Agenda and decisions

RESOLVED:

That the minutes of the Pensions Committee meeting held on 15 June 2022 were approved as a correct record.

RESOLVED:

To note the whole fund reported funding position and the assumptions on which it is based.

That the fund should progress to the next stage of the valuation identifying key risks and identifying parameters for setting individual employer contribution rates.

Approve the draft Funding Strategy Statement for consultation with employers.

RESOLVED:

To note the report.

RESOLVED:

Approve in principle the introduction of a formal appointment process and term of office for the Scheme Member Representative and Employer Representative as set out in Section 10

That the current co-opted representatives should remain in post until 31 March 2024

Delegate to the Head of Pensions the task of updating the Fund’s Governance Policy and Compliance Statement as appropriate to reflect the new terms of appointment for co-opted members.

Note the remainder of the report.

This agenda item was withdrawn from the meeting agenda.

Proposed resolution:

THAT the press and public be excluded from the proceedings of the Pensions Committee meeting during consideration of Exempt items on the agenda on the grounds that it is likely, in the view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in Schedule 12A to the Local Government Act 1972 as amended.

RESOLVED:

Continue to maintain at least a £50m holding in the BlackRock Ultra Short Bond Fund to provide immediate liquidity to fund drawdowns from the private markets mandates, topping up the holding from the BlackRock World Equity fund as required.

Gradually reduce the overweight in the BlackRock World Equity Fund in line with the drawdown of capital commitments by the private markets mandates.

Permit the BMO Bond fund to remain underweight relative to its strategic target (currently 12.7% versus a target of 17%), in view of the long term aim to consider a London CIV alternative once a suitable fund becomes available.

Note that officers will continue to review the Fund’s near-term and longer term cash requirements on a regular basis and recommend changes to the investment strategy where necessary.

RESOLVED:

Agree to proceed with Equiniti’s proposal for renewal of the Fund’s third party administration services contract for 3 years from 1st January 2023.

RESOLVED:

Note the proposed Hackney Pension Fund Cyber Resilience Plan 2022/23

Note the information provided on the two cyber assessments.

RESOLVED:

Approve the award of contract to Redington Ltd for the provision of investment consultancy services with an initial contract period of 4 years and the option to extend by up to 2 years.

RESOLVED:

That the Exempt minutes of the Pensions Committee meeting held on 15 June 2022 were approved as a correct record.