Hampshire County Council
Councillors:
78
Wards:
76
Committees:
49
Meetings (2025):
165
Meetings (2024):
156
Meeting
Hampshire Pension Fund Panel and Board - Hampshire
Meeting Times
Scheduled Time
Start:
Friday, 27th September 2024
10:45 AM
Friday, 27th September 2024
10:45 AM
End:
Friday, 27th September 2024
12:30 PM
Friday, 27th September 2024
12:30 PM
Meeting Status
Status:
Confirmed
Confirmed
Date:
27 Sep 2024
27 Sep 2024
Location:
Ashburton Hall - HCC
Ashburton Hall - HCC
Meeting Attendees
Labour Deputy
Vacancy
Not required
Co-opted Member
Amelia Nirmal
Employer Representative - Other Employer
Present, as expected
Co-opted Member
Councillor Judith Smyth
Employer Representative - Portsmouth City Council
Apologies
Co-opted Member
Councillor Paul Taylor
Employer Representative - HIOWLGA
Absent
Co-opted Member
Phillip Reynolds
Scheme Member Representative - Pensioner Representative
Present, as expected
Co-opted Deputy
Paul Barber
Scheme Member Representative - Substitute
Not required
Co-opted Member
Arron Hedges
Scheme Member Representative - Active
Present, as expected
Co-opted Member
Simon Walker
Scheme Member Representative - Deferred
Present, as expected
Monitor
Carolan Dobson
Independent Adviser
In attendance
Committee Member
Councillor Dominic Hiscock
Present, as expected
Co-opted Deputy
Councillor Simon Letts
Employer Representative - Southampton City Council
Absent
Agenda
1
Apologies for Absence
To receive any apologies for absence.
Minutes
Apologies were received from Councillor Jonathan Glen and Councillor Judith Smyth.
Mr Paul Barber was in attendance as an observer.
Mr Paul Barber was in attendance as an observer.
2
Declarations of Interest
All Members who believe they have a Disclosable Pecuniary Interest in any matter to be considered at the meeting must declare that interest and, having regard to Part 3 Paragraph 1.5 of the County Council's Members’ Code of Conduct, leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code. Furthermore all Members with a Personal Interest in a matter being considered at the meeting should consider, having regard to Part 5, Paragraph 4 of the Code, whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, consider whether it is appropriate to leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with the Code.
Minutes
Members were mindful that where they believed they had a Disclosable Pecuniary Interest in any matter considered at the meeting they must declare that interest at the time of the relevant debate and, having regard to the circumstances described in Part 3, Paragraph 1.5 of the County Council's Members' Code of Conduct, leave the meeting while the matter was discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code. Furthermore Members were mindful that where they believed they had a Personal Interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, considered whether it was appropriate to leave the meeting whilst the matter was discussed, save for exercising any right to speak in accordance with the Code.
No declarations were made.
No declarations were made.
3
Confirmation of Minutes (Public)
To confirm the Minutes of the meeting held on 19 July 2024.
Attachments:
- Document Minutes , 19/07/2024 Hampshire Pension Fund Panel and Board 19 Sep 2024
Minutes
The minutes of the previous meeting on 19 July 2024 were agreed as a true record and signed by the Chairman.
4
Deputations
To receive any deputations notified under Standing Order 12.
Minutes
No deputations were received by the Panel and Board on this occasion.
5
Chairman's Announcements
To receive any announcements the Chairman may wish to make
Minutes
The Chairman welcomed Amelia Nirmal to the meeting.
6
Draft Minutes of the Responsible Investment Sub Committee - 6 September 2024
To receive the draft minutes of the Responsible Investment Sub-Committee held on 6 September 2024.
Attachments:
- Document RI Sub-Committee minutes - cover sheet 19 Sep 2024
- Document Minutes , 06/09/2024 Hampshire Pension Fund Responsible Investment Sub-Committee 19 Sep 2024
- Document RI priorities, 06/09/2024 Hampshire Pension Fund Responsible Investment Sub-Committee 19 Sep 2024
Minutes
The Panel and Board received and noted the draft minutes (item 6 in the minute book) of the Responsible Investment Sub-Committee meeting on 6 September 2024 subject to one minor change to item 71:
Members observed the core focus on climate change under environmental considerations, with suggestion that this be broadened to consider wider environmental impacts, such as water quality.
The appended Responsible Investment priorities were also summarised, and it was confirmed that the list was not exhaustive, but provided helpful guidance.
RESOLVED
The Pension Fund Panel and Board agreed to adopt ACCESS’s RI priorities in Hampshire’s own policy.
Members observed the core focus on climate change under environmental considerations, with suggestion that this be broadened to consider wider environmental impacts, such as water quality.
The appended Responsible Investment priorities were also summarised, and it was confirmed that the list was not exhaustive, but provided helpful guidance.
RESOLVED
The Pension Fund Panel and Board agreed to adopt ACCESS’s RI priorities in Hampshire’s own policy.
7
Minutes of the ACCESS Joint Committee (Public) - 10 June 2024
To receive the public minutes of the ACCESS Joint Committee held on 10 June 2024.
Attachments:
- Document ACCESS - PUBLIC minutes 19 Sep 2024
- Document ACCESS - June Open minutes 19 Sep 2024
Minutes
The Panel and Board received and noted the public minutes (item 7 in the minute book) of the ACCESS Joint Committee held on 10 June 2024.
8
Governance: Pension Fund Panel and Board Training in 2024/25
To received a report from the Deputy Chief Executive and Director of Corporate Operations setting out proposals for the training arrangements for members of the Pension Fund Panel and Board in 2024/25.
Attachments:
- Document PFPB training forward plan 2024-25 report 19 Sep 2024
Minutes
The Panel and Board received a report from the Deputy Chief Executive and Director of Corporate Operations (item 8 in the minute book) setting out proposals for training arrangements for members for the Pension Fund Panel and Board in 2024/25.
The report was summarised, and in response to Members’ questions it was heard that:
· Hampshire was one of few Authorities to combine decision making with governance elements and scrutiny through the Joint Pension Fund Panel and Board
· Travel costs would be reimbursed for training events if agreed in advance
· Modules of the Hymans Aspire training focused on the roles and responsibilities of members of the Panel and Board, but officers were open to further ideas and suggestions of training that would be beneficial to members in this area.
The Chairman enforced the importance of the training being completed and thanked officers for their work in putting it together.
RESOLVED:
The Panel and Board:
Noted its obligation in regulation for knowledge and understanding as an LGPS Panel Board and the increasing scrutiny of this area.
Agreed to re-commit to completing the Minimum Training Requirements set out in the report including completing the Hymans Aspire modules in the next 12 months.
Approved the remainder of the Training Policy and Plan for 2024/25
The report was summarised, and in response to Members’ questions it was heard that:
· Hampshire was one of few Authorities to combine decision making with governance elements and scrutiny through the Joint Pension Fund Panel and Board
· Travel costs would be reimbursed for training events if agreed in advance
· Modules of the Hymans Aspire training focused on the roles and responsibilities of members of the Panel and Board, but officers were open to further ideas and suggestions of training that would be beneficial to members in this area.
The Chairman enforced the importance of the training being completed and thanked officers for their work in putting it together.
RESOLVED:
The Panel and Board:
Noted its obligation in regulation for knowledge and understanding as an LGPS Panel Board and the increasing scrutiny of this area.
Agreed to re-commit to completing the Minimum Training Requirements set out in the report including completing the Hymans Aspire modules in the next 12 months.
Approved the remainder of the Training Policy and Plan for 2024/25
9
Exclusion of the Press and Public
That in relation to the following items the press and public be excluded from the meeting, as it is likely, in view of the nature of the business to be transacted or the nature of proceedings, that if a member of the public were present during the items there would be disclosure to them of exempt information within Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972, and further that in all circumstances of the case, the public interest in maintaining the exempt information outweighs the public interest in disclosing the information, for the reasons set out in the report.
Minutes
RESOLVED:
It was agreed that the public be excluded from the meeting during the following items of business, as it was likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during the items there would be disclosure to them of exempt information within Paragraphs 3 and 5 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighed the public interest in disclosing the information, for the reasons set out in the reports.
It was agreed that the public be excluded from the meeting during the following items of business, as it was likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during the items there would be disclosure to them of exempt information within Paragraphs 3 and 5 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighed the public interest in disclosing the information, for the reasons set out in the reports.
10
Confirmation of the Minutes of the Previous Meeting (Exempt)
To confirm the exempt minutes of the meeting held on 19 July 2024.
Attachments:
11
Minutes of the ACCESS Joint Committee (Exempt) - 10 June 2024
To receive the exempt minutes of the ACCESS Joint Committee held on 10 June 2024.
Attachments:
- Document ACCESS - EXEMPT minutes 19 Sep 2024
- Document 2024-09-27 Item 11 ACCESS - June - Exempt minutes - FINAL 19 Sep 2024
12
Investment - Investment Update
To consider the exempt report of the Deputy Chief Executive and Director of Corporate Operations updating the Panel and Board on the Pension Fund’s investments since the last meeting of the Pension Fund Panel and Board.
Attachments:
- Document 2024-09-27 Item 12 PFPandB investment performance 19 Sep 2024
- Document Item 12 Addendum 19 Sep 2024
- Document 2024.09.27 PFPB - Minutes - Exempt 232 05 Dec 2024
13
Investments - Alternative Investments Portfolio Update
To consider the exempt report of the Deputy Chief Executive and Director of Corporate Operations updating the Pension Fund Panel and Board on the progress of the alternative investments portfolio.
Attachments:
- Document PFPB Alternative Investments Portfolio Update report 19 Sep 2024
- Document 2024.09.27 PFPB - Minutes - Exempt 233 05 Dec 2024
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