Agenda and minutes

Pension Committee - Tuesday, 13th December, 2022 7.00 pm

Venue: Civic Offices, St Nicholas Way, Sutton SM1 1EA

Contact: Andy Gemmell, Committee Services Officer Tel: 020 8770 4990, Email: committee.services@sutton.gov.uk

Media

Items
No.	Item
29.	Welcome and introductions Minutes: The Chair, Councillor Cryss Mennaceur, welcomed those present. The Chair and Members of the Committee congratulated Andrien Meyers, Head of Pensions Investments and his team on being awarded Best Small Pension Fund in Europe and Highly Commended for Diversity in Fund Management at the European Pension Fund Awards 2022. The Chair congratulated Ayo Odufuwa on her new role and thanked her for her contributions to this Committee.
30.	Apologies for absence and declarations of interest View the background to item 30. Minutes: Apologies for absence were received from Councillor Sunita Gordon. There were no declarations of interest.
31.	Minutes of the previous meeting View the background to item 31. To approve as a correct record the minutes of the meeting held on 27 September 2022. Supporting documents: Minutes Public Pack, 27/09/2022 Pension Committee , item 31. PDF 129 KB Restricted enclosure 5 View the reasons why document 31./2 is restricted Minutes: RESOLVED: 1. That the minutes of the previous meeting held on 27 September 2022 be agreed as an accurate record.
32.	Any urgent business View the background to item 32. To consider any items which, in the view of the Chair, should be dealt with as a matter of urgency because of special circumstances (in accordance with S100B(4) of the Local Government Act 1972). Minutes: There was no urgent business.
33.	Pension Administration Update Supporting documents: 5. Pensions Administration Update_ (R) _ Pension Committee _ 20221213 , item 33. PDF 182 KB 5a. Pensions Administration Update - Pension Committee - 20221213 - Appendix A , item 33. PDF 47 KB Minutes: The Strategic Director of Resources introduced the report. Officers explained that data inaccuracies had been identified as the team worked through the backlog, and work was in progress with the software provider to address the issue. Officers acknowledged that data inaccuracies identified may have resulted in very minor inaccuracies in reporting to the Committee previously. Officers explained that the team was being restructured and recruitment to posts was in progress. RESOLVED: 1. To note the report.
34.	Governance and Risk Update Supporting documents: 6. Governance and Risk Update_ (R) _ Pension Committee _ 20221213 , item 34. PDF 175 KB 6a. Governance and Risk Update - Pension Committee - 20221213 - Appendix A , item 34. PDF 274 KB 6b. Governance and Risk Update - Pension Committee - 20221213 - Appendix B , item 34. PDF 53 KB 6c. Governance and Risk Update - Pension Committee - 20221213 - Appendix C , item 34. PDF 58 KB 6d. Governance and Risk Update - Pension Committee - 20221213 - Appendix D , item 34. PDF 79 KB 6e. Governance and Risk Update - Pension Committee - 20221213 - Appendix E , item 34. PDF 48 KB 6f. Governance and Risk Update - Pension Committee - 20221213 - Appendix F , item 34. PDF 30 KB Minutes: The Strategic Director of Resources introduced the report. Officers explained the risk presented within the risk register which identified that data quality, process and performance reported valid data therefore this risk was reported as green. This risk was not linked to the data backlog. RESOLVED that: 1. The data improvement policy be approved. 2. The risk register be noted. 3. The amended training plan be noted.
35.	Work Programme Update Supporting documents: 7. Work Programme Update_ (R) _ Pension Committee _ 20221213 , item 35. PDF 153 KB Minutes: The Strategic Director of Resources introduced the report. Officers explained that there were staff vacancies within both the Pension Investment team and the Pension Administration team. The current staffing levels were sufficient to manage the fund but there were various tasks which required additional staffing. RESOLVED: 1. The updated work programme for the Committee be noted.
36.	Exclusion of the public and press The following motion should be moved, seconded and approved if the committee wishes to exclude the public and press to deal with reports revealing exempt information: “That the public and press be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph X Schedule 12A of the Local Government Act 1972.” Minutes: The motion to exclude the public and press was moved by Councillor Cryss Menneceur and seconded by Councillor Tom Drummond. RESOLVED: 1. That the public and press be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 3 Schedule 12A of the Local Government Act 1972
37.	Investment and Manager Performance to 30 September 2022 Supporting documents: 8. Investment and Manager Performance to 30 September 2022_ (R) _ Pension Committee _ 20221213 , item 37. PDF 173 KB 8a. Appendix A - Quarterly Performance Report 30 September 2022 (Mercer) , item 37. PDF 1 MB Restricted enclosure 22 View the reasons why document 37./3 is restricted Restricted enclosure 23 View the reasons why document 37./4 is restricted Minutes: The minutes of this item were exempt.
38.	London Collective Investment Vehicle Update Supporting documents: Restricted enclosure 25 View the reasons why document 38./1 is restricted Restricted enclosure 26 View the reasons why document 38./2 is restricted Minutes: The minutes of this item were exempt. The meeting adjourned at 20:35 The meeting re convened at 20:42
39.	Actuarial Valuation 31 March 2022 Supporting documents: Restricted enclosure 28 View the reasons why document 39./1 is restricted Restricted enclosure 29 View the reasons why document 39./2 is restricted Restricted enclosure 30 View the reasons why document 39./3 is restricted Minutes: The minutes of this item were exempt.
40.	Investment Strategy Review Supporting documents: Restricted enclosure 32 View the reasons why document 40./1 is restricted Restricted enclosure 33 View the reasons why document 40./2 is restricted Restricted enclosure 34 View the reasons why document 40./3 is restricted Minutes: The minutes of this item were exempt.