidance and advice; 3. Explores how practical an act it would be within the context of the ACCESS pool; and 4. Reviews evidence on the efficacy of such an approach in promoting the energy transition.
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In progress - planned for discussion to aid the strategy review in July 2023, in advance of the September committee for investment strategy approval |
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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 IIWG meetings · 27 September 2022 (economic volatility) · 26 October 2022 (update on economic volatility, credit mandates)
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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 · 16 October 2022 Scheduled · 30 January 2023 · 20 March 2023 · 16 May 2023 · 4 July 2023 · 24 August 2023 · 9 October 2023 · 5 December 2023 |
Cllr Fox, Ray Martin, Neil Simpson, 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 · 5 January 2023
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Cllr Fox, Lynda Walker, Paul Punter, Sian Kunert, Dave Kellond, Mike Burton |
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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 · 9 November 2022 Scheduled meetings · 21 February 2023 – Summary accounts and ABS changes · 17 May 2023 · 12 September 2023 · 12 December 2023 |
Lynda Walker, Ray Martin, Cllr Druitt, Sian Kunert, Tim Hillman, Paul Linfield Note - All Board members invited to attend
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Training and Development – attendance at recent events |
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Invited |
Date |
Topic |
Committee |
Board |
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New Mem |
18-Oct |
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Neil |
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C + O |
16-Nov |
Cllr Redstone |
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New Mem |
22-Nov |
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Neil |
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New Mem |
20-Dec |
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Neil |
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Highlighted items are Officers led training
For the period of October to the end of December the Board and Committee combined have been invited to 17 training events. This number includes 3 day Fundamentals training for new members,