Agenda item

This paper has been prepared to identify and agree upon the key priorities for the Pensions Committee and Board (PCB) over the upcoming months, as well as seek the PCB’s input into future agendas.

The Forward Plan was prepared to identify and agree on the key priorities for the Pensions Committee and Board for the upcoming months and to seek input for future agendas. The forward plan for the Committee and Board was outlined, with Table 1 of the agenda item listing the ongoing work. Members were invited to provide feedback or suggest additional tasks. Key items included the responsible investment policy, which was in progress and set to be completed in the new year, and an update on the fund governance review, which had been completed in November 2024. The independent advisor was to provide an update on the review.

-       Additionally, the Committee had agreed to review the CBRE mandate in March 2025. The governance review highlighted the need to reinstate training sessions, starting at 6:00 PM. Members were encouraged to identify issues, such as index-linked gilts and private markets, for potential training sessions. The governance review implementation plan was also scheduled for March, with support expected from Taryn Eves, Director of Finance.

-       The paper also noted upcoming training opportunities, including the “health check” as part of the RI project to be confirmed, and two conferences: the LAPFF conference in December 2024 and the LGA conference in the new year. Members interested in attending were asked to inform the team for booking arrangements.

-       Councillors noted that the LGA annual conference was not specific to pensions, as it was a broader local government event. They pointed out that while the conference might not be directly relevant for pension-related learning, the LGA did offer specific pension courses, which some Members had attended the previous year. It was suggested that the dates for these courses could be circulated to Members.

-       It was noted that the Pensions Committee and Board had agreed in March 2024 to conduct an independent review of the governance arrangements. Acknowledgement was given to John Raisin for his comprehensive report, which had been considered in an earlier meeting. The key takeaway was the positive findings, particularly regarding the governance arrangements and the support provided by officers. A notable highlight was the establishment of the Governance and Investment Working Group, which was not present in all pension funds. The working group had been working extensively on the responsible investment policy for the past 9 months.

-       Thanks were expressed to Tim Mpofu for his leadership and the work he had done particularly, over the past two years, contributing to the positive findings in the governance review. However, there were still areas for improvement. Specifically, John Raisin, Independent Advisor had made several recommendations, with a focus on business planning, as the pension fund was now able to plan more strategically for the medium term. The recommendation in paragraph 6.9 was seen as expected and welcomed by the committee. It was recommended that the committee accept the 26 recommendations outlined in the report.

-       John Raisin explained that, as the 26 recommendations were agreed by the committee, he would be considering their implementation. He emphasized the need to be realistic about the timescales and the resource requirements for these actions. Some recommendations, such as the business plan, were more immediate, while others would have a longer-term focus. When the business plan was presented in March alongside the budget, a timeline for implementation would be outlined. It was emphasized that the committee and board had been exemplary in their approach over the past two years and since 2016.

RESOLVED:

The report was noted and agreed.