Agenda and decisions

Local Pension Committee - Friday, 3 March 2023 9.30 am

Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions

Contact: Mrs Angie Smith (0116 305 2583).  Email: Angie.Smith@leics.gov.uk

Items
No. Item

1.

Minutes of the meeting held on 20 January 2023 pdf icon PDF 166 KB

2.

Question Time.

3.

Questions asked by members under Standing Order 7(3) and 7(5).

4.

To advise of any other items which the Chairman has decided to take as urgent elsewhere on the agenda.

5.

Declarations of interest in respect of items on the agenda.

6.

Partners Group - Private Debt Market Update pdf icon PDF 427 KB

Additional documents:

Decision:

RESOLVED:

 

That the report and presentation be noted.

7.

Summary Valuation of Pension Fund Investments pdf icon PDF 317 KB

Additional documents:

Decision:

RESOLVED:

 

That the valuation of the Fund be noted.

8.

Pension Fund Valuation - Consultation Results, Final Assumptions and Results pdf icon PDF 370 KB

Additional documents:

Decision:

RESOLVED:

 

That the Committee approved:

 

a)    The revised Funding Strategy Statement;

 

b)    The revised Investment Strategy Statement.

 

c)    The final assumptions used in the 2022 Fund valuation.

 

That the Committee noted the 105% indicative whole fund valuation result.

9.

Outcome of Consultation on Net Zero Climate Strategy and Responsible Investing Update pdf icon PDF 441 KB

Additional documents:

Decision:

RESOLVED:

 

a)    That the outcome of the public consultation on the draft Net Zero Climate Strategy (NZCS) be noted;

b)    That the amended NZCS be approved;

c)    Subject to b) above, the associated implementation plan and manager questionnaire be approved;

d)    That it be noted that the Director of Corporate Resources may use his existing delegated authority to make minor amendments to the Strategy and associated documents in order to ensure the documents remain fit for purpose;

e)    That the update on the Responsible Investment Plan 2023, including update on voting and engagement, be noted;

f)      That it be noted that the Director of Corporate Resources, following consultation with the Chairman, will respond to Hinckley and Bosworth Borough Council’s motion calling for the Fund to divest from fossil fuel companies by 2030.

 

10.

Pension Fund - Key Administration Priorities 2023/24 pdf icon PDF 248 KB

Decision:

RESOLVED:

 

That the Committee noted the key priorities for administration during 2023/24.

11.

Pension Fund - Business Plan and Budget 2023/24 pdf icon PDF 380 KB

Additional documents:

Decision:

RESOLVED:

 

a)    That the Business Plan and Pension Fund budget for 2023/24 be approved.

 

b)    That the Committee approved that the Director of Corporate Resources, following consultation with the Chairman of the Local Pension Committee, be authorised to make minor amendments to the Pension Fund’s budget following the approval of LGPS Central’s budget.

 

12.

Risk Management and Internal Controls pdf icon PDF 346 KB

Additional documents:

Decision:

RESOLVED:

 

That the Risk Register of the Pension Fund be approved.

13.

Date of next meeting.

The next meeting is scheduled for 16 June 2023, at 9.30am.

14.

Any other items which the Chairman has decided to take as urgent.

15.

Exclusion of the Press and Public.

The public are likely to be excluded during consideration of the remaining items in accordance with Section 100(A)(4) of the Local Government Act 1972 (Exempt Information).

16.

LGPS Central Quarterly Report

Decision:

That the report be noted.

17.

LGPS Central PE Primary Partnership

Decision:

That the report be noted.

 

18.

Adams Street

Decision:

That the report be noted.

 

19.

Aspect Diversified Fund

Decision:

That the report be noted.

 

20.

LGIM Quarterly Investment Report - Q4 2022

Decision:

That the report be noted.

 

21.

Pictet Quarterly Report

Decision:

That the report be noted.

 

22.

Ruffer Quarterly Report

Decision:

That the report be noted.

 

23.

SL Capital SOF III Quarterly Report

Decision:

That the report be noted.

 

24.

LGPS Central

Decision:

That the report be noted.

 

25.

Colliers Quarterly Report

Decision:

That the report be noted.

 

26.

CRC Quarter 3 Report

Decision:

That the report be noted.

 

27.

IFM Investors Quarterly Report

Decision:

That the report be noted.

 

28.

Infracapital Greenfield Partners September 2022

Decision:

That the report be noted.

 

29.

JP Morgan Quarterly Report

Decision:

That the report be noted.

 

30.

M&G Quarterly Report

Decision:

That the report be noted.

 

31.

Partners Group

Decision:

That the report be noted.

 

32.

Stafford Timberland Quarterly Report

Decision:

That the report be noted.

 

33.

Aegon Global Quarterly Report

Decision:

That the report be noted.

 

34.

Aegon Asset Management Quarterly Report

Decision:

That the report be noted.