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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 Update |
A consideration of the draft agenda of the Pension Committee and summary minutes of the last Pension Committee meeting decisions. |
Head of Pensions |
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Governance Report |
A report on governance issues effecting the fund, developments in the LGPS and regulatory environment, policy amendments and ACCESS pool updates |
Pensions Manager – Governance and Compliance |
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Employer Engagement and Communications Report |
A report on Employer Engagement matters to note, Employer Contributions update and Communications from the Fund |
Pensions Manager – Employer Engagement |
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Pensions Administration report |
An update on the performance of the Pensions Administration Team covering KPI’s and projects. |
Head of Pensions Administration |
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Internal Audit reports |
All internal audit reports on the Fund 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 Funds budget. This is reported in Q2-4 only. |
Pensions Manager – Investment and Accounting |
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East Sussex Pension Fund (ESPF) Risk Register |
A report on the Funds 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 Funds breaches log |
Head of Pensions |
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Employer Admissions and Cessations |
A report on the admission and cessation of employers to the Fund |
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. |
Pensions Manager – Investment and Accounting |
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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 |
Pensions Manager – Investment and Accounting |
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5 June 2024 |
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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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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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Training Strategy |
Two-year review and refresh of the Funds Training Strategy |
Governance and Compliance Pensions Manager |
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Risk Management Policy |
Three-year review and refresh of the Funds Risk Management Policy |
Governance and Compliance Pensions Manager |
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11 September 2024 |
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Supplier Update |
Update on supplier contracts and procurements |
Head of Pensions |
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Conflict of Interest Policy |
Three-year review of the Conflict of Interest Policy |
Governance and Compliance Pensions Manager |
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7 November 2024 |
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Independent Auditors Report on the Pension Fund Accounts 2023/24 |
A report on the External Audit findings of the Pension Fund financial Statements for 2023/24 |
Head of Pensions |
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Pension Fund Annual Report and Accounts 2023/24 |
2023/24 Annual Report and Accounts for approval |
Head of Pensions |
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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 |
Governance and Compliance Pensions Manager |
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13 February 2025 |
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Actions requested by the Pensions Board |
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Subject Area |
Detail |
Status |
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The Board requested a review to be carried out on the Ill Health Insurance provision in place in terms of commercial arrangements. |
TBC |
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Prudence in cessation policy |
The Board requested further details to understand the prudence level in relation to the revision of the FSS for the Cessation Policy
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TBC |
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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 and regulatory environment, policy amendments and ACCESS pool updates |
Pensions Manager – Governance and Compliance |
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Pensions Administration report |
An update on the performance of the Pensions Administration Team covering KPI’s and projects. |
Head of Pensions Administration |
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Internal Audit reports |
Internal audit reports on the Fund and annual audit plan. |
Head of Internal Audit |
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East Sussex Pension Fund (ESPF) Quarterly budget report |
An update on the Funds budget - reported Q2-4 only |
Pensions Manager – Investment and Accounting |
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East Sussex Pension Fund (ESPF) Risk Register |
A report on the Funds 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 Funds 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 Fund - reported only when outstanding admissions or cessations. |
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. |
Pensions Manager – Investment and Accounting |
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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 |
Pensions Manager – Investment and Accounting |
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19 June 2024 |
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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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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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Training Strategy |
Two year review and refresh of the Funds Training Strategy |
Governance and Compliance Pensions Manager |
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Risk Management Policy |
Three years review and refresh of the Funds Risk Management Policy |
Governance and Compliance Pensions Manager |
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17 July 2024 - Investment Strategy Workshop and training day |
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25 September 2024 |
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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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ESG Impact Assessment |
Annual assessment by Investment consultants on the ESG standing of Investment managers with action plan |
Head of Pensions |
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Investment Strategy Statement |
Review of the Investment Strategy Statement to take into account any revisions to the investment strategy. Review to include Statement of Investment Principles. |
Head of Pensions |
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Stewardship Code submission for 2023 |
Update on status for submitting second annual submission to FRC for Stewardship activities for calendar year 2023 prior to October submission date |
Head of Pensions |
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Conflict of Interest Policy |
Three-year review of the Conflict of Interest Policy |
Governance and Compliance Pensions Manager |
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Supplier Update |
Update on supplier contracts and procurements |
Head of Pensions |
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21 November 2024 |
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Independent Auditors Report on the Pension Fund Accounts 2023/24 |
A report on the External Audit findings of the Pension Fund financial Statements for 2023/24 |
Head of Pensions |
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Pension Fund Annual Report and Accounts 2023/24 |
2023/24 Annual Report and Accounts for approval |
Head of Pensions |
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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 |
Governance and Compliance Pensions Manager |
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27 February 2025 |
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Actions requested by the Committee |
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Subject Area |
Detail |
Status |
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Presentations from Investment Managers |
Meetings / Presentations with impact managers to understand what investments are held in the portfolios and IFM to understand the future proofing of infrastructure assets |
Rolled out in September and November |
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Training |
Requests were made, following the July 2023 investment workshop day, for training on the following areas · How to invest in the energy transition. Eg electric storage/batteries, renewables, nuclear, hydrogen, EV’s. What is cost and access to markets for these investments. · What are the pros and cons of DGF / absolute return funds? How are they correlated to other asset classes? · How does LGPS investment strategy evolve over time, what is rebalancing, when is it done, what are the timelines associated with setting investment strategies, what are the impacts of pooling on strategy implementation · Cost benefit implications of de-risking the portfolio · Core responsibilities of Councillors in their role on the pension committee to ensure proper exercise of its responsibilities and powers. Readdressing the need for Governance framework role of the Committee and considering strategic investment change recommendations from expert advisers, rather than directing underlying investment holdings. |
In progress |
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Proposals raised on divestment in September |
Three sets of proposals on divestment within investment strategy tabled in September Committee meeting. Officers to collate data to understand exposure to areas of divestment proposed and provide a cover note to aid understanding of proposals |
Aim for Spring completion |
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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 · 21 August 2023 (Investment Strategy Recommendations) · 13 October 2023 (Index linked gilts trigger focus) · 3 November 2023 (Range of performance and manager discussions and updates on strategy change implementation) |
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 including McCloud implementation Recent meetings · 4 July 2023 · 26 October 2023 Scheduled · 5 December 2023 |
Cllr Fox, Ray Martin, Neil Simpson, Zoe O’Sullivan, Tim Oliver, Paul Punter, Sian Kunert, Ian Gutsell
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Training and Development – attendance at recent events |
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Date |
Topic |
Committee |
Board |
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29-Sep-23 |
Investment Manager approaches to supporting climate opportunities - WHEB |
Cllr Taylor, Cllr Tutt |
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28-Sep-23 |
Investment Manager approaches to supporting climate opportunities - IFM |
Cllr Taylor, Cllr Redstone, Cllr Hollidge |
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20-Sep-23 |
Investment Manager approaches to supporting climate opportunities - Osmosis |
Cllr Redstone, Cllr Tutt, Cllr Fox |
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19-Oct-23 |
SPS - LGPS
Sustainable Investment & Other Topical Issues Conference |
Cllr Taylor |
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19&26 Oct 23 |
LGA
Fundamentals Day 1 |
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Zoe |
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30-Oct-23 |
Investment Manager approaches to supporting climate opportunities - Wellington |
Cllr Taylor, Cllr Tutt, Cllr Fox |
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Training and Development – Upcoming Training Offered to Pension Board
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Date |
Topic |
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8 November Organiser: CIPFA: Time: 10:00 – 13:00 Location: Online Cost: £180 |
Local Pension Boards Training by CIPFA The aim is to support LPB members to maintain their knowledge and understanding in line with the legislative requirements. Ensuring delegates have access to the latest updates and information on legislation, administration and governance in relation to the LGPS. |
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14 November Organiser: PMI Time: 10:00 - 11:00 Location: Online Cost: Free |
Understanding the importance of Business Continuity for Pensions Schemes Topics to discuss: • What is Business Continuity Management • Why it is important for pension schemes, their advisers and service providers • What you need to consider, address and put in place as part of your approach to BCM • Practical tips and the importance exercising your teams and plans • How BCM needs to be addressed to meet the obligations and expectations of the General Code. • The benefits of good BCM for all parties involved in the management of pension schemes • How Barnett Waddingham can support our pension clients in these high-risk areas |
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21- 23 November Organiser: DG Publishing Location: Pennyhill Park, Surrey Cost: Free |
Private & Public Pensions Summit The Summit gathers the most senior executives and trustees from leading corporate and local government pension plans, together with master trust and IGC chairs, senior government officials, regulators, members of influential trade bodies, and key advisers to the industry. They will debate the implications of the tectonic shifts taking place across the UK pensions landscape, the investment strategies that will be necessary to deliver future performance, and whether lasting solutions can be found to retirement funding needs on a nationwide basis. |
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22 November Organiser: PMI Time: 14:00 - 15:00 Location: Online Cost: Free |
Admin matters: are you thinking about admin enough?. The Basics Why good admin matters, focussing on how trustees, pensions managers and their advisers can work together to make admin central to their strategic planning for the scheme. • Data: protecting scheme data, data accuracy and data projects eg pension dashboards • Member engagement: communications, key life events and complaints • Projects: role of the administrator, when to engage and preparatory work. |
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Looking ahead |
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December |
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7 December Organisers: PLSA Time: 11:00-11:45 Location: Online Cost: Free |
The Regulatory Horizon for 2024 - Get the inside track on policy developments The PLSA’s policy experts will discuss the developments, themes and challenges expected for the next year in pensions. Learn how these may impact your scheme and what you can do to prepare. |
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Training and Development – Upcoming Training Offered to Pension Committee
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19 October Organiser: SPS Time: 09:00 – 16:30 Location: London Cost: Free |
LGPS Sustainable Investment & Other Topical Issues Conference • Topics to be covered will include: • Life Sciences with an impact theme • Litigation as part of a toolkit to allow sustainability in pension fund investments • Private Debt • Fixed Income • TCFD • Plus topical LGPS issues from key industry figures |
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26 October Organiser: Time: 10.30 -11.15 Location: Online Cost: Free |
Managing risk in the LGPS - a spotlight on cash flow risk On 18 October the Office for National Statistics will announce the September CPI figure which will flow into the 2024 LGPS benefits increases. I'll be joined by Chris Arcari and Reece Notman for a discussion on the impact, including: • The current inflationary position and consensus outlook • The medium-term risks and alternative inflation forecasts • Our analysis of the impact on LGPS funds cash flow requirements • What funds can be doing to better understand and manage cash flow risk |
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2 November Organiser: SG Pensions Enterprise Time: 13:15 – 17:40 Location: Online Cost: Free |
Investing in Productive Finance. Turning pensions Policy into Practice At the Masterclass, will be debated the great implications of the new policy initiatives for pension schemes of all types. The Delegates will examine whether this new policy approach can deliver better pensions outcomes and create exciting investment opportunities, and debate the governance, investment and management practices that will be needed to achieve these. |
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14 November Organiser: PMI Time: 10:00 - 11:00 Location: Online Cost: Free |
Understanding the importance of Business Continuity for Pensions Schemes Topics to discuss: • What is Business Continuity Management • Why it is important for pension schemes, their advisers and service providers • What you need to consider, address and put in place as part of your approach to BCM • Practical tips and the importance exercising your teams and plans • How BCM needs to be addressed to meet the obligations and expectations of the General Code. • The benefits of good BCM for all parties involved in the management of pension schemes • How Barnett Waddingham can support our pension clients in these high-risk areas |
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21- 23 November Organiser: DG Publishing Location: Pennyhill Park, Surrey Cost: Free |
Private & Public Pensions Summit The Summit gathers the most senior executives and trustees from leading corporate and local government pension plans, together with master trust and IGC chairs, senior government officials, regulators, members of influential trade bodies, and key advisers to the industry. They will debate the implications of the tectonic shifts taking place across the UK pensions landscape, the investment strategies that will be necessary to deliver future performance, and whether lasting solutions can be found to retirement funding needs on a nationwide basis. |
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22 November Organiser: PMI Time: 14:00 - 15:00 Location: Online Cost: Free |
Admin matters: are you thinking about admin enough?. The Basics Why good admin matters, focussing on how trustees, pensions managers and their advisers can work together to make admin central to their strategic planning for the scheme. • Data: protecting scheme data, data accuracy and data projects eg pension dashboards • Member engagement: communications, key life events and complaints • Projects: role of the administrator, when to engage and preparatory work. |
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23 November Organiser: ProfesionalPensions Time: 09:45 – 14:35 Location: London Cost: Free |
Investment Conference: Embrace, Evolve, Excel This event, you will: • Discuss the current market landscape • Identify future investment trends • Summarise a multitude of strategies and ideas to prepare for the evolving pensions scene |
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29 November Organisers: PLSA Time: 08:30-18:30 Location: London Cost: Free |
ESG Conference. Every angle of ESG for the pensions sector The Conference will help with your understanding and knowledge, enabling you to drive the path to net zero, contextualise the risk to pension funds, and outline the tools and opportunities available. You will also have the opportunity to meet, network and share experiences with other pension schemes and advisers. |
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Looking ahead |
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December |
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6 - 8 December Organiser: LAPFF Location: Bournemouth Cost: £595 + accommodation
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• Responding to the climate emergency: How are LGPS Funds and Pools managing climate-related financial risk • Why Proxy Voting Choice is essential for investors in passive funds • The ESG Backlash: What should LGPS funds and pools expect to their asset managers? • The ESG backlash: How are asset managers responding? • Avoiding a market for lemons: Should investors be concerned by the listing rules review? • The Great Pay Divide: Is it a financial necessity? Executive pay |
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7 December Organisers: PLSA Time: 11:00-11:45 Location: Online Cost: Free |
The Regulatory Horizon for 2024 - Get the inside track on policy developments The PLSA’s policy experts will discuss the developments, themes and challenges expected for the next year in pensions. Learn how these may impact your scheme and what you can do to prepare. |
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