The Lambeth Pensions Board meeting primarily focused on the election of a new chair, the performance report for January to March 2024, and updates on various contracts and investments.

The meeting began with the election of Councillor Sri as the chair for the Pensions Board for 2024-25. This was agreed upon without any objections.

Next, the minutes from the previous meeting held on January 31, 2024, were reviewed and agreed upon without amendments.

Saul Amuco, Acting Head of Treasury and Pensions, and Linda D'Souza provided brief updates on the business plan tracker and the performance report for January to March 2024. They noted that there were no significant updates to report at this time.

A significant portion of the meeting was dedicated to discussing the actuarial services contract. Saul Amuco explained that there had been staffing issues between procurement and finance, but a dedicated officer from procurement had been assigned. The current actuary was asked for a short extension to allow officers to restart the retender process, with an expected completion date of October 2024. Councillor Bryant requested an update at the next meeting, which was agreed upon.

The climate change report was briefly mentioned, with Linda D'Souza noting that the fund's exposure to Israel and Palestine was minimal and indirect, amounting to less than 0.5% of the total fund value. The fund managers were in constant communication to avoid investing in that area.

The investment performance for the fourth quarter was discussed. Saul Amuco reported that the fund's market value had increased by about 1.3%, or roughly £21.7 million, over the previous quarter. However, the fund was slightly below the benchmark by 0.1%. The fund's exposure to the UK was about 19.3%, amounting to £329 million. The funding level at the end of December was 110%, a slight drop from the previous quarter's 118%.

Councillor Bryant inquired about the London CIV UK Housing Fund, to which Saul Amuco responded that the fund was up and running, with about £6 million currently invested. The fund aims to generate funds for building new houses and meeting social housing needs.

The meeting concluded with the agreement to exclude the public from the remainder of the meeting due to the likely disclosure of exempt information.