The Local Pension Board of Redbridge Council met on Tuesday 30 May 2017 to discuss the Pension Board's work plan for the upcoming year, review knowledge and understanding requirements for board members, and receive an update on current pension fund matters. The meeting also included a review of the previous meeting's report and arrangements for the next meeting.

Pension Board Work Plan 2017/18

The board was scheduled to consider an indicative work plan for the 2017/18 financial year. This plan is designed to assist the Pension Board in fulfilling its responsibilities, which include assisting the Administering Authority in securing compliance with the Local Government Pension Scheme (LGPS) Regulations, other relevant legislation, and the requirements of the Pensions Regulator. The report noted that the Pension Board is not a decision-making body but has a remit to review the decision-making processes of the Authority concerning scheme administration and governance. The work plan itself was attached as Appendix A to the report.

Knowledge and Understanding Requirements

A report was presented outlining the requirement for all Local Pension Board members to possess a sufficient level of knowledge and understanding to effectively fulfil their roles. This requirement stems from the Public Service Pension Act 2013 and is further detailed in guidance from the Scheme Advisory Board and the Pensions Regulator. The report indicated that training had been provided, and members had identified further training needs for the 2017/18 period. These identified needs included general updates on regulatory developments, the requirements of the Pensions Regulator and Scheme Advisory Board, information on admission bodies, internal controls, cyber security, record keeping, and key policy documents. The training plan for the year was to be developed based on these identified needs and delivered through various methods, including in-house sessions, seminars, and e-learning.

Current Update on Pension Fund Matters

The board was scheduled to receive an update on a range of current pension fund matters and an overview of the Pension Fund's investment performance. Key issues to be discussed included:

• Reporting of Notifiable Breaches: It was noted that there were no notifiable breaches to report.
• Public Sector Exit Payment Cap: An update was provided on the proposed £95,000 cap on exit payments and the recovery of exit payments for high earners. Due to the general election called for June 2017, parliamentary progress on these reforms had been delayed.
• Additional Statutory Requirements: Work was ongoing regarding guaranteed minimum pension reconciliation and the National Fraud Initiative data matching exercise.
• Policy Statement Updates: The Investment Strategy Statement (ISS) and the Funding Strategy Statement (FSS) had been prepared and published within the required timescales, following consultation. The ISS replaced the previous Statement of Investment Principles.
• London Collective Investment Vehicle (LCIV): An update was provided on the progress of the LCIV, including the sub-funds available, planned launches, and developments in fixed income and cashflow strategies. The report also detailed fee charges for passive funds and provided an update on the LCIV's budget and financial statements. Discussions were also scheduled regarding the LCIV's governance review, actuarial valuation, and national frameworks.
• Performance of Pension Fund Investments: An overview of the Pension Fund's investment performance as at 31 March 2017 was presented. The report indicated that the Pension Fund's value had increased by £28.91m to £745.97m over the quarter. The performance of various investment managers and the overall fund performance against its benchmark were detailed.

Report of Previous Meeting

The board was scheduled to review the minutes of the previous meeting held on 27 February 2017.

Other Items

The agenda also included a provision for any other urgent items that the Chair might decide to bring forward, and the date of the next meeting, scheduled for 25 September 2017. A motion to exclude the public was also listed, indicating that some business might involve the disclosure of exempt information.