Agenda and minutes

Pension Committee
Tuesday, 18th September, 2018 10.00 am

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

Contact: Michelle Gerning
020 8726 6000 x 84246  Email: michelle.gerning@croydon.gov.uk

Items
No. Item

43/18

Minutes of the Previous Meeting pdf icon PDF 65 KB

To approve the minutes of the meeting held on 5 June 2018 as an accurate record.

Minutes:

The Committee agreed the minutes of both the meeting held at the Annual Council on Wednesday 23 May 2018 and the minutes of the meeting held on Tuesday 5 June 2018.

 

44/18

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:

Councillor Robert Ward declared a non-pecuniary personal interest as a shareholder in a fossil fuels company in relation to the Review of the Investment Strategy Statement.

 

Councillor Hopley declared a non-pecuniary personal interest regarding a pension relating to previous employment in the oil industry as regards to the Review of the Investment Strategy Statement.

 

Councillor Fraser declared an interest as a Planning Committee member in relation to the agenda item Review of Investment Strategy Statement.

 

45/18

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.

 

46/18

Progress Report for Quarter Ended 30 June 2018 pdf icon PDF 172 KB

This report provides an update on the London Borough of Croydon Pension Fund’s performance for the quarter to 30 June 2018. 

Minutes:

The Committee NOTED the performance of the fund for the quarter and REQUESTED that the Chair be kept informed of progress in the investment of monies from the LGIM fund into a Janus Henderson Emerging Markets fund managed by the London CIV.

 

47/18

Key Performance Indicators for the Local Government Pension Scheme pdf icon PDF 158 KB

This report sets out Key Performance Indicators for the administration of the Local Government Pension Scheme for the period April 2017 to July 2018.

Minutes:

The Committee NOTED the Key Performance Indicators set out in the report.

 

 

48/18

Pension Fund Annual Report pdf icon PDF 59 KB

This is the Croydon Council Pension Fund Annual Report for 2017/2018.

Minutes:

The Committee NOTED the Croydon Council Pension Fund Annual Report.

 

The Committee NOTED the contents of the Audit Findings Report from the Fund’s auditors, which had been considered by the Council’s General Purposes and Audit Committee.

 

49/18

Croydon Local Pensions Board Annual Report pdf icon PDF 65 KB

The Annual Report for the Croydon Local Pensions Board, sets out the work undertaken by the Board for the year 2017 to 2018. 

Minutes:

The Chair of Pension Board introduced his Annual Report.

 

The Committee NOTED both the Croydon Local Pensions Board Annual Report and the Pension Board’s concerns about resourcing of the administration of the Fund.

 

50/18

Review of Investment Strategy Statement pdf icon PDF 142 KB

This report presents the revised statement, reviewed to ensure compliance with the government guidance issued on 15th September 2016 and 12th July 2017. 

Minutes:

The Committee APPROVED the Investment Strategy Statement.

 

51/18

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 Simon Hall 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.

 

52/18

Disclosure of Interests

Minutes:

A non-pecuniary declaration was made.

53/18

Review of Fixed Income Portfolio

This report sets out the views of the Fund’s investment advisors on the structure of the Fund’s current fixed income portfolio and considers the suitability of options currently available with the London CIV and in the pipeline to be added to the LCIV in future.

Minutes:

The Committee RESOLVED a number of recommendations.

54/18

Progress Report for Quarter Ended 30 June 2018

This report provides the commercially sensitive context to the performance of the Pension Fund over the most recent quarter.

Minutes:

The Committee NOTED the Part B content of the Progress Report.