Agenda not available for this meeting.

• 01

  Apologies for Absence

  

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

   

• 02

  Minutes of the Previous Meeting

  

  To approve the minutes of the meetings held on Tuesday, 8 December 2020; Tuesday, 16 March 2021; Tuesday, 25 May 2021; Friday, 3 December 2021 and Tuesday, 14 June 2022 as an accurate record.

  Minutes Pension Committee 8 December 2020

  Pension Committee Draft Minutes 16 March 2021

  Draft Minutes Pension Committee 25 May 2021

  Public Draft Minutes Pension Committee 3 December 2021

  Public Draft Minutes Pension Committee 14 June 2022

  Work Programme 2022-23

  Pension Committee Action Log 2022

• 03

  Disclosure of Interests

  

  Members and co-opted Members of the Council are reminded that, in accordance with the Council’s Code of Conduct and the statutory provisions of the Localism Act, they are required to consider in advance of each meeting whether they have a disclosable pecuniary interest (DPI), another registrable interest (ORI) or a non-registrable interest (NRI) in relation to any matter on the agenda.  If advice is needed, Members should contact the Monitoring Officer in good time before the meeting.  

   

  If any Member or co-opted Member of the Council identifies a DPI or ORI which they have not already registered on the Council’s register of interests or which requires updating, they should complete the disclosure form which can be obtained from Democratic Services at any time, copies of which will be available at the meeting for return to the Monitoring Officer.

   

  Members and co-opted Members are required to disclose any DPIs and ORIs at the meeting.  

  ·          Where the matter relates to a DPI they may not participate in any discussion or vote on the matter and must not stay in the meeting unless granted a dispensation.  

  ·          Where the matter relates to an ORI they may not vote on the matter unless granted a dispensation.   

  ·          Where a Member or co-opted Member has an NRI which directly relates to their financial interest or wellbeing, or that of a relative or close associate, they must disclose the interest at the meeting, may not take part in any discussion or vote on the matter and must not stay in the meeting unless granted a dispensation.  Where a matter affects the NRI of a Member or co-opted Member, section 9 of Appendix B of the Code of Conduct sets out the test which must be applied by the Member to decide whether disclosure is required.

   

  The Chair will invite Members to make their disclosure orally at the commencement of Agenda item 3, to be recorded in the minutes.

   

   

• 04

  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.

   

• 05

  Triennial Valuation

  

  This report sets out a revised structure to the FSS and a few technical or regulatory updates required since the May 2021 review. The main updates for the Committee’s attention are in relation to the funding assumptions, climate risk and the ‘McCloud’ judgement.

   

  Report 1 Valuation Report Croydon PF 2022 Valuation Initial Results and FSS Review October 2022 final

  Report 1 APPENDIX A Croydon PF - Draft Funding Strategy Statement (Oct 2022) final

  Report 1 APPENDIX B Croydon PF - Policy on contribution reviews (Oct 2022) Final

  Report 1 APPENDIX C Croydon PF - Academies funding policy (Oct 2022) Final

  Report 1 Appendix D Bulk transfers Policy

  Report 1 APPENDIX E Croydon PF - Cessation Policy (Oct 2022) Final

  Report 1 APPENDIX F Croydon PF - Prepayments policy (Oct 2022) Final

• 06

  Governance and Compliance Statement

  

  This report updates the Governance Best Practice Compliance Statement for consideration by the Committee.

  Report 2 Governance and Compliance Statement Oct Final

  Report 2 Appendix A Governance and Compliance Statement Oct Final

• 07

  Progress on implementation of Aon Governance Review Action Plan

  

  The Pension Board were asked to consider the latest agreed list of recommendations and make comment for presentation to the Pension Committee. This report details those comments and suggested actions for the Committee’s consideration.

   

  This report updates the Committee on the progress made in completing recommendation actions to August 2022.

   

  Report 3 gov review report Final 2 (002) Oct

  Report 3 Appendix A Review of Recommendations and Update on Progress of Governance Review Oct

  Report 3 Appendix B Governance Review Plan

• 08

  Breaches of the Law Policy

  

  This report asks the Committee to agree the revised Reporting Breaches of the Law Policy to the Committee and attached appendices.

  Report 4 Reporting breaches of the law Report Oct 2022 Final

  Report 4 Appendix A Breaches Policy Final

  Report 4 Appendix B Breaches Reporting Form

  Report 4 APPENDIX C Breaches Flowchart

• 09

  Breaches of the Law Log

  

  It is consistent with The Pension Regulator’s 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.

  Report 5 Breaches Log Oct Final

  Report 5 Appendix A Breaches Log Sep 22 Word Table

• 10

  Constitution Changes

  

  The Pension Committee and Pension Board operate within the parameters defined within the Constitution. The Constitution should be reviewed annually and updated as appropriate. This report asks the Committee to consider the proposed amended sections of the Constitution as they relate to The Pension Committee and Pension Board and recommend them to the Monitoring Officer.

  Report 6 Constitutional changes report final

  Report 6 Appendix A Part 3 - Responsibility for Functions Oct Final

  Report 6 Appendix B Part 4F - Non-Executive Committee Procedure Rules 27092022 AF amended for circulatuion with chages shown

  Report 6 Appendix C Part 4M - Local Pension Board Procedure Rules (1) Oct

  Report 6 Appendix D Part 4N - Pension Committee Terms of Reference 27092022 AF updated for circulation amendments shown

  Report 6 Appendix E Part 5I - Members Code of Conduct 27092022 AF amended for circulation with amendments shown

  Report 6 Appendix F 6d scheme of co-option

• 11

  Training Plan

  

  This report advises the Committee of training undertaken by the Pension Board and Pension Committee members since January 2021 and asks them note the proposed joint Pension Committee and Pension Board training plan for 2022/23.

  Report 7 training report Oct Final

  Report 7 Appendix A Training Log Oct Cttee Final

  Report 7 Appendix B Training Plan Oct Final

  Report 7 Appendix C Training Plan Commentary Oct Final

  Report 7 Appendix D Committee Role Oct Final

  Report 7 Appendix E feedback form Oct Final

• 12

  Administration Performance Report

  

  This report sets out Key Performance Indicators for the administration of the Local Government Pension Scheme for the three month period up to the end of July 2022.

   

  Report 8 APPENDIX A KPI report for October Committee_ (002) Final

  Report 8 Croydon Pensions Admin Team Performance Report September 2022 (Pension Committee) (002) Final

• 13

  Risk Register Review

  

  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. 

  Report 9 Review of Risk Register Report

  Report 9 Appendix A Risk Register Log

• 14

  Update on LCIV

  

  This report advises the Committee of the extent to which the Fund is complying with the pooling requirements of Guidance issued by the, then, Department for Communities & Local Government (DCLG) in 2015, the savings made through pooling in 2021/22 and the governance structure of the London Collective Investment Vehicle (LCIV).

  Report 10 CIV report Final Oct

• 15

  Update on SAB and TPR news

  

  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 advisors.

   

  Report 11 SAB and TPR inc Oct Final

• 16

  Progress report for quarter ending June 2022

  

  This report provides an update on the Fund’s performance for the quarter to 30 June 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. 

   

  Report 12 Progress part A Final Oct

• 17

  Progress report for quarter ending June 2022

  

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

   

  Report 13 Progress part B Final Oct

  Report 13 Appendix A London Borough of Croydon performance report to 30 June 2022

  Report 13 Appendix B Croydon - Q2 2022 Market Background and Outlook

• 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.”

   

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• 

  Minutes Pension Committee 8 December 2020

• 

  Pension Committee Draft Minutes 16 March 2021

• 

  Draft Minutes Pension Committee 25 May 2021

• 

  Public Draft Minutes Pension Committee 3 December 2021

• 

  Public Draft Minutes Pension Committee 14 June 2022

• 

  Work Programme 2022-23

• 

  Pension Committee Action Log 2022

• 

  Report 1 Valuation Report Croydon PF 2022 Valuation Initial Results and FSS Review October 2022 final

• 

  Report 1 APPENDIX A Croydon PF - Draft Funding Strategy Statement (Oct 2022) final

• 

  Report 1 APPENDIX B Croydon PF - Policy on contribution reviews (Oct 2022) Final

• 

  Report 1 APPENDIX C Croydon PF - Academies funding policy (Oct 2022) Final

• 

  Report 1 Appendix D Bulk transfers Policy

• 

  Report 1 APPENDIX E Croydon PF - Cessation Policy (Oct 2022) Final

• 

  Report 1 APPENDIX F Croydon PF - Prepayments policy (Oct 2022) Final

• 

  Report 2 Governance and Compliance Statement Oct Final

• 

  Report 2 Appendix A Governance and Compliance Statement Oct Final

• 

  Report 3 gov review report Final 2 (002) Oct

• 

  Report 3 Appendix A Review of Recommendations and Update on Progress of Governance Review Oct

• 

  Report 3 Appendix B Governance Review Plan

• 

  Report 4 Reporting breaches of the law Report Oct 2022 Final

• 

  Report 4 Appendix A Breaches Policy Final

• 

  Report 4 Appendix B Breaches Reporting Form

• 

  Report 4 APPENDIX C Breaches Flowchart

• 

  Report 5 Breaches Log Oct Final

• 

  Report 5 Appendix A Breaches Log Sep 22 Word Table

• 

  Report 6 Constitutional changes report final

• 

  Report 6 Appendix A Part 3 - Responsibility for Functions Oct Final

• 

  Report 6 Appendix B Part 4F - Non-Executive Committee Procedure Rules 27092022 AF amended for circulatuion with chages shown

• 

  Report 6 Appendix C Part 4M - Local Pension Board Procedure Rules (1) Oct

• 

  Report 6 Appendix D Part 4N - Pension Committee Terms of Reference 27092022 AF updated for circulation amendments shown

• 

  Report 6 Appendix E Part 5I - Members Code of Conduct 27092022 AF amended for circulation with amendments shown

• 

  Report 6 Appendix F 6d scheme of co-option

• 

  Report 7 training report Oct Final

• 

  Report 7 Appendix A Training Log Oct Cttee Final

• 

  Report 7 Appendix B Training Plan Oct Final

• 

  Report 7 Appendix C Training Plan Commentary Oct Final

• 

  Report 7 Appendix D Committee Role Oct Final

• 

  Report 7 Appendix E feedback form Oct Final

• 

  Report 8 APPENDIX A KPI report for October Committee_ (002) Final

• 

  Report 8 Croydon Pensions Admin Team Performance Report September 2022 (Pension Committee) (002) Final

• 

  Report 9 Review of Risk Register Report

• 

  Report 9 Appendix A Risk Register Log

• 

  Report 10 CIV report Final Oct

• 

  Report 11 SAB and TPR inc Oct Final

• 

  Report 12 Progress part A Final Oct

• 

  Report 13 Progress part B Final Oct

• 

  Report 13 Appendix A London Borough of Croydon performance report to 30 June 2022

• 

  Report 13 Appendix B Croydon - Q2 2022 Market Background and Outlook

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