Pension Board and Committee – Work Programme

 


Future Pension Board Agenda

Item

Description

Author

Standing items (items that appear on each agenda)

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

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

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

Pensions Administration report

An update on the performance of the Pensions Administration Team covering KPI’s and projects.

Head of Pensions Administration

Internal Audit reports

All internal audit reports on the Fund are reported to the Board

Head of Internal Audit

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

East Sussex Pension Fund (ESPF) Risk Register

A report on the Funds 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 Funds breaches log

Pensions Manager – Governance and Compliance

Employer Admissions and Cessations

A report on the admission and cessation of employers to the Fund

Head of Pensions

5 June 2024

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

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

11 September 2024

Supplier Update

Update on supplier contracts and procurements

Head of Pensions

Conflict of Interest Policy

Three-year review of the Conflict of Interest Policy

Governance and Compliance Pensions Manager

7 November 2024

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

Pension Fund Annual Report and Accounts 2023/24

2023/24 Annual Report and Accounts for approval

Head of Pensions

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

Governance and Compliance Pensions Manager

13 February 2025

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

 

 


Actions requested by the Pensions Board

Subject Area

Detail

Status

Ill Health insurance review

The Board requested a review to be carried out on the Ill Health Insurance provision in place in terms of commercial arrangements.

TBC

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

 

Training arranged for 20th February 10 am

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

 


 

 


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 and regulatory environment, policy amendments and ACCESS pool updates

Pensions Manager – Governance and Compliance

Pensions Administration report

An update on the performance of the Pensions Administration Team covering KPI’s and projects.

Head of Pensions Administration

Internal Audit reports

Internal audit reports on the Fund and annual audit plan.

Head of Internal Audit

East Sussex Pension Fund (ESPF) Quarterly budget report

An update on the Funds budget - reported Q2-4 only

Pensions Manager – Investment and Accounting

East Sussex Pension Fund (ESPF) Risk Register

A report on the Funds 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 Funds 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 Fund - reported only when outstanding admissions or cessations.

Head of Pensions

19 June 2024

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

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 Workshop and training day

25 September 2024

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

ESG Impact Assessment

Annual assessment by Investment consultants on the ESG standing of Investment managers with action plan

Head of Pensions

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

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

Conflict of Interest Policy

Three-year review of the Conflict of Interest Policy

Governance and Compliance Pensions Manager

Supplier Update

Update on supplier contracts and procurements

Head of Pensions

21 November 2024

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

Pension Fund Annual Report and Accounts 2023/24

2023/24 Annual Report and Accounts for approval

Head of Pensions

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

Governance and Compliance Pensions Manager

27 February 2025

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

 

 


 

 

Actions requested by the Committee

Subject Area

Detail

Status

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.

·         How are Private Equity Companies selected for the underlying portfolios, do we know what is held, do the IM’s have influence/control of the underlying companies, can we influence what is included or not? Are there Impact or ESG PE options?

·         What are the pros and cons of DGF / absolute return funds? How are they correlated to other asset classes?

·         Global sovereign gilts – access to market, pros and cons of investing in other jurisdictions rather than the UK including ESG

·         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

 

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

 


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.

William Bourne, Russell Wood, Sian Kunert, James Sweeney, Representatives 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 including McCloud implementation.

Cllr Fox, Ray Martin, Neil Simpson, Zoe O’Sullivan, Tim Oliver, Paul Punter, Sian Kunert, Ian Gutsell

 

 

 



Training and Development – attendance at recent events

Date

Topic

Committee

Board

08-Nov

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.

 

Neil

16&23 Nov

Fundamentals Day 2
A scheme overview and covers current issues in relation to administration, investments and governance of the Local Government Pension Scheme (LGPS)

 

Zoe

29-Nov

Autumn Statement 2023 - A Shifting Landscape for UK Pensions?
Aon experts will discuss the announcements from the Autumn Statement and other upcoming changes to pensions. This will include the key takeaways as well as the strategic opportunities these present.

Cllrs Taylor, Hollidge

Trevor

06-Dec

Procurement Regulations and Admissions & Cessations

Cllrs Taylor, Hollidge

Neil, Trevor, Zoe

11&19 Dec

Fundamentals Day 3
A scheme overview and covers current issues in relation to administration, investments and governance of the Local Government Pension Scheme (LGPS)

 

Zoe

 



Training and Development – Upcoming Training Offered to Pension Board

 

January

 

18 - 19 January

Organiser: LGA

Location: Online

Cost: £400

 

* Limited places are  available, so please let me know if interested in attending this event

LGPS Governance Conference

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

24 January

Organiser; Hymans & Robertson

Time: 10:30 – 11:15

Location: Online

Cost: Free

 

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

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?

30 January

3pm, inhouse

Cyber Risk

·         How do the Funds systems look from a Cyber Risk perspective

·         What are Cyber Risks

February

5 February

3.30pm, Inhouse / Linchpin

 

Investment asset classes

·         Diversified Growth Funds

·         Global Government Bonds

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

21 February

Organiser: PMI

Time: 14:00 – 15:00

Location: Online

Cost: Free

 

Demystifying ESG for Trustees

Topics of discussion:

      ESG Fundamentals including risk and opportunity of ESG integration.

      Regulatory Compliance – current and up-and-coming requirements.

      Measuring and Reporting Impact

 

 

 


Training and Development – Upcoming Training Offered to Pension Committee

 

2024  January

 

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.

18 - 19 January

Organiser: LGA

Location: Online

Cost: £400

 

* Limited places are  available, so please let me know if interested in attending this event

LGPS Governance Conference

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

24 January

Organiser; Hymans & Robertson

Time: 10:30 – 11:15

Location: Online

Cost: Free

 

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

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?

30 January

3pm, inhouse

Cyber Risk

·         How do the Funds systems look from a Cyber Risk perspective

·         What are Cyber Risks

31 January

Organiser: Schroders

Time: 12:30 - 18:00

Location: London

Cost: Free

 

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

February

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.

5 February

3.30pm, Inhouse / Linchpin

 

Investment asset classes

·         Diversified Growth Funds

·         Global Government Bonds

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.

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

21 February

Organiser: PMI

Time: 14:00 – 15:00

Location: Online

Cost: Free

 

Demystifying ESG for Trustees

Topics of discussion:

      ESG Fundamentals including risk and opportunity of ESG integration.

      Regulatory Compliance – current and up-and-coming requirements.

      Measuring and Reporting Impact

 

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.