Agenda

Pension Fund Committee - Monday 9 September 2024 6.30 pm

Venue: The Auditorium - Harrow Council Hub, Kenmore Avenue, Harrow, HA3 8LU. View directions

Contact: Mwim Chellah, Senior Democratic and Electoral Services Offiecr  Tel: 07761 405966 E-mail:  mwimanji.chellah@harrow.gov.uk

Media

Items
No. Item

Agenda - Part I

Additional documents:

1.

Attendance by Reserve Members

To note the attendance at this meeting of any duly appointed Reserve Members.

Additional documents:

2.

Declarations of Interest

To receive declarations of disclosable pecuniary or non pecuniary interests, arising from business to be transacted at this meeting, from all Members present.

Additional documents:

3.

Appointment of Vice-Chair

To consider the appointment of a Vice-Chair to the Pension Fund Committee for the Municipal Year 2024-2025.

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4.

Minutes pdf icon PDF 154 KB

That the minutes of the meeting held on 4 April 2024 be taken as read and signed as a correct record.

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5.

Public Questions

To note any public questions received.

 

Questions will be asked in the order in which they were received.  There will be a time limit of 15 minutes for the asking and answering of public questions.

 

[The deadline for receipt of public questions is 3.00 pm, 4 September 2024.  Questions should be sent to publicquestions@harrow.gov.uk  

No person may submit more than one question].

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6.

Petitions

To receive petitions (if any) submitted by members of the public/Councillors.

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7.

Deputations

To receive deputations (if any).

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8.

Introduction to 2025 Valuation, Preparation and Planning pdf icon PDF 584 KB

Report of the Strategic Director of Finance and Assurance

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9.

Quarterly Actuarial Funding Position Update at 30 June 2024 pdf icon PDF 411 KB

Report of the Strategic Director of Finance and Assurance

Additional documents:

10.

Review of Governance Compliance Statement

Report of the Strategic Director of Finance and Assurance

Additional documents:

11.

Review of Investment Managers' Internal Control Reports pdf icon PDF 164 KB

Report of the Strategic Director of Finance and Assurance

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12.

Review of Pension Fund Risk Register pdf icon PDF 135 KB

Report of the Strategic Director of Finance and Assurance

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13.

Any Other Urgent Business

Which cannot otherwise be dealt with.

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13a

Update on London CIV and Investment Pooling Arrangements pdf icon PDF 634 KB

Report of the Strategic Director of Finance

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13q

Investments & Managers Performance Review pdf icon PDF 319 KB

Report of the Strategic Director of Finance

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13c

Investment Management Consultant Objectives pdf icon PDF 132 KB

Report of the Strategic Director of Finance

Additional documents:

14.

Exclusion of the Press Public

To resolve that the press and public be excluded from the meeting for the following item of business, on the grounds that it involves the likely disclosure of confidential information in breach of an obligation of confidence, or of exempt information as defined in Part I of Schedule 12A to the Local Government Act 1972:

 

Agenda Item No

 

15

Title

 

 

Review of Investment Managers’ Internal Control Reports – Appendices 1 and 2

 

Description of Exempt Information

 

 

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

 

16

 

 

Investment Strategy Statement Update

 

 

 

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

 

 

17

 

 

LCIV and Pooling Update

 

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

 

 

18

 

 

Quarterly Investment Performance Monitoring: 

Independent Adviser &

Investment Consultant

 

 

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

 

19

 

 

Introduction of Investment Adviser

 

 

 

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

 

 

20

 

Investment Management Consultant Objectives

 

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

 

 

21

 

 

Vote of Thanks – Independent Adviser

 

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

 

 

Additional documents:

Agenda - Part II

15.

Review of Investment Managers' Internal Control Reports - Appendices 1 and 2

Report of the Strategic Director of Finance and Assurance

16.

Investment Strategy Statement Update

Report of the Strategic Director of Finance and Assurance

17.

LCIV and Pooling Update

Report of the Strategic Director of Finance and Assurance

18.

Quarterly Investment Performance Monitoring

Report of the Strategic Director of Finance and Assurance

19.

Introduction of investment Adviser

Report of the Strategic Director of Finance and Assurance

20.

Investment Management Consultant Objectives

Report of the Strategic Director of Finance and Assurance

21.

Vote of Thanks - Independent Adviser

Report of the Strategic Director of Finance and Assurance

[Please note that Aon, Advisers to the Fund, will be attending this meeting.]

Data Protection Act Notice

The Council will record the meeting and will place the recording on the Council’s website.

 

[Note:  The questions and answers will not be reproduced in the minutes.]

Additional documents:

Note:  In accordance with the Local Government (Access to Information) Act 1985, the following agenda items have been admitted late to the agenda by virtue of the special circumstances and urgency detailed below:-

 

Agenda item

Special Circumstances/Grounds for Urgency

10. Review of Governance Compliance Statement

 

Members are requested to consider this report as a matter of urgency in order to maintain proper Governance and oversight of the Fund.

 

13a and 17. Urgent business - Update on London CIV and Investment Pooling

Arrangements

 

The report was listed as confidential on the main agenda when published but officers subsequently advised that it was only the appendix that was exempt from publication. The report was not available at the time the agenda was published as information was awaited from the London CIV. Members are requested to consider this report as a matter of urgency so as to be informed of the latest position in order to maintain proper Governance and oversight of the Fund.

 

13b and 18. Urgent business -  Investments & Managers Performance Review  

The report (previously titled Quarterly Investment Performance Monitoring) was listed as confidential on the main agenda when published but officers subsequently advised that it was only appendices 2, 3 and 4 that were exempt from publication. Members are asked to consider the report in public as a matter of urgency so as to be informed of the latest position and in order to maintain proper governance and oversight of the Fund. The report was not available at the time the agenda was published as the Fund had recently appointed a new Investment Consultant following a tender process. The set up procedures for the new Consultant meant that material was prepared by the new Consultant later than would normally be the case.

13c and 20. Urgent business –

Investment Management

Consultant Objectives

 

The report was listed as confidential on the main agenda when published but officers subsequently advised that it was only the appendix that was exempt from publication. The report was not available at the time the agenda was published as the Fund had recently appointed a new Investment Consultant following a tender process. The set up procedures for the new Consultant meant that material was prepared by the new Consultant later than would normally be the case. Members are requested to consider this report as a matter of urgency in order to maintain proper Governance and oversight of the Fund.

 

 

15. Review of Investment Managers’ Internal Control Reports – Appendices 1 and 2

 

The appendices not available at the time the agenda was published as information was awaited. Members are requested to consider this report as a matter of urgency in order to maintain proper Governance and oversight of the Fund.

 

16. Investment Strategy Statement Update

 

The report was not available at the time the agenda was published as the Fund had recently appointed a new Investment Consultant following a tender process. The set up procedures for the new Consultant meant that material was prepared by the new Consultant later than would normally be the case. Members are requested to consider this report as a matter of urgency in order to maintain proper Governance and oversight of the Fund.

 

19. Introduction of Investment Adviser

The report was not available at the time the agenda was published as the Fund had recently appointed a new Investment Consultant following a tender process. The set up procedures for the new Consultant meant that material was prepared by the new Consultant later than would normally be the case. Members are requested to consider this report as a matter of urgency in order to maintain proper Governance and oversight of the Fund.