Agenda and minutes

Apologies for absence were received from Shahnan Bakth and Deputy Henry Pollard.

There were no declarations.

To receive the Order of the Court of Common Council dated 21^st April 2022, appointing the Committee and setting its Terms of Reference.

The Committee received the Order of the Court of Common Council on 21 April 2022, appointing the Committee and approving its terms of reference.

To elect a Chair in accordance with Standing Order No.29.

The Committee proceeded to elect a Chair in accordance with Standing Order 29. Expressions of interest were sought from Members, and there being multiple expressions of interest, a ballot of eligible Members present was undertaken and Alderman Ian Luder, upon receiving a majority of votes cast, was duly elected as Chair of the Committee for the ensuing year.

The newly elected Chair thanked Members for their support and looked forward to leading the Committee during its first year.

To elect a Deputy Chair in accordance with Standing Order No.30.

The Committee proceeded to elect a Deputy Chair in accordance with Standing Order 29. Expressions of interest were sought from Members, and there being multiple expressions of interest, a ballot of eligible Members present was undertaken. There being a tie between two candidates, the drawing of lots was undertaken and arising from this Timothy Butcher was duly elected as Deputy Chair of the Committee for the ensuing year.

Report of the Chamberlain

The Committee considered a report of the Chamberlain presenting the Committee’s work programme to support business planning in its inaugural year. The Chamberlain introduced the report and drew Members’ attention to the key points. The Committee noted that agreement of the CMA Order would be added to the work programme for the November meeting, and that TPR training would need to be completed by Members.

The Chair added that further meeting dates would be drafted and circulated to Members to check availability, with meetings to be scheduled near the end of each quarter, with adjustments where necessary such as for the Actuarial Valuation.

RESOLVED – That the Pensions Committee note the report and agree the Pension Committee Work Programme.

Report of the Chamberlain

The Committee received a report of the Chamberlain providing a summary of general information around a range of topics in relation to the administration of the Pensions Scheme. The Chamberlain introduced the report and drew Members’ attention to the key points, also advising that Pensioner P60s had been issued on 23 May 2022. The Committee further noted the Member training requirements set out in the report. The Chamberlain also introduced key officers for the Committee to Members.

In response to a question from a Member, the Chamberlain advised that the Administrator’s Update would be a regular submission to the Committee, with a similar document submitted to the Local Government Pensions Board, and would be developed over time in accordance with the Committee’s needs.

RESOLVED – That the report be noted.

Report of the Chamberlain

The Committee considered a report of the Chamberlain reviewing the Risk Register for the Pensions Committee. The Chamberlain introduced the report and presented the Risk Register to Members, advising that it was an amalgamation of the risks overseen by the Local Government Pensions Board and the Financial Investment Board, with a number of risks in common with other committees. The Chamberlain added that amendments had been made to reflect the new governance arrangements.

In response to a question from the Chair regarding the risk of Insufficient Assets, the Chamberlain advised that it had not been necessary to top up the Pension Fund over the last few years, and that the risk would be reassessed following the next valuation of the Fund. The Chamberlain added that the Risk Register was presented on the corporate template, with there being limited scope to amend the format where it did not lend itself to presenting specific Pensions risks. With regards to the risk of Employer Insolvency, the Chamberlain advised that any liability for the City Corporation arising from the insolvency of other bodies would be considered on a case-by-case basis, depending on how that body was funded. In response to questions from Members, the Chamberlain outlined the key elements of the risk on Cybersecurity and advised that a separate Pensions Administration System was in place, which was hosted offsite. The Chamberlain added that there was no specific Cybersecurity Policy for the Pension Fund.

The Chair noted that the Committee were due to consider valuation assumptions and longevity analysis at the next meeting, and sought additional details on this. The Chamberlain advised that the appointment of an independent member and establishment of a small working group to assist with the Actuarial Valuation would be recommended, and that reporting to Committee would depend on when actuary

Report of the Chamberlain

The Committee received a report of the Chamberlain providing background on asset pooling in the LGPS, and the London LGPS Collective Investment Vehicle (LCIV) – the asset pool of which the City of London Corporation Pension Fund is a member. The Chamberlain introduced the report and drew Members’ attention to the key points.

The Committee noted the proportion of City Corporation funds invested in the LCIV, and that the Financial Investment Board had previously agreed that additional funds would be moved over to the LCIV when it was deemed appropriate. The Chamberlain advised that the LCIV had a pipeline of new funds under consideration, which could be circulated to Members.

RESOLVED – That the report be noted.

There were no questions.

There was no other business.

The Chair then thanked any Members of the public observing the meeting via YouTube for their participation.

MOTION – That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

Item No.                                                        Paragraph(s) in Schedule 12A

13-14                                                                                      3

15-16                                                                                      -

Report of Mercer

The Committee received a report of Mercer.

Report of the Chamberlain

The Committee received a report of the Chamberlain.

Report of the Chamberlain

The Committee considered a report of the Chamberlain.

There were no questions.

There was no other business.