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

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

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

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

5 June 2024

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

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

Training Strategy

Two year review and refresh of the Funds Training Strategy

Governance and Compliance Pensions Manager

Risk Management Policy

Three years review and refresh of the Funds Risk Management Policy

Governance and Compliance Pensions Manager

11 September 2024

7 November 2024

13 February 2025

 

 


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

 

 

 

 

 

 

 

 

 

 


 

 


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

16 June 2023 (Revised date)

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

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

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

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

Additional Voluntary Contributions (AVC) Report

AVC update report on AVC offerings to members

Head of Pensions

Pension Fund Annual Report and Accounts 2021/22

2020/21 Annual Report and Accounts for approval

Head of Pensions

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

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. Review to include Statement of Investment Principles.

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

19 June 2024

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

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

Training Strategy

Two year review and refresh of the Funds Training Strategy

Governance and Compliance Pensions Manager

Risk Management Policy

Three years review and refresh of the Funds Risk Management Policy

Governance and Compliance Pensions Manager

17 July 2024  - Investment Strategy Review and training day

25 September 2024

21 November 2024

27 February 2025

 

 


 

 

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 February 2023 (private debt, inflation linked property)

·         5 April 2023 Officers and Advisers only – progress on Divestment project

·         24 April 2023 Officers and Advisers only – progress on Divestment project

·         11 May 2023 (Gilt triggers, property pooling, performance, strategy review progress, PE valuations, liquid asset pooling)

·         24 May 2023 Officers and Advisers only – progress on Divestment project

Scheduled

·         29 June 2023 Officers and Advisers only – progress on Divestment project

 

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

·         20 March 2023

·         16 May 2023

Scheduled

·         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

·         21 February 2023 – Summary accounts and ABS changes

·         17 May 2023 – TME/MSS, Member booklet

Scheduled meetings

·         12 September 2023

·         12 December 2023

Lynda Walker, Ray Martin, Sian Kunert, Tim Hillman, Paul Linfield, employer rep vacancy

Note - All Board members invited to attend

 

 

 


 

 


Training and Development – attendance at recent events

Invited

Date

Topic

Committee

Board

PB&PC

28-Mar

Implementing TPR's New Code of Practice - Codes and conversations with Nick Gannon

 

Neil

PB&PC

30-Mar

Structure and powers of TPR

Cllrs Redstone, Hollidge

Ray, Neil

PC

28-Apr

Fiduciary Duties, the power to invest and MiFID II

Cllrs Fox, Hollidge, Redstone, Tutt, Taylor

 

 

Upcoming Training Offered to Pension Board


Training and Development – Upcoming Training Offered to Pension Board

 

Date

Topic

21 June

Organiser: PensionsAge

Time: 08:55 – 15:10

Location: Leeds

Cost: Free

Pensions Age Northern Conference

The organisers are saying why should we attend:

Hear the views of key associations and spokespeople in the industry

Understand the hot topics and current issues facing UK pension schemes in the current environment

Understand what the changes in pensions regulation mean for you and how you can best address the changes

Learn about new and effective investment and asset allocation trends in both the DB and DC space

Understand how to generate returns while managing your risk

Learn how to effectively communicate to your members

Learn from case studies and experience

Network with other pension professionals

• Gain up to 7 CPD hours with some accrediting bodies

 

 

 


Training and Development – Upcoming Training Offered to Pension Committee

 

Date

Topic

6-8 June

Organisation: PLSA

Time:

Location: Edinburgh

Cost: Free

 

Investment Conference 2023

This year pensions industry leaders and aspiring leaders will discuss:

The impact of macroeconomic and political instability on the investment climate

The way we identify, understand and manage the next big risks 

The investment outlook for an industry searching for growth opportunities

How pension funds can support positive growth for the national economy and society

14 June

Organiser: PMI

Time: 10:00 - 11:00

Location: Online

Cost: Free

Using Dormant Assets to Transform Communities and Change Lives

 

More details to follow.

14-15 June

Time: 08:50 – 16:50

Location: London

Cost: Free

Sustainable Investment Festival

The Sustainable Investment Festival (SIF) will take impactful engagement and positive social change as key themes. This will include:

Exploring best practice in how asset managers engage with companies

How advisers engage with clients on sustainable investing

How fund selectors and pension professionals engage with fund managers to drive positive social and environmental change

21 June

Organiser: Pensions Age

Time: 08:55 – 15:10

Location: Leeds

Cost: Free

Pensions Age Northern Conference

The organisers are saying why should we attend:

Hear the views of key associations and spokespeople in the industry

Understand the hot topics and current issues facing UK pension schemes in the current environment

Understand what the changes in pensions regulation mean for you and how you can best address the changes

Learn about new and effective investment and asset allocation trends in both the DB and DC space

Understand how to generate returns while managing your risk

Learn how to effectively communicate to your members

Learn from case studies and experience

Network with other pension professionals

• Gain up to 7 CPD hours with some accrediting bodies

26-28 June

Organisation: PLSA

Time:

Location: Gloucestershire

Cost: £495

 

Local Authority Conference

We ask what’s the investment outlook for schemes amid recent market turmoil and the continued threat of recession? How can we ensure operational sustainability of the LGPS when schemes are continually pushed to do more with less? How should funds communicate with employers and savers during the cost-of-living crisis? What’s next on ESG, pensions dashboards and the levelling up debate? Come to conference to find out more. 

4-6 July

Organiser: DG Publishing

Time: 19:00 – 13:05

Location: The Grove, Hertfordshire

Cost: Free

LAPF Strategic Investment Forum

This is a leading investment conference and dinner for senior LGPS fund investment officers and their advisers. The event will cover wide variety topics such as: Geopolitical Risks, Fixed Income Returns, Real Estate Long Income, Biodiversity, Private Equity, Private Debt, Social Housing, Commercial property