Agenda and minutes

1.1  Apologies for absence were received from Cllr Demirci and Jonathan Malins- Smith.

Cllrs Chapman, Desmond, Taylor, Adams and Moule declared a non-pecuniary interest as deferred members of the LGPS.

·  23^rd March 2016

·  25^th May 2016

3.1  The minutes of the meetings held on 23^rd March 2016 and 25^th May 2016 were approved a correct record.

Andrew Johnston, Hymans Robertson Training

Investment training on active v passive equity investment

Ø  CIPFA Knowledge and skills framework

active v passive equity investment

Ø  What is equity

Ø  Active and passive management

-  Passive: Objective to track an index

-  Active: Objective to outperform some benchmark

Ø  Active v passive – Criteria and comparison

Ø  Selecting between active v passive

Ø  Market concentration as at 31 May 2016

Ø  Country and industry split

Ø  Passive v Active  pros and cons

Ø  Investment beliefs

Ø  Current target structure

RESOLVED to note the report and presentation.

5.1  The Chair introduced the report on the appointment of a Scheme Member Representative as co-opted member of the Pensions Committee and an update regarding the post as well as the current position regarding membership of the Pensions Board.

RESOLVED to:

1.  Re-appoint Jonathan Malins-Smith as Co-optee Member; Scheme Member Representative of the Pensions Committee for the 2016/17 municipal year;

2.  Note the position regarding the nomination of Co-optee Member; Scheme Employer Representative of the Pensions Committee; and

3.  Note the current position regarding the membership of the Pensions Board.

6.1  Rachel Cowburn introduced report providing an update on key quarterly performance measures, including an update on the funding position, investment performance, engagement and corporate governance, budget monitoring, administration performance and reporting of breaches.

RESOLVED to note the contents of the report.

7.1  Jill Davys introduced thereport providing an update on the Government’s pooling agenda for LGPS funds and the draft response on behalf of the London Collective Investment Vehicle.

RESOLVED to:

1.  Note the draft response for the July submission to Investment Reform Criteria and Guidance on behalf of the London CIV and agree delegated powers for the final response to the proposals for 15^th July 2016 to be done by the Group Director of Finance & Corporate Resources in consultation with the Chair of Pensions Committee.

2.  Note that additional comments on behalf of the London Borough of Hackney are currently being drafted for the 15^th July 2016 submission and agree that any final response on behalf of the London Borough of Hackney be agreed with the Director of Finance & Corporate Resources in consultation with the Chair of Pensions Committee

8.1  Julie Stacey introduced the report providing details of the consultation on the draft Regulations to amend the Local Government Pension Scheme Regulations 2013 (SI/2356) which came into force on 1 April 2014.  The Local Government Pension Scheme (Amendment) Regulations 2016 will introduce the ‘Fair Deal for Staff Pensions’ for those staff in the Local Government Pension Scheme who are compulsorily transferred to an external service provider

RESOLVED to:

1.  Note the report

2.  Agree to respond to consultation with the draft to be cleared by the Chair of the Committee and Group Director, Finance and Corporate Services

9.1  The Chair introduced the report detailing the role of the Pensions Committee and summarising the key activities and achievements in 2015/16 that demonstrate how the Committee has fulfilled its role effectively acting in its capacity as quasi-trustees of the Council’s Pension Fund.

RESOLVED to note the contents of the report.

10.1  The Chair introduced the report which outlines the work undertaken by the London Borough of Hackney and the performance of the pension fund administrators, in regard to the administration of the LGPS Hackney Pension Scheme for the financial year 2015/16. 

RESOLVED to note the contents of the report.

11.1  Chris Ellmore introduced the report on the Pension Fund Business Plan for the period covering 2016-19 including a draft plan of work for the Pensions Committee and communications plan for the current financial year 2016-19.

RESOLVED to:

1.  Approve the Business Plan for the Pension Fund for 2016-19

2.  Approve the draft work plan for the Pensions Committee for the Financial Year 2016-17

3.  Approve the draft Communications Plan for 2016-17

12.1  Rachel Cowburn introduced the report covering the self-assessment of Pension Committee members and a review of advisers to the Committee.

RESOLVED to note the contents of the report.

13.  There was no other urgent business.

14.1  Rachel Cowburn introduced the report which provided an overview of the implications the 23^rd June 2016 European Union (EU) referendum result may have in both economic and political terms

RESOLVED to note the contents of the report.