Agenda
PDF 225 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 [21 MARCH 2025]
To agree the minutes as a true record of the meeting. Additional documents: |
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DECLARATIONS OF INTEREST
In line with the Conflicts of Interest Policy for the Surrey Pension Fund, Members do not need to declare an interest where it relates to membership of, or receipt of a pension from, the Local Government Pension Scheme.
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 (24 June 2025). 2. The deadline for public questions is seven days before the meeting (23 June 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) action tracker and programme of work. Additional documents: |
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SURREY PENSION TEAM OVERVIEW - QUARTER 4
This report 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 January – March 2025. This report also provides brief updates on items completed or previously reported to the Committee. However, to achieve brevity, it is not considered a separate report is necessary. This report also includes updates on: the Surrey Pension Fund external audit plan for the Statement of Accounts for 2024/25; and, Scheme members affected by the McCloud remedy.
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On 14 November 2024 the government launched its consultation on proposals to reform the LGPS. On 29 May 2025 the government published its response to the consultation. This paper provides details of the proposals that the government plans to implement and explores the key implications for the Surrey Pension Fund.
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SURREY PENSION TEAM STRATEGIC PLAN - OUTTURN REPORT - 2024/25 FINANCIAL YEAR
This report summarises the activities that have been completed against the Surrey Pension Team (SPT) Strategic plan for 2024/25. Strategic plan items flow through into individual service area business plans where they are combined with some additional service specific initiatives. This report therefore covers all activities in Change Management, Accounting & Governance, Investment & Stewardship and Service Delivery for the 2024/25 Financial Year.
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INVESTMENT MANAGER PERFORMANCE AND ASSETS/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. Additional documents: |
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ASSET CLASS FOCUS - EQUITY
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 Equity.
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RESPONSIBLE INVESTMENT UPDATE
It was previously agreed by the Committee that the Fund’s Responsible Investment (RI) policy should be reviewed annually for good practice (including an update on any voting template changes) and that the investable universe consistent with varying Net Zero dates should also be reviewed annually.
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COMPANY ENGAGEMENT & VOTING UPDATE
This report is a summary of various engagement and voting issues carried out on behalf of the Surrey Pension Fund (Fund) by Local Authority Pension Fund Forum (LAPFF), Robeco, Border to Coast Pensions Partnership (BCPP) and Legal & General (L&G). Also included is the direct voting record for the Fund over the period.
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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 (23 May 2025).
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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 ASSETS/LIABILITIES UPDATE
Part 2 Annexe 2 to item 9 attached. 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 in partnership with 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 15 September 2025. Additional documents: |