Agenda

Venue: Virtual

Contact: Joe Kwateng, Governance Officer  Email: joe.kwateng@brent.gov.uk; 020 8937 1354

Items
No. Item

1.

Apologies for absence

2.

Declarations of interests

Members are invited to declare at this stage of the meeting, any relevant personal and prejudicial interests and discloseable pecuniary interests in any matter to be considered at this meeting.

3.

Minutes of the previous meeting pdf icon PDF 93 KB

To approve the minutes of the previous meeting as a correct record.

4.

Matters arising (if any)

5.

Deputation (if any)

6.

2019 Triennial Valuation Results and Funding Strategy Statement pdf icon PDF 102 KB

This report sets out the results of 2019 triennial actuarial valuation and the Funding Strategy Statement (FSS) to the Committee for consideration and Approval.

 

I have attached 4 appendices some of which contain exempt information for reasons set out under item 17.

Additional documents:

7.

Chair's Annual Report pdf icon PDF 270 KB

 

 

This report provides a summary of the work carried out by the Council’s Pensions Board. The report covers the period from the Boards meeting in June 2019 to the end of 2019/20 Municipal Year. It presents details of the Board members, training and items covered during the Board’s meetings. It also raises a number of items the Board wishes to draw to the Councils attention.

 

8.

Pensions Administration Update pdf icon PDF 206 KB

 

 

This report updates the Pensions Board on various pensions administration matters as part of its remit to oversee the administration of the Brent Pension Fund.

 

I have attached 2 appendices to the report.

 

Additional documents:

9.

LPP Scheme Administration pdf icon PDF 706 KB

This report presents the LPP Pensions Administration Service as measured against key performance indicators that measure compliance, efficiency, and effectiveness of the service.

10.

LPP Business Update

LPP will present a report on business update.  The slide presentation will be circulated prior to the meeting.

11.

LPP Complaints data 2019/2020 pdf icon PDF 438 KB

This report presents the LPP complaints data for 2019/2020.

12.

LPP COVID-19 Impact Analysis pdf icon PDF 137 KB

This report presents analysis from the Fund’s administration provider Local Pensions Partnership (LPP) regarding the impact of the COVID-19 coronavirus pandemic, on the number of death notifications (bereavements) received, relating to members in the Brent Pension Fund and Brent Teachers Pension Fund since the start of this year.

 

I have attached 2 appendices to the main report.

 

Additional documents:

13.

LGPS Update pdf icon PDF 180 KB

 

 

The purpose of this report is to update the committee on recent developments within the LGPS regulatory environment and any recent consultations issued by the Ministry of Housing, Communities and Local Government (MHCLG) which have would have a significant impact on the Fund.

 

I have attached 7 appendices to the main report.

 

Additional documents:

14.

Brent Risk Register pdf icon PDF 209 KB

 

This report presents the updated Risk Register for the Brent Pension Fund Pensions Administration Service.

 

I have added 2 appendices to the main report.

Additional documents:

15.

Date of next meeting

The next scheduled meeting of the Board is on 3rd November 2020.

16.

Any other urgent business

Notice of items to be raised under this heading must be given in writing to the Head of Executive and Member Services or his representative before the meeting in accordance with Standing Order 60.

17.

Exclusion of Press and Public

The press and public will be excluded from the remainder of the meeting as the reports and appendices to be considered contain the following category of  exempt information as specified in Paragraph 3, Schedule 12A of the Local Government Act 1972, namely:

 

“Information relating to the financial or business affairs of any particular person (including the authority holding that information)".

18.

Appendices to Triennial Valuation report

19.

Covid-19 Update pdf icon PDF 353 KB

The purpose of this report is to outline the impact of coronavirus (COVID-19) on the Brent Pension Fund.

Additional documents:

20.

Low Carbon Equity Fund Investment pdf icon PDF 183 KB

As part of the investment strategy review carried out in Q1 2020, the Committee agreed to make an initial investment in a low-carbon equity fund, which will be funded by investing a proportion of the Fund’s excess cash holdings. This report presents analysis and results of investment options for the Committee to consider and agree which fund to invest in.

 

I have attached 2 exempt appendices to this report which are not for publication for reasons stated under item 24 below.

21.

Investment Management Report Q1 2020 pdf icon PDF 2 MB

This report from Hymans Robertson LLP presents the Committee with the results of quarter 1 2020 of the Fund’s investment management.

22.

Investment Strategy: Transition Roadmap pdf icon PDF 159 KB

The purpose of this report is to detail the investment strategy transition roadmap prepared by the Fund’s investment advisors, Hymans Robertson.

 

I have attached an appendix to this report.

Additional documents:

23.

Draft Statement of Accounts 2019/2020 pdf icon PDF 155 KB

This report presents the draft Pension Fund Annual Accounts for the year ended 31 March 2020.

 

I have attached an appendix (Pension Fund Annual Accounts) to this report.

Additional documents:

24.

Exclusion of Press and Public

The press and public will be excluded from the remainder of the meeting as the reports and appendices to be considered contain the following category of  exempt information as specified in Paragraph 3, Schedule 12A of the Local Government Act 1972, namely:

 

“Information relating to the financial or business affairs of any particular person (including the authority holding that information)".

25.

Appendices - Low Carbon Equity Fund Investment

26.

London CIV Update

The purpose of this report is to update the Committee on recent developments within the London CIV (LCIV).

 

I have attached 3 exempt appendices to the report.