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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 |
Pensions Manager – Governance and Compliance |
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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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5 June 2024 |
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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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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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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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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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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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Training arranged for 20th February 10 am |
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Risk Register Full review |
The Board have requested for a meeting to walk through all risks on the risk register as detail is usually only discussed on changes to the register, although the register is provided in full at each meeting for questions. |
Meeting to be arranged |
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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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19 June 2024 |
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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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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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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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Actions requested by the Committee |
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Subject Area |
Detail |
Status |
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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 DGF and Global Government Bonds – 5 February 3.30pm Private Equity – 29 January 2pm
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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. |
William Bourne, Russell Wood, Sian Kunert, James Sweeney, Representatives 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. |
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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08-Nov |
Local Pension Boards Training by
CIPFA |
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Neil |
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16&23 Nov |
Fundamentals Day
2 |
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Zoe |
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29-Nov |
Autumn Statement 2023 - A Shifting
Landscape for UK Pensions? |
Cllrs Taylor, Hollidge |
Trevor |
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06-Dec |
Procurement Regulations and Admissions & Cessations |
Cllrs Taylor, Hollidge |
Neil, Trevor, Zoe |
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11&19 Dec |
Fundamentals Day
3 |
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Zoe |
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Training and Development – Upcoming Training Offered to Pension Board
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January |
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18 - 19 January Organiser: LGA Location: Online Cost: £400
* Limited places are available, so please let me know if interested in attending this event |
The programme is designed to cover the key issues for the Local Government Pension Scheme (LGPS) and our speakers are all experts in their fields. The programme includes sessions on: • Scheme Advisory Board update • The employer landscape - panel session • Legal update • Responsible investment - panel session • An update from DLUHC • The risk of de-risking - panel session • Cyber security • Improving and measuring your knowledge and skills - interactive session Investment outlook |
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24 January Organiser; Hymans & Robertson Time: 10:30 – 11:15 Location: Online Cost: Free
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Managing risk in the LGPS - a spotlight on cyber risk To be discussed: • The current cyber risk guidance from the Pensions Regulator • What actions LGPS funds can take in order to better understand and manage cyber risk in accordance with the guidance • How best to engage with the relevant stakeholders on cyber risk |
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29 January 2pm, inhouse / Harbourvest |
Investment asset classes Private Equity · How are Private Equity Companies selected for the underlying portfolios · What is the control structure and ability to influence · Are there Impact or ESG PE options? |
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30 January 3pm, inhouse |
Cyber Risk · How do the Funds systems look from a Cyber Risk perspective · What are Cyber Risks |
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February |
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5 February 3.30pm, Inhouse / Linchpin
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Investment asset classes · Diversified Growth Funds · Global Government Bonds |
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20 February 10 am – Inhouse / Barnet Waddingham |
Actuarial · Funding Update and insights · New cessation methodology, how is the prudence level calculated, when is this reviewed, and what it means |
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21 February Organiser: PMI Time: 14:00 – 15:00 Location: Online Cost: Free
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Topics of discussion: • ESG Fundamentals including risk and opportunity of ESG integration. • Regulatory Compliance – current and up-and-coming requirements. • Measuring and Reporting Impact
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Training and Development – Upcoming Training Offered to Pension Committee
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2024 January |
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17 January Organiser: Pensions for Purpose Time: 14:00–15:30 Location: Online Cost: Free |
The governance gap in impact management A conversation on how pension funds can ensure they have enough strategic thinking time, and the resources and skills to integrate impact.
In a bid to measure everything from Scope 1 - 3 emissions, to biodiversity indicators and beyond, a significant resource and financial burden is being created for pension funds, their advisers and other asset owners. |
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18 - 19 January Organiser: LGA Location: Online Cost: £400
* Limited places are available, so please let me know if interested in attending this event |
The programme is designed to cover the key issues for the Local Government Pension Scheme (LGPS) and our speakers are all experts in their fields. The programme includes sessions on: • Scheme Advisory Board update • The employer landscape - panel session • Legal update • Responsible investment - panel session • An update from DLUHC • The risk of de-risking - panel session • Cyber security • Improving and measuring your knowledge and skills - interactive session Investment outlook |
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24 January Organiser; Hymans & Robertson Time: 10:30 – 11:15 Location: Online Cost: Free
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Managing risk in the LGPS - a spotlight on cyber risk To be discussed: • The current cyber risk guidance from the Pensions Regulator • What actions LGPS funds can take in order to better understand and manage cyber risk in accordance with the guidance • How best to engage with the relevant stakeholders on cyber risk |
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29 January 2pm, inhouse / Harbourvest |
Investment asset classes Private Equity · How are Private Equity Companies selected for the underlying portfolios · What is the control structure and ability to influence · Are there Impact or ESG PE options? |
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30 January 3pm, inhouse |
Cyber Risk · How do the Funds systems look from a Cyber Risk perspective · What are Cyber Risks |
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31 January Organiser: Schroders Time: 12:30 - 18:00 Location: London Cost: Free
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The impact of Mansion House and the path to Net Zero - LGPS SEMINAR The speakers will share their insights on the structural changes impacting the economy, the regulatory landscape, and the resulting implications for asset allocation strategies. We will also be delving into aligning investment portfolios with long-term objectives, while simultaneously navigating the environmental and political considerations being placed on the LGPS. Full Agenda |
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February |
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1 February Organiser: DG Publishing Time: 09:00 – 18:30 Location: London Cost: Free |
LAPF Strategic Investment Forum To be explored: Fixed income forecast; Global equities; Private markets; Pooling objectives for the LGPS; Levelling up and infrastructure; Infrastructure opportunities; Social bonds; How can investing in private assets help reduce carbon emissions?; Investing in renewables; Real estate; Fighting deforestation to preserve biodiversity; Impact investing across public and private markets; Currency effects on LGPS portfolios; Green private debt. |
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5 February 3.30pm, Inhouse / Linchpin
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Investment asset classes · Diversified Growth Funds · Global Government Bonds |
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14 February Organiser: SPS Conferences Time: 09:00 – 16:15 Location: London Cost: Free |
Local Authority Pension Funds Annual Investment Conference This conference will review a range of topical investment strategies, opportunities and new ideas of interest to public sector investors. It will take account of the latest trends and the prevailing investment and governance landscape as well as specific issues or challenges facing LGPS investors and key practical implementation considerations. |
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20 February 10 am – Inhouse / Barnet Waddingham |
Actuarial · Funding Update and insights · New cessation methodology, how is the prudence level calculated, when is this reviewed, and what it means |
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21 February Organiser: PMI Time: 14:00 – 15:00 Location: Online Cost: Free
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Topics of discussion: • ESG Fundamentals including risk and opportunity of ESG integration. • Regulatory Compliance – current and up-and-coming requirements. • Measuring and Reporting Impact
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27 -29 February Organiser: PLSA Location: EICC, Edinburgh Cost: Free to attend the event Reasonable expenses for travel and accommodation will be covered by the Fund |
INVESTMENT CONFERENCE 2024 - The UK's largest event focused on pension fund investment The conference promises to bring the full investment chain together to discuss the future of pensions investment across a variety of session types • Insightful sessions: Get ahead with insights from experts discussing the macroeconomic outlook and risks in the pension industry. • Answers to your challenges: Discuss crucial subjects such as how CIOs are dealing with economic uncertainty, biodiversity investing, diversity in decision-making, climate change action, growth strategies, and consolidation. • Government initiatives: The government has big plans for pension schemes; hear about the opportunities for illiquid investments, sustainable assets, and stimulating UK growth. • Election insights: Gain unique perspectives on the upcoming UK general election of IPSOS UK and Ireland. • Future trends: Discover megatrends and learn how they will shape our world and our work. Inspiration from outside pensions: Be inspired by Lesley Paterson, a renowned Scottish triathlete, author, and film producer, during our exclusive after-dinner session. |