Agenda
PDF 229 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 SEPTEMBER 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 (9 December 2024). 2. The deadline for public questions is seven days before the meeting (6 December 2024). 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 Pension Fund Committee’s (Committee) actions tracker and forward 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 (15 November 2024) for noting or actioning by the Pension Fund Committee (the Committee).
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THE GOVERNMENT'S CONSULTATION ON THE FUTURE OF THE LOCAL GOVERNMENT PENSION SCHEME (LGPS)
In November 2024, the government published a consultation entitled “Local Government Pension Scheme (England and Wales): Fit for the future”. This paper explores the key implications for the Surrey Pension Fund of government proposals in this consultation.
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SURREY PENSION TEAM OVERVIEW - QUARTER 2
This paper is an overview of the entire service at a macro level. The One Pensions Team Dashboard is the primary vehicle for providing this overview. The dashboard covers the period July - September 2024.
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CHANGE MANAGEMENT REPORT
This paper details the Change Team Quarterly Report of activity for the period July – September 2024.
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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 16.
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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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INVESTMENT STRATEGY - FIDUCIARY DUTY AND INVESTMENT BELIEFS UPDATE
Investment decisions made by the Pension Fund Committee must be within the regulations, in accordance with fiduciary duty and aligned with agreed investment beliefs.
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ASSET CLASS FOCUS - PRIVATE 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 Private Markets and specifically the exposure to renewable energy.
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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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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 10 attached. Additional documents: |
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PROCUREMENT OF THE PENSION ADMINISTRATION SOFTWARE
The Committee is asked to endorse the outcome of the recent procurement tender for the Pension Administration Software.
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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 and people behind the Alpha fund range after sustained underperformance against both the benchmarks and targets.
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RESPONSIBLE INVESTMENT UPDATE
Border to Coast Pensions Partnership (BCPP) reviews its Responsible Investment (RI) Policy, Climate Policy and Corporate Governance & Voting Guidelines annually. BCPP seeks support from the Partner Funds for these policies.
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COMPETITION & MARKETS AUTHORITY (CMA) - INVESTMENT CONSULTANT STRATEGIC OBJECTIVES
Local Government Pension Schemes (LGPS) are required to set strategic objectives for their Investment Consultant (IC) Provider and monitor performance against these objectives.
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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 21 March 2025. Additional documents: |