
Meeting
Hampshire Pension Fund Panel and Board - Hampshire
Scheduled Time
Friday, 28th July 2023
10:00 AM
Friday, 28th July 2023
2:00 PM
Actual Time
Friday, 28th July 2023
12:00 AM
Friday, 28th July 2023
12:00 AM
Confirmed
28 Jul 2023
Ashburton Hall - HCC
Fiona Hnatow
Employer Representative - Other Employer
Apologies
Councillor Steve Leggett
Employer Representative - Southampton City Council
Apologies
Councillor Judith Smyth
Employer Representative - Portsmouth City Council
Present, as expected
Councillor Paul Taylor
Employer Representative - HIOWLGA
Present, as expected
Dr Clifford Allen
Scheme Member Representative - Pensioner Member
Present, as expected
Lindsay Gowland
Scheme Member Representative - Deferred Member
Present, as expected
Neil Wood
Scheme Member Representative - Active Member
Present, as expected
Phillip Reynolds
Scheme Member Representative - Substitute Member
Not required
Carolan Dobson
Independent Adviser
Copy docmts only
No declarations were made.
- Document Minutes , 24/03/2023 Hampshire Pension Fund Panel and Board 20 Jul 2023
The Chairman confirmed for the committee that the unitary representative has transferred from Portsmouth to Southampton City Council for the new municipal year, with Cllr Leggett being the current representative and Cllr Smyth the deputy employer representative.
Cllr Kemp-Gee highlighted to the committee that the Government is consulting on ‘Next steps on investment’ including proposals on investment pooling and local investment. The consultation was shared with Members by the Director. The consultation closes on 2 October 2023. It is expected that draft consultation responses will be on the Panel and Board’s agenda for the next meeting on 29 September 2023.
- Document Responsible Investment sub-committee appointments 20 Jul 2023
RESOLVED:
That Cllrs Kemp-Gee, Thacker, Davies, and Hiscock, Ms Gowland were appointed to the Responsible Investment Sub-Committee with the employer representative to be confirmed later.
- Document ACCESS - PUBLIC minutes 20 Jul 2023
- Document ACCESS 6 March 2023 draft Open minutes 20 Jul 2023
- Document Annual Internal Audit Report and Opinion 2022-23 20 Jul 2023
- Document Annual Internal Audit Report & Opinion 2022-23 (Appendix 1) 20 Jul 2023
- Document PFPB Administration update 20 Jul 2023
The Director provided an update on key business as usual work and planned projects:
· Over 87,500 members have now registered for the Member Portal.
· The Government has recently closed its consultation on draft regulations for McCloud. Legislation is expected before the effective date of 1 October 2023 but there remains a number of issues to be resolved.
· Work to prepare data for the Pension Dashboards programme has continued despite the Government announcing a delay to the overall project.
· The rectification stage of the GMP reconciliation project has started with the aim of correcting any under or over paid pension payments over the next six months.
· Employers have provided their annual returns which provided information on active members and is used to produce annual benefit statements and valuation data. All these returns have been uploaded onto the pension administration system, although there has continued to be a decline in timeliness and quality this year due in part to employers experiencing resourcing pressures.
Representatives of Hymans Robertson – the Pension Fund’s new actuary attended the meeting to introduce themselves to the committee.
- Document PFPB Cash 202223 Outturn 20 Jul 2023
The Pension Fund can confirm its net position from dealing with members at the end of 2022/23, the end of the three-year triennial valuation period which shows net additions of £53.9m over 3 years. As reported to the Panel and Board in March 2023 as part of the consideration of the revised investment strategy, the Fund is forecast to move into a cashflow deficit in the new triennial period as the inflationary increase to benefits paid outstrips contributions. The forecast shortfall from dealing with members is £28m p.a. The revised investment strategy agreed in March 2023 included changes to take income from more of the Fund’s portfolios to help mitigate this shortfall.
RESOLVED:
That the outturn report on the Pension Fund’s cash management in 2022/23 was approved.
- Document Risk Register 20 Jul 2023
Since it was last reported to the Panel and Board in the Fund’s Business Plan in December 2022, one risk has been amended. The scope of investment pooling risk has been widened to include the risk of an unfavourable outcome as a result of further regulation. The likelihood of this risk has also been increased following the consultation published after the Chancellor’s Mansion House speech in July 2023.
RESOLVED:
That the amended Risk Register was approved.
- Document PFPB Annual Report and Pension Fund Costs 20 Jul 2023
- Document Hampshire-Pension-Fund-Annual-Report-22-23 20 Jul 2023
The Annual Report includes details of the Fund’s governance, administration, and investments, as well as the Fund’s accounts. The annual report also includes additional information on pooling, including:
· details of the ACCESS pool’s annual report
· an update on progress with investment pooling.
The Director reported the total cost of managing the Pension Fund in 2022/23 which was presented based on CIPFA’s guidance, which includes additional requirements for the Fund’s Annual Report to report on investment management costs for pooled and non-pooled investments. The investment management costs of pooled investments are disproportionately lower than the non-pooled investments because of the different assets in each category. During 2022/23, Hampshire’s net cumulative saving from pooling with ACCESS increased to £4.8m.
RESOLVED:
· That the contents of the draft Annual Report for 2022/23 was noted and approved for publication.
· That authority was delegated to the Director of Corporate Operations to make any necessary minor amendments to the Annual Report prior to publication. Any significant changes will be reported back to the Panel and Board at a future meeting.
· That the remainder of the report, including the total cost of managing the Fund, was noted.
That the public be excluded from the meeting during the following items of business, as it is 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 these items there would be disclosure to them of exempt information within Paragraphs 3 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 outweighs the public interest in disclosing the information, for the reasons set out in the reports.
- Document 2023-03-24 PFPB - minutes - Exempt 126, 24/03/2023 Hampshire Pension Fund Panel and Board 20 Jul 2023
- Document 2023-03-24 PFPB - minutes - Exempt 128, 24/03/2023 Hampshire Pension Fund Panel and Board 20 Jul 2023
- Document 2023-03-24 PFPB - minutes - Exempt 129, 24/03/2023 Hampshire Pension Fund Panel and Board 20 Jul 2023
- Document ACCESS - EXEMPT minutes 20 Jul 2023
- Document ACCESS 6 March 2023 - draft Exempt Minutes 20 Jul 2023
- Document 2023-07-28 16. Pension Fund costs appendix 20 Jul 2023
- Document Governance Cyber report 20 Jul 2023
- Document Appendix 1 cyber improvement plan 20 Jul 2023
- Document Cyber report appendix 1 HPS data management plan March 2023 20 Jul 2023
- Document 2023-07-28 PFPB - minutes - Exempt 146 20 Sep 2023
- Document PFPB Custodian report 20 Jul 2023
- Document 2023-07-28 PFPB - minutes - Exempt 147 20 Sep 2023
- Document PFPandB investment performance 20 Jul 2023
- Document Hymans Review of ACCESS investment-grade credit options VF 20 Jul 2023
- Document Fidelity Sterling Investment Grade Credit Strategy (Hampshire CC) -17 July 2023 20 Jul 2023
- Document 2023-07-28 PFPB - minutes - Exempt 148 20 Sep 2023
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