Agenda
PDF 238 KBVenue: Council Chamber, Woodhatch Place, 11 Cockshot Hill, Reigate, Surrey, RH2 8EF
Contact: Amelia Christopher, Committee Manager
Media
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
To receive any apologies for absence and substitutions. Additional documents: |
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MINUTES OF THE PREVIOUS MEETING [13 DECEMBER 2024]
To agree the minutes as a true record of the meeting. Additional documents: |
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DECLARATIONS OF INTEREST
All Members present are required to declare, at this point in the meeting or as soon as possible thereafter (i) Any disclosable pecuniary interests and / or (ii) Other interests arising under the Code of Conduct in respect of any item(s) of business being considered at this meeting NOTES: · Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest · As well as an interest of the Member, this includes any interest, of which the Member is aware, that relates to the Member’s spouse or civil partner (or any person with whom the Member is living as a spouse or civil partner) · Members with a significant personal interest may participate in the discussion and vote on that matter unless that interest could be reasonably regarded as prejudicial. Additional documents: |
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QUESTIONS AND PETITIONS
To receive any questions or petitions.
Notes: 1. The deadline for Member’s questions is 12.00pm four working days before the meeting (17 March 2025). 2. The deadline for public questions is seven days before the meeting (14 March 2025). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
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GLOSSARY, ACTION TRACKER & FORWARD PROGRAMME OF WORK
For Members to consider and comment on the Pensions Fund Committee’s (Committee) actions tracker and programme of work. Additional documents: |
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SUMMARY OF THE LOCAL PENSION BOARD
This report provides a summary of administration and governance issues reviewed by the Local Pension Board (the Board) at its last meeting (21 February 2025).
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SURREY PENSION TEAM OVERVIEW - QUARTER 3 2024/25
This paper is an overview of the entire service at a macro level. The Surrey Pension Team Dashboard is the primary vehicle for providing this overview. The dashboard covers the period October – December 2024. Further detail can be found in the individual papers.
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CHANGE MANAGEMENT REPORT - QUARTER 3 2024/25
This paper details the Change Team Quarterly Report of activity for the period October - December 2024.
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SPT POLICY REVIEW: COMMUNICATIONS POLICY 2025/26 AND TRAINING POLICY 2025/26
Surrey Pension Fund recognises the importance of providing excellent communication to stakeholders of the pension scheme. It also recognises the importance of providing appropriate training to both Pension Fund Committee and Local Pension Board members, as well as officers in relation to the operation of the Pension Fund. This report contains the Pension Fund communications policy statement and Pension Fund training policy as required for the annual review.
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CONFLICTS OF INTEREST POLICY
This report considers a proposed draft Conflicts of Interest Policy applicable equally to Pension Fund Committee and Local Pension Board Members along with Officers and Advisors involved in the management of the Surrey Pension Fund.
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ACTUARIAL UPDATE - SURREY PENSION FUND CASHFLOWS
This report provides an update from the Surrey Pension Fund Actuary on cashflows.
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SURREY PENSION TEAM STRATEGIC PLAN 2025/26
This report details the Surrey Pension Team Strategic Plan and resulting business priorities for the 2025/2026 financial year.
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INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE
This report is a summary of manager issues for the attention of the Pension Fund Committee, as well as an update on investment performance and the values of assets and liabilities. Note: Part 2 annexe at item 20.
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COMPANY ENGAGEMENT & VOTING UPDATE
This report is a summary of various Environmental, Social & Governance (ESG) engagement and voting carried out on behalf of the Surrey Pension Fund (Fund) by Local Authority Pension Fund Forum (LAPFF), Robeco, and Border to Coast Pensions Partnership (BCPP). Also included is the direct voting record for the Fund over the period.
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RESPONSIBLE INVESTMENT UPDATE
In 2024, the fund was successful in its application to become a signatory to the UK Stewardship Code. To maintain signatory status, an application has to be made each year.
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ASSET CLASS FOCUS - CREDIT MARKETS
As part of good governance, the Committee periodically reviews the performance of the Fund’s investments. There is a further focused review of different asset classes each quarter. This paper concentrates on Credit.
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RECENT DEVELOPMENTS IN LGPS (BACKGROUND PAPER)
This report considers recent developments in the Local Government Pension Scheme (LGPS).
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LOCAL GOVERNMENT REORGANISATION AND THE SURREY PENSION FUND
The Government have approved for Surrey County Council (SCC) to be in the first wave of Local Government reorganisation (LGR). This paper considers the implications of LGR on the Surrey Pension Fund (SPF).
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EXCLUSION OF THE PUBLIC
Recommendation: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part 1 of Schedule 12A of the Act. Additional documents: |
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INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE
Part 2 Annexe 1 to item 13 attached. Additional documents: |
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SURREY PENSION FUND VALUATION 2025 UPDATE
This report provides an update to the 2025 triennial valuation including a report from the Fund actuary, Hymans Robertson.
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MIGRATION OF REMAINING NON-POOLED ASSETS INTO THE POOL
Government guidance is that LGPS funds should pool their assets. This paper lays out the extent to which the Surrey Pension Fund has pooled its assets, has assets under pool management or continues to have non-pooled assets. The non-pooled assets are taken in turn to explain their transition plan to the pool.
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BCPP GLOBAL EQUITY ALPHA UPDATE
The Fund’s officers and advisors have been engaging with Border to Coast Pensions Partnership (BCPP) to better understand the investment philosophy, process, performance and people responsible for the Alpha fund range after sustained underperformance against both benchmarks and targets. Additional documents: |
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BORDER TO COAST PENSIONS PARTNERSHIP UPDATE
This paper provides the Pension Fund Committee (Committee) with an update of current activity being undertaken by BCPP. Additional documents: |
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PUBLICITY OF PART 2 ITEMS
To consider whether the items considered under Part 2 of the agenda should be made available to the Press and public. Additional documents: |
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 30 June 2025. Additional documents: |