Agenda

Venue: Council Chamber, County Hall, Newport, Isle of WIght

Contact: Megan Tuckwell  Email: democratic.services@iow.gov.uk

Items
No. Item

1.

Minutes pdf icon PDF 224 KB

To confirm as a true record the Minutes of the meeting held on 16 February 2022.

2.

Declarations of Interest

To invite Members to declare any interest they might have in the matters on the agenda.

3.

Public Question Time - 15 Minutes Maximum

Questions may be asked without notice but to guarantee a full reply at the meeting, a question must be put including the name and address of the questioner by delivery in writing or by email to democratic.services@iow.gov.uk, no later than two clear working days before the start of the meeting. Therefore the deadline for written questions will be Friday 20 May 2022.

4.

Pension Board Update pdf icon PDF 232 KB

To receive and note the draft minutes of the meeting of the Local Pension Board on 6 April 2022.

5.

Employer Update pdf icon PDF 471 KB

To receive and note the update on employers of the Fund. 

Additional documents:

6.

Legislation and Regulation Update

To receive a verbal update on current issues, including consideration of the forthcoming consultation from the Department for Levelling Up, Housing and Communities.

7.

Knowledge and Understanding

To receive and note the update on training and development activities undertaken by committee members since the last meeting, and to receive a confidential report and verbal update from Cllr Vanessa Churchman on her recent visit to a vertical farm.

7a

Knowledge and Understanding Update pdf icon PDF 118 KB

7b

Vertical Farm Site Visit (Confidential)

8.

Triennial Valuation pdf icon PDF 309 KB

To receive and note the update, and confidential appendix, from the Fund’s actuaries on the progress with the triennial valuation.

Additional documents:

9.

Draft Financial Results 2021-22 pdf icon PDF 653 KB

To receive and note the draft financial results for 2021-22.

Additional documents:

10.

Investment Performance and Funding Level

To receive and note the reports from the fund’s investment consultants:

10a

Investment Assets as at 31 March 2022 pdf icon PDF 149 KB

10b

Investment Monitoring Report - Q1 2022 pdf icon PDF 3 MB

11.

Fund Manager Presentation

To receive a presentation from Schroder Investment Management Limited on the Fixed Income (Bonds) and Property portfolios.

11a

Schroder Sterling Broad Market Fund pdf icon PDF 97 KB

11b

Schroders Capital UK Real Estate Fund Performance Summary pdf icon PDF 236 KB

12.

Items circulated for Members Attention

To note the items circulated to committee members since the papers were published for last committee meeting, for information:

a)         Sent 14-Feb-22: Invitation to Local Authority Responsible Investment Seminar on 28 April 2022.

b)         Sent 18-Feb-22: Update on ACCESS scheme member representation discussions.

c)          Sent 01-Mar-22: Hymans Robertson: Russia-Ukraine macro-economic update.

d)         Sent 02-Mar-22: LGPC Bulletin 220

e)         Sent 02-Mar-22: IWC Pension Fund exposure to Russian investments.

f)           Sent 03-Mar-22: Appointment of Local Pension Board independent chairman

g)         Sent 04-Mar-22: Heywood: heightened cyber threat assessment.

h)         Sent 05-Mar-22: ACCESS JC - Russia: draft statement & proposed additional risk

i)           Sent 05-Mar-22: ACCESS JC meeting 7 March 2022 agenda briefing

j)           Sent 08-Mar-22: Place holder for ACCESS/Link virtual investor day 13 May 2022.

k)          Sent 09-Mar-22: Local Pension Board appointment of scheme member representatives.

l)           Sent 15 Mar-22: Hymans Robertson: Monthly round up.

m)        Sent 15 Mar-22: ACCESS - news release on Joint Cttee decision on Local Pension Board observers.

n)         Sent 16-Mar-22: Invitation to Barnett Waddingham Overview of LGPS April training webinar.

o)         Sent 22-Mar-22: Hymans Robertson: Welcome to your LGPS 2022 Valuation Hub.

p)         Sent 24-Mar-22: Economic Update - Inflation Data and Interest rate forecast.

q)         Sent 31-Mar-22: LGPC Bulletins 221 and 222

r)           Sent 05-Apr-22: Liontrust acquisition of Majedie Asset Management

s)          Sent 07-Apr-22: Hymans Robertson: Your April edition of The Edit

t)           Sent 07-Apr-22: LAPFF: Anglo American and Glencore webinar invite

u)         Sent 07-Apr-22: Aon webinar invite: navigating climate risks and opportunities

v)          Sent 22-Apr-22: Inflation data for March 2022.

w)        Sent 29-Apr-22: LGPC Bulletin 223

x)          Sent 06-May-22: Hymans Robertson: Your May edition of The Edit

y)          Sent 13-May-22: Hymans Robertson: Monthly round-up

 

13.

Workplan pdf icon PDF 806 KB

To receive and note the workplan for the Isle of Wight Pension Fund Committee and Local Pension Board for the 2022-23 financial year.

14.

Members' Question Time

To guarantee a reply to a question, a question  must be submitted in writing or by email to democratic.services@iow.gov.uk no later than 10.00am on Monday 23 May 2022. A question may be asked at the meeting without prior notice but in these circumstances there is no guarantee that a full reply will be given at the meeting.

15.

Exclusion of Public and Press

To consider passing a resolution that, under Section 100(A)(4) of the Local Government Act 1972, the public and press be excluded from the meeting for the following item of business, namely agenda item(s) 16 to 19 on the grounds that there is likely to be disclosure of exempt information as defined in paragraphs 3 of Part 1 of Schedule 12A of the Act and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

16.

UK Equity Allocation Report (Confidential)

To receive the confidential report from the Fund’s investment consultants on the UK Equity sub-funds available under the ACCESS pool.

Additional documents:

17.

ACCESS Update (Confidential) pdf icon PDF 401 KB

To receive and note an update on activity with the ACCESS pool since the last meeting.

Additional documents:

18.

Procurement / Contract Management Update (Confidential)

To receive and note the confidential update on procurement and contract management activities since the last meeting.

Additional documents:

19.

Adoption of Pension Fund Risk Register (Confidential) pdf icon PDF 445 KB

To receive and adopt the report, and confidential appendices, on the draft risk register for the pension fund; and to agree the future reporting process for updates.

Additional documents: