No apologies received.

Members are invited to disclose any interest in any of the items on the agenda at this point of the meeting.

Members may still disclose any interest in any item at any time prior to the consideration of the matter.

There were no disclosures of interest.

To approve as correct the minutes of the meeting held on 21 March 2023 and authorise the Chairman to sign them.

The minutes of the meeting 21 March 2023 were accepted as a true and accurate record and signed by the Chair.

Report and appendix attached.

2023/24-2025/26 Business Plan/Annual Report On the Work of the Pensions Committee 2022/23

Report was introduced by Debbie Ford, Pension Fund Manager

This report sets out the work undertaken by the Committee during 2022/23 and the plan of work for the forthcoming three years, attached as Appendix A. This will form the basis of a rolling Pension Fund Business Plan 2023/24 – 2025/26.

This report explains why a Business Plan is needed and what it should contain.

The Committee

1)                   Noted the report on the work of the committee for 2022/23 and the updated three year rolling 2023/24 - 2025/26 Business Plan (Appendix A refers)

2)                   Considered any additions to the work plan for the Committee for 2023/24 and beyond (Section 3 within this report refers),

Report attached

The admission of Urbaser Limited in to the London Borough of Havering Pension Fund for the provision of Integrated Recycling, Waste Collection and Street Cleansing Contract to the London Borough of Havering

The report was presented by Caroline Guyon (Pensions Projects and Contracts Manager)

The purpose of this report is to request the London Borough of Havering Pension Committee agree to the proposed closed agreement admission of Urbaser Limited into the London Borough of Havering Pension Fund (“the Fund”) under the provisions of The Local Government Pension Scheme (LGPS) Regulations 2013, Schedule 2, Part 3 and follows New Fair Deal Guidance. This is due to the TUPE of street cleansing staff from Havering Council to Urbaser Limited for the provision of street cleansing services.

The Committee agreed:

To the admission of Urbaser Limited into the London Borough of Havering Pension Fund as an admitted body to enable approximately 64 members of staff who will transfer from Havering Council to continue membership of the LGPS be agreed, subject to:

(a)  All parties signing up to an Admission Agreement, and

(b)  Urbaser Limited securing a bond in an approved form to protect the pension fund.

Report and appendices attached.

Draft Climate Policy and Action Plan

Report was introduced by Debbie Ford, Pension Fund Manager

Appendix A to this report sets out the proposed draft climate policy and action plan. The Policy sets out the targets to be set by the Committee and the approaches that will be taken to achieve the net zero ambition included within the policy.

Appendix B to this report outlines some of the considerations associated with the commitments included in the Climate Policy.

The Committee:

1.     Agreed the Climate Policy and Action Plan as proposed in Appendix A, which includes the objectives to be set, targets to be assessed and the actions that the Committee will take.

2.     Noted the considerations associated with the climate policy commitments and action plan as outlined in Appendix B.

3.     Agreed to attend a workshop to determine progress against objectives and further development of the Action Plan.

Report and appendix attached

Investment Strategy Update – Infrastructure

Report was introduced by Debbie Ford, Pension Fund Manager

This report includes a paper produced by the Fund Investment Advisor, as set out in Appendix A (exempt), and follows on from the Investment Strategy changes agreed at the last committee meeting on the 21 March 2023

Appendix A of this report is exempt from publication by virtue of paragraph 3 and 5 of the Access to Information Procedure Rules set out in the Constitution pursuant to Schedule 12A Local Government Act 1972, as amended as it contains information relating to the financial or business affairs of the investment managers already appointed to the Fund.

That the Committee agreed:

1.     An additional 1.5% allocation to the target allocation to the JP

Morgan Infrastructure Investments Fund

2.     An additional 1.0% allocation to the target allocation to the LCIV

Renewable Infrastructure Fund.

Report and appendix attached.

Pension Fund Accounts 2022/23

Report was introduced by Debbie Ford, Pension Fund Manager

This report provides Members with an extract of the Authority’s Statement of Accounts for the year to 31^st March 2023 showing the unaudited accounts of the Havering Pension Fund (“the Fund”) as at that date.

The Committee:

Noted the Havering Pension Fund Accounts (unaudited) as at 31^st March 2023 and considered if there are any issues that need to brought to the attention of the Audit Committee.

Report and public appendix A and exempt appendices B and C attached

Pension Fund Performance Monitoring for The Quarter

Ended March 2023

Report was introduced by Debbie Ford, Pension Fund Manager

This report provides an overview of how the Fund’s investments are performing, how the individual Investment Managers are also performing against their set targets and any relevantLocal Government Pension Scheme (LGPS) updates for the quarter ending 31 March 2023. Significant events that occur after production of this report will be addressed verbally at the meeting.

The Committee:

1)     Considered Hymans Market Background, Strategic Overview and Manager Performance Report (Appendix A)

2)     Considered Hymans Performance Report and views (Appendix B Exempt)

1)     Received the presentation from the LCIV for an overview on the sub funds invested on their platform l (Appendix C – Exempt)

2)     Considered the quarterly reports sent electronically, provided by each fund manager.

3)     Noted the analysis of the cash balances.