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 Manager – 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 Manager – 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

30 May 2023

Governance and Compliance Statement

Annual Review of Governance and Compliance Statement

Governance and Compliance Pensions Manager

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

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

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

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

Breaches Policy refresh

3 year review of the Breaches policy to ensure up to date and representing best practice

Governance and Compliance Pensions Manager

4 September 2023

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

Pension Fund Annual Report and Accounts 2021/22

2020/21 Annual Report and Accounts for approval

Head of Pensions

2 November 2023

Employer Forum Agenda

Discussion on Pension Fund Employer Forum Agenda topics

Pensions Manager – Employer Engagement

Annual Training Plan

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

Head of Pensions

 8 February 2024

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

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

 

 


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.

 

Complete

Decision making

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

for information.

 

Complete

Governance Committee – Committee Representation

Request a report for Governance Committee to consider the constitution of the Pension Committee for representation

Complete

 


 

 


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 Manager – 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

15 June 2023

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

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

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

Head of Pensions

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

Breaches Policy refresh

3 year review of the Breaches policy to ensure up to date and representing best practice

Governance and Compliance Pensions Manager

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

20 July 2023 Investment Strategy review and training day (not a formal Committee meeting unless urgent decisions required)

19 September 2023

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

Pension Fund Annual Report and Accounts 2021/22

2020/21 Annual Report and Accounts for approval

Head of Pensions

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

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

16 November 2023

Employer Forum Agenda

Discussion on Pension Fund Employer Forum Agenda topics

Pensions Manager – 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 2024

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

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

 

 


 

 

Actions requested by the Committee

Subject Area

Detail

Status

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.

 

In progress - planned for discussion to aid the strategy review in July 2023, in advance of the September committee for investment strategy approval

 

 

 

 


 

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 IIWG meetings

·         27 September 2022 (economic volatility)

·         26 October 2022 (update on economic volatility, credit mandates)

 

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

·         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

 

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

 

Cllr Fox, Lynda Walker, Paul Punter, Sian Kunert, Dave Kellond, Mike Burton

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

 

 

 


 

 


Training and Development – attendance at recent events

Invited

Date

Topic

Committee

Board

New Mem

18-Oct

FUNDAMENTALS 2022 Day 1 – Legal Framework of the LGPS

 

Neil

C + O

16-Nov

SPS Local Authority Pension Investment & Current Issues - LGPS pools, funds and industry organisations

Cllr Redstone

 

New Mem

22-Nov

FUNDAMENTALS 2022 -Day 2 – LGPS Investments

 

Neil

New Mem

20-Dec

FUNDAMENTALS 2022 Day 3 – Duties and Responsibilities

 

Neil

 

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,