Issue - meetings

The report presented by the Pension Fund Accountant provided an update on the administrative and governance changes that had occurred since the last meeting. It set out the Fund’s one and three-year cashflow forecast (1 April 2023 - 31 March 2025), an update on the London Collective Investment Vehicle (LCIV) as the Fund moved towards more pooled investments, details of the Internal Audit of the Pension Fund as set out in Appendix 1, together with a brief update from the Independent Advisor on Government Ministerial changes for the LGPS and the likely delays on a proposed consultation on further developing Investment (Asset) Pooling, which had originally been expected in 2019.

The Fund was legally required to provide a Compliance Statement (CS) to confirm adherence to the relevant Articles of the relevant Part or Parts of the Investment Consultancy and Fiduciary Management Market Investigation Order 2019, which in turn required the Fund to set Strategic Objectives for its investment consultancy provider (Hymans Robertson). Appendix 2 to the report set out an evaluation of the performance of Hymans against the objectives covering the period 15 December 2022 – 14 December 2023.

The Committee noted the report and agreed the investment consultant Strategic Objectives for 2023 as detailed.