The Chair welcomed everyone to the meeting.

Apologies for absence were received from Cllr Guney Dogan and Julie Barker.

Apologies for lateness were received from Paul Bishop and Ravi Lakhani.

To receive any declarations of interest.

Pauline Kettless declared a non-pecuniary interest as she is in receipt of a LGPS Pension from Enfield.

To agree the minutes of the previous meeting held on 13 September 2023

The minutes of the meeting held on 13 September 2023 were AGREED.

Tim O’Connor (Exchequer Manager Pension) provided an update on current pension issues, developments and performance highlighting the key points from the report.

The LGPS statistics for all the funds continue to increase, it’s a very healthy position.

In April 2024 a 6.7% pension increase is expected.

HRMC are migrating to a new online service.

Approximately 5000+ members will be affected by the McCloud remedy, it’s the biggest change in the scheme for the last 10 years.

As the McCloud disclosure article is a material change to the system officers need to communicate this to all members by the end of December. A newsletter will be sent which will also champion the new website, AGM and a McCloud letter.

The Chair congratulated the member website for receiving accreditation from the Shaw Trust for accessibility.

Action: Tim O’Connor will provide an update at the next meeting in regard to AVCs being used to purchase additional pension.

The report was Noted.

To note the draft Enfield Pension Fund Administration Strategy.

Tim O’Connor presented the draft Pension Administration Strategy.

The Chair provided feedback; stating the document was excellent and very welcome. Members agreed that it was easy to read and understand. 

The report was Noted.

To note the draft Enfield Pension Fund Communication Policy.

Tim O’Connor (Pension Manager) presented the draft Enfield Pension Fund Communication Policy. The strategy will be reviewed again in 2 years’ time.

Members were impressed with the policy.

In regard to epay Members expressed that it was difficult to logon even when technologically competent.

The improved member website has been developed along with the Communication Policy, so far, feedback on the improvements has been positive.

Action: Tim O’Connor will request feedback from payroll on accessing epay and report back at the next Local Pension Board.

Action: Tim O’Connor will send the link to the improved website to members. It is a work in progress so feedback will be appreciated.

The report was Noted.

To note the draft Enfield Pension Fund Conflict of Interest policy

Ravi Lakhani, Head of Pension Investments presented an overview of the draft Enfield Pension Fund Conflict of Interest Policy which is a requirement of the scheme code to ensure integrity.

Particular attention was drawn to whom this policy applies and the addition of paragraph I to cover relationships with Investment Advisors.  

The report was Noted

Enfield Pension Fund’s annual report for 2022/23

Ravi Lakhani, Head of Pension Investments presented highlights from the report.

The key challenges facing the fund is the governments response on the consultation and the increased requirements on reporting. The requirements on reporting are rather onerous and mandates also conflict with the government’s own policies.

A provisional date for the AGM has been set for the 5^th March 2024. Pauline Kettless, Cllr Doug Taylor and Ravi Lakhani will review the format. Communications will be out by the end of the year.

There have been a few additions to the report this year, namely 1.9 Financial Performance and 1.11 Asset Pooling, as statutory.

The main objective is to make an accessible, condensed version of the report, that will be read by members, ready for the AGM.

Action: Questions in relation to the report can be emailed to Ravi Lakhani.

The report was Noted.

An update on various Environmental, Social & Governance (ESG) issues that the Local Authority Pension Fund Forum (LAPFF) have been engaged with for the quarter ending September 2023.

Ravi Lakhani, Head of Pension Investments highlighted key points from the report.

Cllr Doug Taylor attended the annual LAPFF conference which took place from 6-6 December.

The report was NOTED.

To note the draft minutes of the last Pension, Policy and Investment Committee meeting held on 15 November 2023.

Ravi Lakhani, Head of Pension Investments provided a verbal update from the Pension, Policy and Investment Committee held on 15th November.

The Board noted the minutes of the Pension Policy and Investment Committee.

Action: Ravi Lakhani will provide the Local Pension Board with a part 2 summary from the PPIC meeting held 15^th November.

Ravi Lakhani, Head of Pension Investments provided a summary of current pension issues.

The main issues discussed were the response to the Pooling of 10% into UK private Equity and LGPS schemes.

The Fund responded to the government with a letter explaining that it is not their prerogative to dictate where the funds are pooled.

The biggest outcome of the government’s response is all assets should be Pooled by 2025.

The Fund is awaiting the governments formal detailed response. Currently the timescales are tight and without detail.

Ravi Lakhani explained that PPIC called in Fund Managers M&G Inflation Opportunities over their poor investment performance over the last 24 months.

Income has continued to be received but a change has been made. The committee agreed that the income will no longer be reinvested into the fund instead the fund will take the income. An exit plan also needs to be in place.

To note the dates of the future meetings:

Wednesday 13 March 24

The Chair wished the committee a lovely Christmas.

Dates of the future meetings were noted:

Wednesday 13 March 24