This week, Sutton Council held two scheduled meetings. Let's delve into the key decisions and discussions from the one meeting that took place.

Pension Committee - Tuesday 25 June 2024

The Pension Committee convened to discuss several important matters concerning the administration and performance of the pension fund. Here are the critical points and decisions made during the meeting:

Pension Fund Business Plan and Budget

The committee approved the Pension Fund Business Plan and Budget for 2024-27 and the budget for 2024-25. The Interim Head of Pensions Administration highlighted challenges faced by all Local Government Pension Schemes (LGPS), which will use LGPS national frameworks to procure systems providers. The discussion also covered the dashboard's date and the steps taken to explore potential suppliers.

Pension Administration Strategy Update

The Pension Administration Strategy Update was presented, and the committee noted the update without further discussion.

Pension Administration Performance Update

An update on Pension Administration Performance was provided, addressing staffing challenges such as unfilled positions and long-term sickness. Recruitment efforts and structural adjustments were undertaken to reduce reliance on key individuals. The committee noted this update.

Pension Administration Projects Update

The committee received a report on Pension Administration Projects. Members discussed scheme-specific data and data entry errors. Officers acknowledged the backlog and ongoing efforts to correct errors, and the committee requested further details at the next meeting.

Governance and Risk Update

The Governance and Risk Update was introduced by the Interim Head of Pensions Administration and Assistant Director of Finance. Discussions included the consequences for employers not entering into insurance and the impact of cyber attacks. Officers confirmed no major cyber attacks had occurred but emphasised the importance of risk management. The committee noted the update and risk register.

Work Programme Update

The Work Programme Update was presented, noting the appointment of Aoifinn Devitt as the Chief Investment Officer at the London Collective Investment Vehicle (LCIV). The committee noted the updated work programme.

Investment and Manager Performance to 31 December 2023

The Pensions Finance and Investment Manager introduced the report on Investment and Manager Performance. Members discussed the underperformance of property managers and the challenges facing markets. Representatives from Mercers explained the high trading costs and stamp duty associated with property investments. The committee noted the performance of the fund and the funding level as of 31 December 2023.

Environment and Sustainable Transport Committee - Thursday 27 June 2024

This meeting was cancelled, and no further information was provided.

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