Agenda and minutes

Pension Committee
Tuesday, 5th June, 2018 10.00 am

Venue: Council Chamber, Town Hall, Katharine Street, Croydon CR0 1NX. View directions

Contact: Stephanie Davis
020 8726 6000 x84384  Email: stephanie.davis@croydon.gov.uk

Items
No. Item

28/18

Minutes of the Previous Meeting pdf icon PDF 68 KB

To approve the minutes of the meetings held on 13 March 2018 and 23 May 2018 as an accurate record.

Additional documents:

Minutes:

The Committee agreed that the Part A minutes of the meeting held on 13 March 2018 be signed as an accurate record of the decisions taken subject to the following amendments:

 

Councillor Patricia Hay-Justice be recorded as the Chair for the meeting.

 

The Chair of the Croydon Pension Board Mike Ellsmore was in attendance.

 

Gili Driver was in attendance.

 

Peter Howard as sending his apologies.

 

The announcement that Councillor Dudley Mead had sat on the Committee for 38 years and this would be his last meeting, also the thanks extended for his contribution was made prior to him leaving the meeting.

 

 

 

 

 

 

 

29/18

Disclosure of Interests

In accordance with the Council’s Code of Conduct and the statutory provisions of the Localism Act, Members and co-opted Members of the Council are reminded that it is a requirement to register disclosable pecuniary interests (DPIs) and gifts and hospitality to the value of which exceeds £50 or multiple gifts and/or instances of hospitality with a cumulative value of £50 or more when received from a single donor within a rolling twelve month period. In addition, Members and co-opted Members are reminded that unless their disclosable pecuniary interest is registered on the register of interests or is the subject of a pending notification to the Monitoring Officer, they are required to disclose those disclosable pecuniary interests at the meeting. This should be done by completing the Disclosure of Interest form and handing it to the Democratic Services representative at the start of the meeting. The Chair will then invite Members to make their disclosure orally at the commencement of Agenda item 3. Completed disclosure forms will be provided to the Monitoring Officer for inclusion on the Register of Members’ Interests.

 

Minutes:

Councillors Andrew Pelling and Patricia Hay Justice disclosed a personal interest in relation to agenda item 8.

30/18

Urgent Business (if any)

To receive notice of any business not on the agenda which in the opinion of the Chair, by reason of special circumstances, be considered as a matter of urgency.

 

Minutes:

There were no items of urgent business.

 

31/18

Investment Strategy Training pdf icon PDF 5 MB

To receive a brief initial training session

Minutes:

A presentation was provided to the Committee by Darren Kid and Martin Mercer from AON Hewitt which outlined the current strategy and objectives.

 

The Committee welcomed the session and requested that a full pensions training session be provided for Members prior to the next meeting of the Committee.

32/18

Grant Thornton Report - Croydon Pension Fund Audit Plan 2017/18 pdf icon PDF 374 KB

To receive the Croydon Pension Fund Audit Plan report for 2017/2018.

 

This item is for information only following its presentation at the 15 March 2018 meeting of the General Purpose Audit Committee.

Minutes:

This item was presented by Tom Slaughter, Audit Manager for Grant Thornton UK LLP.

 

The Committee NOTED the contents of this report.

33/18

Progress Report Q1 pdf icon PDF 658 KB

To Follow

Additional documents:

Minutes:

The Head of Pensions provided an update on the London Borough of Croydon’s Pension Fund’s performance for the quarter to 31 March 2018.

 

A Member commented that following the recommendations made at the last meeting, it would be useful for data on the performance of the fund to be circulated to the Committee.

 

The Committee NOTED the performance of the fund for the quarter and asked that the Chair be kept informed of progress on the investment in emerging markets.

 

34/18

Options for Asset Transfer pdf icon PDF 154 KB

To Follow

Additional documents:

Minutes:

The Executive Director of Resources and the Head of Pensions and Treasury presented the item.

 

The Committee Resolved that:

 

(i) The Contents of the report be NOTED

(ii) Authority be delegated to the Executive Director of Resources to obtain specialist advice, including in relation to the legal implications and risks, and develop appropriate proposals regarding the asset transfer initiative with a view to providing a comprehensive report to a meeting prior to the meeting in December 2018.

35/18

London Collective Investment Vehicle Update pdf icon PDF 1 MB

To receive an oral update and Q&A

Minutes:

A presentation was provided to the committee on the recent activities of the fund.

                 

Members requested that details of savings to be provided at a later meeting and sought further details on fixed interest.

                    

The Committee Resolved that:

                 

(i) Fixed income investment to be an agenda item at the next meeting of the Committee.

36/18

Governance Review pdf icon PDF 135 KB

To Follow

Minutes:

The item was presented by the Executive Director of Resources who   detailed the work commissioned to update the review of governance arrangements operating for the Local Government Pension Scheme.

 

 

The Committee NOTED the scope of the commissioned review of governance arrangements for the Local Government Pension Scheme.

37/18

Risk Register Review pdf icon PDF 131 KB

To Follow

Additional documents:

Minutes:

The Head of Pensions and Treasury provided an update to the current risk register.

 

The Committee NOTED the contents of the Pension Fund’s Risk Register.

38/18

Forward Plan pdf icon PDF 246 KB

To Follow

Minutes:

Details of the proposed revised 2018/19 Forward Plan which forms a business plan for the Committee was presented.

 

The Committee NOTED the business plan for the coming year

39/18

Investment Advisor Appointment pdf icon PDF 273 KB

To Follow

Minutes:

The Committee was provided with an outline of the process by which the investment advice contract had been awarded.

 

The Chair and Members of the Committee expressed their thanks for the work that AON Hewitt had done, the contributions made to the council.

 

The Committee would have preferred that the decision to appoint the new investment advisor was brought before the Committee prior to the decision being made.                  

                    

The Committee also NOTED the outcome of the process.

40/18

Exclusion of the Press and Public

The following motion is to be moved and seconded where it is proposed to exclude the press and public from the remainder of a meeting:

 

“That, under Section 100A(4) of the Local Government Act, 1972, the press and public be excluded from the meeting for the following items of business on the grounds that it involves the likely disclosure of exempt information falling within those paragraphs indicated in Part 1 of Schedule 12A of the Local Government Act 1972, as amended.”

 

Minutes:

The following motion was moved by Councillor Andrew Pelling and seconded by Councillor Robert Canning to exclude the press and public:

 

“That, under Section 100A(4) of the Local Government Act, 1972, the press and public be excluded from the meeting for the following items of business on the grounds that it involves the likely disclosure of exempt information falling within those paragraphs indicated in Part 1 of Schedule 12A of the Local Government Act 1972, as amended.”

 

The motion was put and it was agreed by the Committee to exclude the press and public for the remainder of the meeting.

 

41/18

Minutes of the Previous Meeting

Minutes:

The Committee RESOLVED that the Part B minutes of the meeting held on 13 March 2018 be approved as a correct record of the decisions taken and be signed by the Chair.

 

42/18

Progress Report B

To Follow

Minutes:

The Committee NOTED the Part B content of the progress report.