Agenda and minutes

Pension Committee
Monday, 23rd September, 2019 10.00 am

Venue: Committee Room, County Hall, Lewes

Contact: Harvey Winder  Democratic Services Officer

Items
No. Item

22.

Minutes pdf icon PDF 68 KB

Minutes:

22.1     The minutes of the meeting held on 10 July 2019 were agreed as a correct record.

23.

Apologies for absence

Minutes:

23.1     Apologies for absence were received from Cllr Trevor Webb.

24.

Disclosure of Interests

Disclosures by all Members present of personal interests in matters on the agenda, the nature of any interest and whether the Members regard the interest as prejudicial under the terms of the Code of Conduct.

 

Minutes:

24.1     There were no disclosures of interest.

25.

Urgent items

Notification of items which the Chair considers to be urgent and proposes to take at the appropriate part of the agenda.

 

Minutes:

25.1     There were no urgent items.

26.

Pension Board Summary of Discussion pdf icon PDF 148 KB

Minutes:

26.1     The Committee RESOLVED to note the Pension Board summary of discussion.

27.

Quarterly Performance Report - Hymans Robertson pdf icon PDF 836 KB

Minutes:

27.1     The Committee considered the Quarterly Performance Report of investment managers.

27.2     The Committee RESOLVED to note the report.

28.

Fund Performance - Newton

Minutes:

28.1     The Committee heard a presentation from the investment manager Newton.

29.

Triennial Valuation Report - Hymans Robertson pdf icon PDF 95 KB

Additional documents:

Minutes:

29.1     The Committee considered a report providing an update on the progress of the triennial valuation.

29.2     The Committee RESOLVED to:

1. note the progress of the actuarial valuation;

2. agree the background to measuring the funding level alongside initial whole fund valuation results;

3. agree the policy areas within the Funding Strategy Statement (FSS) that are under review alongside the valuation;

4. agree the next steps in the valuation in relation to setting employer contribution rates.

 

30.

Pension Fund Policies and Strategies - Statement of Investment Beliefs pdf icon PDF 125 KB

Additional documents:

Minutes:

30.1     The Committee considered a report containing an updated draft of the East Sussex Pension Fund’s Statement of Investment Beliefs.

30.2     The Committee RESOLVED to:

1) note the report; and

2) request that a revised Statement of Investment Beliefs is considered at a future meeting.

31.

Pension Fund Policies and Strategies - Governance Compliance Statement pdf icon PDF 142 KB

Additional documents:

Minutes:

31.1     The Committee considered a report containing an updated draft of the East Sussex Pension Fund’s Governance Compliance Statement.

31.2     The Committee RESOLVED to agree the updated Governance Compliance Statement.

 

32.

Local Government Pension Scheme (LGPS) Regulatory Updates pdf icon PDF 223 KB

Additional documents:

Minutes:

32.1     The Committee considered a report providing an update on the current regulatory environment, and consultations that could impact the Local Government Pension Scheme (LGPS).

32.1     The Committee RESOLVED to note the report.

33.

Pension Administration updates pdf icon PDF 227 KB

Additional documents:

Minutes:

33.1     The Committee considered a report providing an update on matters relating to Pensions Administration activities.

33.2     The Committee RESOLVED to note the report.

34.

General Update and forward plan pdf icon PDF 156 KB

Minutes:

34.1     The Committee considered a report providing a general update on matters relating to the Committee activities.

34.2     The Committee RESOLVED to note the report.

35.

Exclusion of the public and press

To consider excluding the public and press from the meeting for the remaining agenda item on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in paragraph 3 of Part 1 of the Local Government Act 1972 (as amended), namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

 

Minutes:

35.1     The Committee RESOLVED to exclude the public and press from the meeting for the remaining agenda item on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in paragraph 3 of Part 1 of the Local Government Act 1972 (as amended), namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

 

36.

Environmental, Social and Governance (ESG) Position Report - Hymans Robertson

Minutes:

36.1     The Committee considered a report on the Fund’s ESG position and consider potential future actions.

36.2     The Committee RESOLVED to:

1)  note the fund’s exposure to fossil fuel companies is 4% and predominantly through passive equity mandates; and

 

2)  request a future report from Hymans Robertson on exploring:

 

·         possibilities for rebalancing the passive-active mix of equities;

·         Collaboration within the ACCESS Pool to help the potential of developing ESG investments within the fund; and

·         potential ‘sustainable’ or ‘positive impact’ active equity managers.

 

 

37.

Diversified Growth Fund - Hymans Robertson

Minutes:

37.1     The Committee considered a report on the diversified growth fund investment managers.

37.2     The Committee RESOLVED to note the report.

38.

Strategy Review Day Summary - Hymans Robertson

Minutes:

38.1     The Committee considered a report summarising the discussion of the Strategy Review Day Summary.

38.2     The Committee RESOLVED to note the report.

39.

Local Government Pension Scheme (LGPS) Pooling - ACCESS update

Minutes:

39.1     The Committee considered an update on the activities undertaken by the ACCESS Pool group.

39.2     The Committee RESOLVED to note the report.

40.

Annual Benefit Statement Review

Minutes:

40.1     The Committee considered a report on the End of Year and Annual Benefit Statement Review 2019.

40.2     The Committee RESOLVED to note the report.