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Future Pension Board Agenda |
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Item |
Description |
Author/Owner |
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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 |
Deputy Head of Pensions |
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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 |
Deputy Head of Pensions |
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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 |
Deputy Head of Pensions |
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Employer Admissions and Cessations |
A report on the admission and cessation of employers to the Fund |
Deputy Head of Pensions |
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13 February 2025 |
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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 |
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Business Plan and Budget 2025/26 |
Report to set the Budget for the Pension Fund for the Financial Year 2025/26 including the Business Plan with key deliverables for the year. |
Pensions Manager – Investment and Accounting |
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5 June 2025 |
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Governance and Compliance Statement |
Annual Review of Governance and Compliance Statement |
Deputy Head of Pensions |
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Communications Strategy |
3 Year review of the Funds Communications Strategy |
Communications 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. |
Deputy Head of Pensions |
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11September 2025 |
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Supplier Update |
Update on supplier contracts and procurements |
Head of Pensions |
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4 November 2025 |
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Independent Auditors Report on the Pension Fund Accounts 2024/25 |
A report on the External Audit findings of the Pension Fund financial Statements for 2024/25 |
Pensions Manager – Investment and Accounting |
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Pension Fund Annual Report and Accounts 2024/25 |
2024/25 Annual Report and Accounts for approval |
Pensions Manager – Investment and Accounting |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Deputy Head of Pensions |
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2025 Actuarial Valuation and Funding Strategy Statement |
Report from the Fund Actuary on the March 2022 triennial valuation process, methodology and assumptions with a draft Funding Strategy Statement for approval prior to consultation |
Head of Pensions |
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Annual Training Plan |
Report on Training completed in the year and training recommendations for the up-coming year |
Deputy Head of Pensions |
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4 February 2026 |
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Business Plan and Budget 2026/27 |
Report to set the Budget for the Pension Fund for the Financial Year 2026/27 including the Business Plan with key deliverables for the year. |
Head of Pensions |
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External Audit Plan for the East Sussex Pension Fund 2025/26 |
Draft External Audit Plan for 2025/26 Pension Fund Financial Statements |
Pensions Manager – Investment and Accounting |
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2025 Valuation report and results and Final Funding Strategy Statement (FSS) |
Final report and results from the Fund Actuary of the 31 March 2025 triennial valuation with the final FSS for approval post consultation. |
Head of Pensions |
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Additional Funding Strategies |
Triennial review of policies that support the FSS and funding position. This includes the Exit Credit Policy, Contribution Rate review Policy and Deferred Debt and Debt Spreading agreement policies. |
Deputy Head of Pensions |
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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 - 2025 |
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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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AVC – Default fund |
Further investigation into the best default option for AVC investors through the Pru. |
Report in progress – to be finalised for February 2025 meetings |
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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 |
Deputy Head of Pensions |
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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 |
Deputy Head of Pensions |
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Investment Report |
A Quarterly performance report of the investment managers |
Pensions Manager – Investment and Accounting 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. |
Deputy 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. |
Deputy Head of Pensions |
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27 February 2025 |
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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 |
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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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24 June 2025 |
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Governance and Compliance Statement |
Annual Review of Governance and Compliance Statement |
Deputy Head of Pensions |
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Communications Strategy |
3 Year review of the Funds Communications Strategy |
Communications 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. |
Deputy Head of Pensions |
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24 July 2025 – Strategy training day |
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25 September 2025 |
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External Audit Report for the East Sussex Pension Fund 2024/25 |
Draft External Audit Report for 2024/25 Pension Fund Financial Statements |
Pensions Manager – Investment and Accounting |
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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. |
Pensions Manager – Investment and Accounting |
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ESG Impact Assessment |
Annual assessment by Investment consultants on the ESG standing of Investment managers with action plan |
Pensions Manager – Investment and Accounting |
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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. |
Pensions Manager – Investment and Accounting |
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Stewardship Reporting |
Update on status for submitting annual submission to FRC for Stewardship activities for calendar year 2024 |
Pensions Manager – Investment and Accounting |
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Supplier Update |
Update on supplier contracts and procurements |
Head of Pensions |
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18 November 2025 |
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Independent Auditors Report on the Pension Fund Accounts 2024/25 |
A report on the External Audit findings of the Pension Fund financial Statements for 2024/25 |
Pensions Manager – Investment and Accounting |
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Pension Fund Annual Report and Accounts 202/25 |
2024/25 Annual Report and Accounts for approval |
Pensions Manager – Investment and Accounting |
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Employer Forum Agenda |
Discussion on Pension Fund Employer Forum Agenda topics |
Deputy Head of Pensions |
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2025 Actuarial Valuation and Funding Strategy Statement |
Report from the Fund Actuary on the March 2022 triennial valuation process, methodology and assumptions with a draft Funding Strategy Statement for approval prior to consultation |
Head of Pensions |
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Annual Training Plan |
Report on Training completed in the year and training recommendations for the up-coming year |
Deputy Head of Pensions |
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26 February 2026 |
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External Audit Plan for the East Sussex Pension Fund 2025/26 |
Draft External Audit Plan for 2025/26 Pension Fund Financial Statements |
Pensions Manager – Investment and Accounting |
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2025 Valuation report and results and Final Funding Strategy Statement (FSS) |
Final report and results from the Fund Actuary of the 31 March 2025 triennial valuation with the final FSS for approval post consultation. |
Head of Pensions |
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Additional Funding Strategies |
Triennial review of policies that support the FSS and funding position. This includes the Exit Credit Policy, Contribution Rate review Policy and Deferred Debt and Debt Spreading agreement policies. |
Deputy Head of Pensions |
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Business Plan and Budget 2026/27 |
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 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
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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, 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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27 Sep |
TPR - General Code
of Practice - 6 months on in the LGPS… • How LGPS funds have approached their General Code self-assessment, including the timescale, effort and output from that work. • The insights our governance team has uncovered in the last six months working with LGPS funds. • What a TPR visit could mean for your Fund and how to be prepared. |
Cllr Redstone |
Trevor R, Zoe O’S |
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16 Oct |
Fundamentals Day 1 The course provides a scheme overview and covers current issues in relation to administration, investments and governance of the LGPS. All sessions are delivered by experts in their field. |
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Linda H |
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Training and Development – members registered to attend future events |
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22-Oct |
Local Authority Pension Funds' ESG & Current Issues With responsible and ESG Investment reports now a requirement for LGPS investors, this conference will enable local authority pension funds and pools, as well as other public authority pension investors, to explore a range of investment approaches, opportunities and new ideas in the ESG space. We will consider the latest trends and the outlook for various ESG investments in the prevailing regulatory and macroeconomic environment as well as some of the key current issues and practicalities. |
Cllr Taylor |
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21 Nov |
Local Pensions Board Autumn Training - Dealing with Change Delegates will benefit from: • Fulfilling their Knowledge and Skills Requirements • A chance to liaise with peers in a relaxed but discreet atmosphere • An opportunity to take stock of what they have achieved since boards came into being • A chance to ask the question “Where next?” • Hearing from several key stakeholders, including the LGA, MHCLG and CIPFA. • - An opportunity to ask the experts in a discussion forum. |
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Trevor R |
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21&28 Nov |
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Linda H |
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10 Dec |
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Linda H |
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Training and Development – Future Training Offered to Pension Board
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November |
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21 Nov Organiser: CIPFA Location: Hybrid (in-person or online) Time: 09:30 – 15:45 Cost: £190 |
Local Pension Boards Autumn Training - Dealing with change The keynote session at this year’s training will try to answer the question: Where have Boards been? Where are they now? And where are they going? Elsewhere, change is the only constant we all have to deal with in the Public Services. Is it different this time though? With a decisive election result and suggestions that the new government could go further and faster with the LGPS consolidation agenda, we will look at what that could mean for Boards. Delegates will benefit from: • Fulfilling their Knowledge and Skills Requirements • A chance to liaise with peers in a relaxed but discreet atmosphere • An opportunity to take stock of what they have achieved since boards came into being • A chance to ask the question “Where next?” • Hearing from several key stakeholders, including the LGA, MHCLG and CIPFA. • An opportunity to ask the experts in a discussion forum |
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27-28 Nov Organiser: DG Publishing Location: Surrey Time: 27th start at 11:15 28th ends at 18:30 Cost: Free |
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, to debate the implications of the tectonic shifts taking place across the UK pensions landscape |
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28 Nov Organiser: PLSA Location: London Time: 09:30 - 16:00 Cost: Free |
Pensions Policy Summit – Shaping the future of UK pensions policy Pensions are once again at the forefront of political discourse. A two-part pensions review is underway and there are big questions on the role schemes can play in growing the UK economy and how to improve retirement adequacy. A growth-focused Budget could well impact schemes. |
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Looking ahead |
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3 Dec Organiser: PLSA Location: London Time: 09:30 - 14:30 Cost: Free |
Local Authority Forum - Shaping tomorrow's pensions landscape This is a new one-day event where we'll discuss the shape of the future after several significant political developments for pensions. The programme will cover: • The Pensions Review – We discuss progress with the Government's pensions review, which aims to boost investment, increase returns for savers, and tackle waste. • The Pension Schemes Bill – we explore the latest on the Pension Schemes Bill, covering decumulation, small pots, superfunds, and LGPS consolidation. • Pensions policy implications – how funding and investment will be impacted by the Budget and plans for pension schemes to generate growth. |
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Training and Development – Future Training Offered to Pension Committee
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November |
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19 Nov Organiser: Professional Pensions Location: London Time: 09:00 – 16:30 Cost: Free |
Investment Conference 2024: Foundations for Future The new Labour government has pledged to undertake a review of the pensions system and it remains to be seen whether this signals a sea change in legislation, or a continuation of the reforms made under the previous Conservative government. However, Labour has highlighted that it will consider the further steps needed to increase investment in UK markets in pursuit of the holy grail of economic growth.
DB surpluses have continued to climb and reach new records whilst DC schemes have increasingly taken advantage of initiatives aimed at increasing investment into more illiquid assets in private markets.
With all these developments it is now critical for trustees to understand how to best position their schemes to take advantage of the changing market conditions and pension funding in order to secure long term benefits for members. |
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27-28 Nov Organiser: DG Publishing Location: Surrey Time: 27th start at 11:15 28th ends at 18:30 Cost: Free |
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, to debate the implications of the tectonic shifts taking place across the UK pensions landscape |
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28 Nov Organiser: PLSA Location: London Time: 09:30 - 16:00 Cost: Free |
Pensions Policy Summit – Shaping the future of UK pensions policy Pensions are once again at the forefront of political discourse. A two-part pensions review is underway and there are big questions on the role schemes can play in growing the UK economy and how to improve retirement adequacy. A growth-focused Budget could well impact schemes. |
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Looking ahead |
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3 Dec Organiser: PLSA Location: London Time: 09:30 - 14:30 Cost: Free |
Local Authority Forum - Shaping tomorrow's pensions landscape This is a new one-day event where we'll discuss the shape of the future after several significant political developments for pensions. The programme will cover: • The Pensions Review – We discuss progress with the Government's pensions review, which aims to boost investment, increase returns for savers, and tackle waste. • The Pension Schemes Bill – we explore the latest on the Pension Schemes Bill, covering decumulation, small pots, superfunds, and LGPS consolidation. • Pensions policy implications – how funding and investment will be impacted by the Budget and plans for pension schemes to generate growth. |