Agenda

To receive any apologies for absence from any members of the Committee.

To approve the minutes of the meeting held on Tuesday, 6 December 2022 as an accurate record.

Members are invited to declare any disclosable pecuniary interests (DPIs) and other registrable and non-registrable interests they may have in relation to any item(s) of business on today’s agenda.

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.

The Funding Strategy Statement, Appendix A, along with the satellite policies on Contribution Reviews; Appendix B, Academies Funding, Appendix C, Bulk Transfers, Appendix D, Cessation, Appendix E, and Prepayments, Appendix F, summarise Croydon Pension Fund’s approach to funding its liabilities.

This report presents to the Committee a draft Business Plan for the Fund for financial years 2023/24 to 2025/26 attached as Appendix A. It invites their comments and requests their agreement to the Plan.

It is consistent with The Pension Regulator’s (TPR) Code of Practice that the Pension Fund maintains a breaches log detailing incidences where breaches have occurred.  In line with the recommendations of the Aon Hewitt Governance Review, on 15 September 2020 the Committee agreed the revised Reporting Breaches of the Law Policy.  This included a requirement for the Committee to monitor breaches on a regular basis.  This report presents the current log (Appendix A) for the Committee’s consideration and comment.  

It is recommended best practice for the Pension Committee to maintain a risk register covering the most significant risks faced by the Fund. This report presents the current register (Appendix A) for the Committee’s consideration.    

This report sets out Key Performance Indicators for the administration of the Fund for the three-month period up to the end of January 2023.

This report advises the Committee of training undertaken by the Pension Committee members in Year 2022/23 to 21 February 2023 and asks them note the contents of the Log attached to this report as Appendix A and the Hymans on-line training Log to 31 January 2023 attached to this report as Appendix B.

This report advises the Committee of the matters currently being considered by the Local Government Pension Scheme Advisory Board and The Pensions Regulator which are relevant to the Fund. Any implications for the Fund have been noted and are being addressed in consultation with Fund advisers.

This report provides an update on the Fund’s performance for the quarter to 31 December 2022.  The report falls into four parts.  Section 1 addresses performance against strategic goals.  The second section considers the asset allocation strategy and how that is being applied, specifically current and planned investments.  The third section deals with risk management and the fourth and final section summarises the recent investment manager site visit. 

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.”