Agenda and minutes

Pension Committee
Monday, 24th June, 2019 9.00 am

Venue: Committee Room, County Hall, Lewes

Contact: Harvey Winder  Democratic Services Officer

Items
No. Item

1.

Minutes pdf icon PDF 82 KB

Minutes:

1.1       The Committee RESOLVED to agree the minutes of the meeting held 25 February 2019.

1.2       The Committee thanked Cllr Richard Stogdon for the substantial work he had done over a number of years for the East Sussex Pension Fund.

 

2.

Apologies for absence

Minutes:

2.1       Apologies for absence were received from Cllr David Tutt.

3.

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:

3.1       Cllr Webb declared a personal interest as a scheme member of the East Sussex Pension Fund (ESPF).

4.

Urgent items

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

 

Minutes:

4.1       There were no urgent items.

5.

Pension Board Minutes pdf icon PDF 115 KB

Minutes:

5.1       The Committee considered the draft minutes of the Pension Board meeting held on 17 June.

5.2       The Committee RESOLVED to note the minutes.

6.

Quarterly Performance Report - Hymans Robertson pdf icon PDF 832 KB

Minutes:

6.1 The Committee considered a quarterly performance report by the East Sussex Pension Fund’s advisers, Hymans Robertson.

6.2 The Committee RESOLVED to note the report.

7.

Infrastructure update and proposal pdf icon PDF 128 KB

Minutes:

7.1       The Committee considered a report to inform the Committee of the Fund’s infrastructure portfolio proposal.

7.2       The Committee RESOLVED to:

1) approve that the East Sussex Pension Fund commits £40m to Archmore International Infrastructure Fund III subject to the Chief Finance Officer seeking clarity on the fee in consultation with the chair; and

2) approve that the East Sussex Pension Fund commits £20m to Infracapital Greenfield Partners II LP.

8.

Fund Performance - UBS

Minutes:

8.1       The Committee considered a presentation by UBS, an investment fund manager of the East Sussex Pension Fund.

9.

Draft East Sussex Pension Fund Internal Audit Strategy pdf icon PDF 213 KB

  • The Internal Audit Strategy for Pensions;
  • External Control Assurance;
  • Pension Fund Governance and Investments.

Additional documents:

Minutes:

9.1       The Committee considered a report on p the draft Internal Audit Strategy for Pensions.

9.2       The Committee RESOLVED to note the report.

10.

UK Stewardship Code pdf icon PDF 131 KB

Additional documents:

Minutes:

10.1     The Committee considered a report on a proposal to publish a revised statement regarding the Fund’s compliance with the Financial Reporting Council’s UK Stewardship Code.

10.2     The Committee RESOLVED to approve the amended UK Stewardship Code Statement.

11.

Pension Administration updates pdf icon PDF 158 KB

·         GMP (Guaranteed Minimum Pension) Reconciliation

·         Membership Data Cleanse

·         Administration System Review

·         Annual Benefits Statement (ABS) Exercise.

·         Key Performance Indicators (KPIs)

Minutes:

11.1     The Committee considered a report providing general on matters relating to Pensions Administration activities.

11.2     The Committee RESOLVED to note the report.

12.

Local Government Pension Scheme (LGPS) Regulatory Update pdf icon PDF 150 KB

Additional documents:

Minutes:

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

12.2     The Committee RESOLVED to note the report.

13.

General Update pdf icon PDF 277 KB

Additional documents:

Minutes:

13.1     The Committee considered a general update on matters relating to the Committee.

13.2     The Committee RESOLVED to note the report.

14.

Work programme pdf icon PDF 127 KB

Additional documents:

Minutes:

14.1     The Committee considered its forward plan.

14.2     The Committee RESOLVED to note the report.

15.

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:

15.1    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).

 

16.

Local Government Pension Scheme (LGPS) Pooling - ACCESS update

Minutes:

16.1     The Committee considered a report providing an update on the activities undertaken by the ACCESS Pool group.

16.2     The Committee RESOLVED to:

1) note the report; and

2. Approve the East Sussex Pension Fund participation in the launching of Phase 1 Tranche 4 of ACCESS Sub-fund investment mandate.