Agenda and draft minutes

Pension Board - Tuesday 16th June, 2020 5.00 pm

Venue: Please note that this meeting will take place virtually

Contact: Toby Howes, Senior Committee and Governance Officer  Tel: 07815 663854; Email:


No. Item


Election of Chairman and Vice-Chairman/Membership

To elect a Chairman and Vice-Chairman of the Pension Board for the municipal year 2020-2021.


1.1      There were no changes to the membership.


1.2      RESOLVED:


1.     That Councillor Tim Mitchell be appointed as Chairman of the Board for the 2020-2021 municipal year.


2.     That Terry Neville be appointed as Vice-Chairman of the Board for the 2020-2021 municipal year.


Declarations of Interest

To receive declarations of interest by Members and Officers of any pecuniary interest or any other significant interest in matters on this agenda.


2.1      There were no declarations of interest.


Minutes pdf icon PDF 204 KB

To approve the minutes of the Pension Board meeting held on 3 March 2020.


3.1      RESOLVED:


That the minutes of the meeting held on 3 March 2020 be signed by the Chairman as a correct record of proceedings.


Pension Administration Update pdf icon PDF 138 KB

Report of the Director of People Services.

Additional documents:


4.1      Sarah Hay (Senior Pensions and Payroll Adviser)) presented the report and advised that the Pension Administration Service had coped well in the midst of the COVID-19 pandemic. The death rate had been lower than expected and there had only been a few incidences of late payments. The key performance indicators were also holding up and Western Union were due to commence a new project in respect of overseas pensioners.


4.2      The Board welcomed the ability of pension administration staff to able to carry out their functions from a home setting.


Pension Data Quality Issues pdf icon PDF 412 KB

Report of the Director of People Services.


5.1      Eleanor Dennis (Lead Pensions Specialist) presented the report and updated the Board in respect of stage 2 cases, data tracing and the peer review exercise.


5.2      The Board emphasised the need to ensure that the data quality was consistent and sound. It was agreed that the new Pension Fund Manager at Surrey County Council, the administering provider, attend the next meeting to answer questions from the Board about the pension administration service.


Pension Fund Performance to 31 March 2020 and Risk Monitoring pdf icon PDF 218 KB

Report of the Tri-Borough Director of Treasury and Pensions.

Additional documents:


6.1      Phil Triggs (Tri-Borough Director of Treasury and Pensions) presented the report and advised that the Fund had made a recovery following the initial impact of the COVID-19 pandemic. Additional risks had been included in the Risk Register.


6.2      The Board noted that the London Collective Investment Vehicle had appointed a new Chief Investment Officer.


6.3          RESOLVED:


1.     That the performance of the Fund’s investments to 31 March 2020; be noted.


2.     That the risk registers for the Pension Fund, as updated in May 2020, be noted.


Strategic Investment Strategy Review pdf icon PDF 575 KB

Report of the Tri-Borough Director of Treasury and Pensions.

Additional documents:


7.1      Phil Triggs presented the report and advised that the Strategic Investment Review needed to take into context the current COVID-19 pandemic and the resulting effects that it was having on markets, investments and funds. He added that the Pension Fund Committee had deferred a decision on this matter until the Committee’s next meeting on 25 June, following additional training for Members.


7.2      The Board emphasised the importance of the need for the Pension Fund Committee to take a decision on this matter in view of the impact on the Fund.


7.3      The Chairman confirmed that he would contact the Chairman of the Pension Fund Committee to put forward the Board’s views on this matter.


7.4      RESOLVED:


That the revised Investment Strategy review, including the following options presented to the Pension Fund Committee, be noted:


a)             Reduce the equity allocation by 10% to 55%, with 5% invested within fixed income and 5% in an illiquid alternative asset class.


b)             Review the current equity portfolio and agree to the addition of a new actively managed equity mandate to complement the existing portfolio.


c)              Select renewable infrastructure as a new illiquid alternative asset class.


d)             Consider the placing of an additional 5% in fixed Income across the existing portfolios or to allocate to a new mandate, for example, direct lending.


e)             Consider whether residential property would offer greater diversification than the existing long lease and core mandates.


Any Other Business The Chairman Considers Urgent


8.1      There was no other business.