|
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 |
|
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 |
||
|
External Audit Plan for the East Sussex Pension Fund 2024/25 |
Draft External Audit Plan for 2024/25 Pension Fund Financial Statements |
Pensions Manager – Investment and Accounting |
|
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 |
|
5 June 2025 |
||
|
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 |
|
Actions requested by the Pensions Board |
||
|
Subject Area |
Detail |
Status |
|
The Board requested a review to be carried out on the Ill Health Insurance provision in place in terms of commercial arrangements. |
TBC |
|
|
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 |
|
AVC – Default fund |
Further investigation into the best default option for AVC investors through the Pru. |
TBC |
|
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 |
|
17 July 2024 - Investment Strategy Workshop and training day |
||
|
25 September 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 |
|
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 |
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 |
||
|
External Audit Plan for the East Sussex Pension Fund 2024/25 |
Draft External Audit Plan for 2024/25 Pension Fund Financial Statements |
Pensions Manager – Investment and Accounting |
|
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 |
|
24 June 2025 |
||
|
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 |
|
Actions requested by the Committee |
||
|
Subject Area |
Detail |
Status |
|
Training |
Requests were made, following the July 2023 investment workshop day for various training items
The items still to arrange are · 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 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
|
|
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 |
In progress |
|
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, Paul Punter, Sian Kunert, Ian Gutsell
|
|
Training and Development – attendance at recent events |
|
Date |
Topic |
Committee |
Board |
|
29 Jan |
Private equity – in-house • how portfolios are created • how companies are selected for inclusion • what is invested and the role of GP’s • influence and control structures within Private Equity • influence the underlying companies to reduce risk • how are Private Equity (PE) managers developing to respond to EGS and Climate change • are there impact or exclusionary versions of PE investment opportunities? |
Cllrs Redstone, Taylor, Fox |
Neil Simpson, Trevor Redmond, Andrew Wilson |
|
30 Jan |
Cyber Risk – in-house Cyber Awareness, Digital Footprint and Cyber Attacks |
Cllrs Redstone, Hollidge |
Ray Martin, Neil Simpson, Trevor Redmond |
|
5 Feb |
Global Government Bonds with a focus on Index Linked Gilts – In-house • Gilts (including Index Linked) • Diversified Growth Funds (DGFs) |
Cllrs Taylor, Redstone |
|
|
20 Feb |
Funding updates and the new cessation methodology – in-house
Funding Update and insights. New cessation methodology, how is the prudence level calculated, when is this reviewed, and what it means |
Cllrs Redstone, Fox, Taylor, Hollidge |
Ray Martin, Neil Simpson, Zoe O’Sullivan, Nigel Manvell, Trevor Redmond |
|
6 Mar |
How will The
Pensions Regulator’s new General Code of Practice affect the
LGPS?
|
Cllr Swansborough |
|
|
21 Mar |
Buy-in and de-risking for LGPS funds - Opportunities for managing risk in our “new normal” world. The webinar aimed to: • provide a general overview of current funding levels in the LGPS, noting there are differences depending on local circumstances, actuarial approach and investment strategy • provide you with our current ideas around using surplus to reduce funding and investment risk i.e. “de-risking” • discuss bulk annuities as an investment opportunity given current pricing (also referred to as a “buy-in”) • help you understand how taking some of these ideas may impact funding levels and future employer contributions |
Cllr Taylor
|
|
|
19 Mar |
The General Code, how does it apply to the LGPS? Covering the main requirements of the Code and highlighting which bits do and do not apply to the LGPS. You can listen to findings from your peers as well as hearing from our experts. The session aims to help you to understand what you should be doing and identify next steps. |
|
Neil Simpson |
|
Training and Development – Upcoming Training Offered to Pension Board
|
|
June |
|
|
Date: 5 June Time: 09.30am Location: Online Organiser: Barnett Waddingham Cost: Free |
Third-party risk management – a practical overview The webinar will give an overview of a third-party risk management framework and checklist and provide some practical suggestions on how to manage your third-party risks. Third-party risk management is something all organisations face and in a world that is ever more interconnected, impacts on one organisation will have a ripple effect on many others. The event will challenge you to: • think about your third-party relationships and their criticality to the goods, services, and activities you provide. • start thinking about how you can work more collaboratively to ensure you’re managing these relationships and risks properly. • consider practical solutions so you and your colleagues can save time, energy and resources in creating and managing these third-party relationships.
|
|
11 June Time: 14:00 – 15:00 Location: Online Organiser: AON Cost: Free |
Pension Cyber Risk Aon experts will: • Discuss lessons learned from recent cyber incidents and how schemes can be as prepared as possible to navigate an incident • Explain the steps your scheme should be taking to comply with TPR’s 2023 cyber principles and fulfil the new General Code requirements • Explore the recent developments in the cyber insurance market for pension schemes |
|
11 - 13 June Organiser: PLSA Location: De Vere Cotswold Waterpark, Gloucestershire Cost: £ 530 |
Local Authority Conference - Meeting unique challenges The sessions will explore funding strategies, election insights, the journey to net zero, how to recruit and retain talent, how best to use the Retirement Living Standards and what does LGPS in 2035 look like.
|
|
Training and Development – Upcoming Training Offered to Pension Committee
|
|
June |
|
|
5 June Time: 09.30am Location: Online Organiser: Barnett Waddingham Cost: Free |
Third-party risk management – a practical overview The webinar will give an overview of a third-party risk management framework and checklist and provide some practical suggestions on how to manage your third-party risks. Third-party risk management is something all organisations face and in a world that is ever more interconnected, impacts on one organisation will have a ripple effect on many others. The event will challenge you to: • think about your third-party relationships and their criticality to the goods, services, and activities you provide. • start thinking about how you can work more collaboratively to ensure you’re managing these relationships and risks properly. • consider practical solutions so you and your colleagues can save time, energy and resources in creating and managing these third-party relationships.
|
|
5 June Organiser: Location: London Time: 08:30 – 18:00 Cost: Free |
The Festival will help fund selectors navigate a rapidly-changing investment landscape and stay ahead of the major structural trends set to shape the industry of tomorrow. As sustainable investment moves into the mainstream, the event will build on the success of the Sustainable Investment Festival to explore how this part of the market is evolving, identify investment opportunities, and help delegates respond to new regulations.
The Future of Investment Festival will focus on how investors can sustainably take advantage of global megatrends such as the energy transition, societal change and digitalisation, including the rapid development of AI.
It will also explore how investment strategies are evolving to meet changing investor demand and how major themes may play out in client portfolios over the decades ahead |
|
11 June Time: 14:30 – 15:30 Location: Online Organiser: Pensions for Purpose and Vontobel Cost: Free
|
Positive impact through global equities: investing in health innovation to drive social impact Today, half of the world’s population cannot obtain essential health services. With population and average global life expectancy rising, health expenditures will likely need to outpace global (GDP) growth. Providing access to quality health services at affordable prices is therefore one of the most pressing social challenges.
This session will demonstrate how innovative companies can effectively help to address such challenges and deliver a double-dividend for investors – attractive financial returns and a positive social impact. |
|
11 June Time: 14:00 – 15:00 Location: Online Organiser: AON Cost: Free |
Pension Cyber Risk Aon experts will: • Discuss lessons learned from recent cyber incidents and how schemes can be as prepared as possible to navigate an incident • Explain the steps your scheme should be taking to comply with TPR’s 2023 cyber principles and fulfil the new General Code requirements • Explore the recent developments in the cyber insurance market for pension schemes |
|
11 - 13 June Organiser: PLSA Location: De Vere Cotswold Waterpark, Gloucestershire Cost: £ 530 |
Local Authority Conference - Meeting unique challenges The sessions will explore funding strategies, election insights, the journey to net zero, how to recruit and retain talent, how best to use the Retirement Living Standards and what does LGPS in 2035 look like. |
|
12 June Organiser: Barnett Waddingham Location: Online Time: 11:00 - 11:30 Cost: Free |
Climate models and investing: what’s the issue? With talk of climate change all around us – stoked recently by the news that March was the tenth month in a row with global record-breaking temperatures - the webinar will look to outline the role climate has to play in the world of investments. In the 30-minute webinar will be examined: • the issues surrounding current climate modelling; • the concerns of asset owners and asset managers, including pension schemes; and • how such models can be made more decision-useful for investors, allowing for strategic investment decisions to be made. |
|
26 June Organiser: Waystone Location: London Time: 09:30 – 17:15 Cost: Free |
During this in person event, you will have the opportunity to: • Hear news from the Operator. • Meet and network with ACCESS colleagues from across the Pool. • Listen to and participate in short breakout sessions with Investment Managers across the ACCESS platform. • Meet the Investment Managers working for the Pool. All current Investment Managers will be attending, including managers who are in the process of launching funds on the ACCESS platform. • Attend networking sessions. |
|
Looking ahead |
|
|
11 July Organisation: SPS Location: London Time: 09:00 – 16:30 Cost: Free |
Fiduciary, OCIO and Investment Governance for Pension Funds This conference aims to examine the role of fiduciary management and OCIO’s in pension fund investment management and to review a range of strategies designed to improve governance. Some of the topics include: • LDI 2.0 – the importance of a more precise and dynamic approach & the benefits to investment Governance for FM/OCIO & Trustees • Fiduciary Management/OCIO – what’s in a name? • Is governance becoming excessively onerous for smaller schemes? |
|
1-3 July Organisation: DG Publishing Location: The Grove, Hertfordshire Cost: Free |
LAPF Strategic Investment Forum The LAPF Strategic Investment Forum is the leading investment conference and dinner for senior LGPS fund investment officers and their advisers. Topics to be covered include Fixed Income, Pooling, Private debt and Direct Landing, Private Equity Opportunities, Managing Inflation, Building Tech Infrastructure, Cyber Security and more… Full agenda here. |