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 meeting held on Tuesday, 20 June 2023 and Tuesday, 19 September 2023 as accurate records.

  Printed minutes 20062023 1000 Pension Committee

  Printed minutes 19092023 1000 Pension Committee

  Pension Committee Action Log 2023-24

• 03

  Disclosure of Interests

  

  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.

   

   

• 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

  Review of the Admission Policy, Academies Policy and Funding Strategy Statement

  

  This report presents proposed revisions to the Admissions Policy, Academies Policy and the Funding Strategy Statement as marked up on the appendices to this report.

   

  When considering the proposed revisions the Committee needs to be aware of the two substantial changes to the Fund’s approach, these being:

   

  1.     To make passthrough the default option when admitting a new contractor to the Fund detailed in sections 3.6 to 3.8.

  2.     To allow passthrough to any contracts let by academies which satisfy certain conditions as detailed in sections 3.9 and 3.10.

   

  1 Review of Admissions Policy Dec 23 (002) final E HR F L

  1 Appendix A Revised Admission Policy

  1 Appendix B Academies funding policy review Nov 23

  1 Appendix C FSS review Nov 23 final

• 06

  Croydon Pensions Administration Team Key Performance Indicators for the Period from August 2023 to October 2023

  

  This report sets out Key Performance Indicators for the administration of the Local Government Pension Scheme for the three-month period up to 31 October 2023.

   

  2 Administration KPI Report Dec 23 Final E HR F L

  2 Appendix A KPI report Appendix A December 2023

• 07

  Review of Risk Register

  

  This report presents the current Risk Register (in Appendix A) for the Pension Fund and highlights any changes made since the last review carried out at the Pension Committee meeting held on 19 September 2023.

   

  3 Risk Report Committee Dec 23 final E HR F L

  3 Appendix A Risk Register Dec 23 Appendix A Dec 23_Final PDF

• 08

  Review of Breaches of the Law Log

  

  This report presents the current Breaches of the Law log (in Appendix A) for the Pension Fund and highlights any changes made since the last review carried out at the Pension Committee meeting held on 19 September 2023.

   

  4 Breaches of the Law Log Dec 23 final E HR F L

  4 Appendix A Breaches Dec 23 final

• 09

  Committee Training Update

  

  This report advises the Committee of training undertaken by the Pension Committee members in Year 2023/24 to 30 November 2023 and asks them note the contents of the Log attached to this report as Appendix A and the Hymans online training Log to 31 October 2023 attached to this report as Appendix B. 

   

  5 Training Update final E HR F L

  5 Appendix A Hymans On-line Training Progress Cttee to 31102023 Dec 23 Meeting PDF

  5 Appendix B Committee and Reserve Committee Training Record 2023 24 Dec Cttee PDF

• 10

  Local Government Pension Scheme Advisory Board / The Pensions Regulator Update

  

  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.

   

  6 SAB and TPR updates Committee Dec 23 Final E HR F L

• 11

  Part A Progress Report for Quarter Ended 30 September 2023

  

  This report shows that the market value of the Fund investments at 30 September 2023 was £1,698.3m compared to £1,701.7m at 30 June 2023 a decrease of £3.4m during the period. The Fund returned 0.1% over the quarter, but the value decreased due to negative cashflow of £4.7m.

   

  This report provides an update on the Fund’s performance for the quarter to 30 September 2023.  The report falls into four parts.  Section 1 addresses performance against strategic goals.  Section 2 considers the asset allocation strategy and how that is being applied, specifically current and planned investments.  Section 3 deals with risk management and section 4 summarises updates from any recent investment manager site visits.

   

  7 Progress Report Part A to 30 September 2023 E HR F L

• 12

  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.”

   

• 13

  LCIV Sustainable Equity Exclusion Fund

  

  An overview of the LCIV Sustainable Equity Exclusion Fund will be presented by RBC Bluebay who manage the Fund. The presentation materials are attached in Appendix A. The London CIV will also give a presentation explaining the Investment Manager Monitoring Framework specifically addressing the monitoring of the LCIV Sustainable Equity Exclusion Fund. This presentation is attached as Appendix B to this report.

   

  8 Part B LCIV Sustainable Equity Exclusion Fund Dec 23 E F L HR

  8 Appendix A RBC Bluebay - Croydon - 12 December 2023

  8 Appendix B 20231212_London CIV_Croydon Appendix B - Final_

• 14

  Cyber Security Strategy

  

  This report presents a draft Cyber Strategy for the Pension Fund which is consistent with the Pension Regulator’s guidance and draft Code of Practice requirements. A covering report (Appendix A) and draft Strategy (Appendix B) has been produced by the Fund’s governance advisers Aon.

   

  9 Part B - Cyber Strategy Cover Report Cttee Dec 23

  9 Part B Appendix A Pension Board Cyber cover paper final

  9 Part B LBC Fund Draft Cyber Strategy v3 22112023 af 2

• 15

  Part B - Progress Report for Quarter Ended 30 September 2023

  

  This report provides commercially sensitive context to the performance of the Pension Fund for the quarter ended 30 September 2023. The Fund’s Investment Advisers, Mercer, have provided reports on performance analysis and market commentary included in Appendix A and B. As requested at the last Committee meeting, Mercer have provided an analysis of fees (Appendix C) paid to investment managers when compared to the peer group in relation to the Fund’s listed mandates. Mercer have also provided a Responsible Investment Total Evaluation report included as Appendix D.

   

  Paert B - Progress Report for Quarter Ended 30 September 2023

  Appendix A Mercer LBC performance report to 30 September 2023

  Part B Appendix B - Q3 2023 Market Background and Outlook

  10 Part B Appendix C Mercer Listed Asset Fee Benchmarking 2023

  Part B Appendix D Mercer LBC Pension Fund - RITE Output 2023

  Appendix E UK Pension Schemes Sustainable Investment Journey

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• 

  Printed minutes 20062023 1000 Pension Committee

• 

  Printed minutes 19092023 1000 Pension Committee

• 

  Pension Committee Action Log 2023-24

• 

  1 Review of Admissions Policy Dec 23 (002) final E HR F L

• 

  1 Appendix A Revised Admission Policy

• 

  1 Appendix B Academies funding policy review Nov 23

• 

  1 Appendix C FSS review Nov 23 final

• 

  2 Administration KPI Report Dec 23 Final E HR F L

• 

  2 Appendix A KPI report Appendix A December 2023

• 

  3 Risk Report Committee Dec 23 final E HR F L

• 

  3 Appendix A Risk Register Dec 23 Appendix A Dec 23_Final PDF

• 

  4 Breaches of the Law Log Dec 23 final E HR F L

• 

  4 Appendix A Breaches Dec 23 final

• 

  5 Training Update final E HR F L

• 

  5 Appendix A Hymans On-line Training Progress Cttee to 31102023 Dec 23 Meeting PDF

• 

  5 Appendix B Committee and Reserve Committee Training Record 2023 24 Dec Cttee PDF

• 

  6 SAB and TPR updates Committee Dec 23 Final E HR F L

• 

  7 Progress Report Part A to 30 September 2023 E HR F L

• 

  8 Part B LCIV Sustainable Equity Exclusion Fund Dec 23 E F L HR

• 

  8 Appendix A RBC Bluebay - Croydon - 12 December 2023

• 

  8 Appendix B 20231212_London CIV_Croydon Appendix B - Final_

• 

  9 Part B - Cyber Strategy Cover Report Cttee Dec 23

• 

  9 Part B Appendix A Pension Board Cyber cover paper final

• 

  9 Part B LBC Fund Draft Cyber Strategy v3 22112023 af 2

• 

  Paert B - Progress Report for Quarter Ended 30 September 2023

• 

  Appendix A Mercer LBC performance report to 30 September 2023

• 

  Part B Appendix B - Q3 2023 Market Background and Outlook

• 

  10 Part B Appendix C Mercer Listed Asset Fee Benchmarking 2023

• 

  Part B Appendix D Mercer LBC Pension Fund - RITE Output 2023

• 

  Appendix E UK Pension Schemes Sustainable Investment Journey

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