Agenda and decisions

Local Pension Committee - Friday, 6 September 2024 9.30 am

Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions

Contact: Mrs Angie Smith (0116 305 2583). Email: Angie.Smith@leics.gov.uk

Items
No.	Item
1.	Minutes of the meeting held on 19 June 2024 PDF 121 KB
2.	Question Time.
3.	Questions asked by members under Standing Order 7(3) and 7(5).
4.	To advise of any other items which the Chairman has decided to take as urgent elsewhere on the agenda.
5.	Declarations of interest in respect of items on the agenda.
6.	Local Government Pension Scheme - Current Developments. PDF 166 KB Additional documents: Appendix A Government Pension Review Terms of Reference Phase 1 , item 6. PDF 135 KB Appendix B LCCPF response efficiencies in the management of LGPS funds , item 6. PDF 133 KB Decision: RESOLVED: That the report on the Local Government Pension Scheme Current Developments be noted.
7.	Quinbrook Infrastructure Partners - Infrastructure Presentation. PDF 104 KB Additional documents: 2Q24 Fund Update - Quinbrook Net Zero Power Fund , item 7. PDF 2 MB Decision: RESOLVED: That the report on Quinbrook Infrastructure Partners and related presentation provided be noted.
8.	Funding Risk Update and 2025 Valuation Planning. PDF 132 KB Additional documents: Funding risk update and 2025 valuation planning - Leicestershire Pension Fund , item 8. PDF 1 MB Decision: RESOLVED: That the Funding Risk Update and 2025 Valuation Planning report be noted.
9.	Pension Fund - Budget Monitoring Update. PDF 119 KB Decision: RESOLVED: That the Pension Fund Budget Monitoring Update report be noted.
10.	Summary Valuation of Pension Fund Investments. PDF 323 KB Additional documents: Appendix Hymans Capital_Markets_Update Summer_2024 , item 10. PDF 309 KB Decision: RESOLVED: That the report on Summary Valuation of Pension Fund Investment be noted.
11.	Risk Management and Internal Controls. PDF 90 KB Additional documents: Pension Fund Risk Register as at June 2024 , item 11. PDF 190 KB Pension Fund Risk Register Key - Updated , item 11. PDF 183 KB Decision: RESOLVED: (a) That the Risk Management and Internal Controls report be noted. (b) That the revised Pension Fund Risk Register attached as Appendix A to the report be approved.
12.	Responsible Investment Report. PDF 133 KB Additional documents: Appendix A - RI Plan 2024 Approved January , item 12. PDF 122 KB Appendix B LPFVotingReportQ2 , item 12. PDF 174 KB Decision: RESOLVED: That the report on Responsible Investing be noted.
13.	Local Pension Board Annual Report 2023/2024. PDF 84 KB Additional documents: Appendix Local Pension Board Annual Report , item 13. PDF 208 KB Decision: RESOLVED: That the Local Pension Board Annual Report for 2023 to 2024 be noted.
14.	The Pension Regulator's Code of Practice. PDF 80 KB Additional documents: Appendix A General Code of Practice , item 14. PDF 1 MB Appendix B Code of Practice areas not Fully Compliant 5 July 2024 , item 14. PDF 69 KB Decision: RESOLVED: That the report on The Pension Regulator’s Code of Practice be noted.
15.	Draft Pension Fund Annual Report and Accounts 2023/2024. PDF 109 KB Additional documents: Annual Report 2023-24 v2 , item 15. PDF 1 MB Decision: RESOLVED: a. That the Draft Annual Report and Accounts of the Pension Fund for the financial year 2023/24 be approved subject to External Audit; b. That the Corporate Governance Committee would receive the External Audit of the 2023/24 Leicestershire County Council Statement of Accounts, Annual Governance Statement and Pension Fund Accounts be noted.
16.	Dates of future meetings. Future meetings of the Committee are scheduled to take place on the following dates, all at 9.30am: 29 November 2024 31 January 2025 14 March 2025 27 June 2025 26 September 2025 5 December 2025 Members are also asked to note that the Fund’s Annual General Meeting will take place at 12 Noon on the following dates, which will be open to all scheme members to attend: 9 December 2024 10 December 2025 Decision: The dates of future meetings of the Committee scheduled to take place on the following dates, all at 9.30am, were noted: 29 November 2024 31 January 2025 14 March 2025 27 June 2025 26 September 2025 5 December 2025 That meetings of the Fund’s Annual General Meeting would be held on the dates listed, all at 12 Noon, and would be open to all scheme members to attend. 9 December 2024 10 December 2025
17.	Any other items which the Chairman has decided to take as urgent.
18.	Exclusion of the Press and Public. The public are likely to be excluded during consideration of the remaining items in accordance with Section 100(A)(4) of the Local Government Act 1972 (Exempt Information). Decision: RESOLVED: That under Section 100(A) of the Local Government Act 1972 the public be excluded from the meeting for the remaining items of business on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12(A) of the Act.
19.	Leicestershire Total Fund Summary Q2 View the reasons why item 19. is restricted Decision: RESOLVED: That the report be noted.
20.	LGPS Central Quarterly Investment Report - 30 June 2024 View the reasons why item 20. is restricted Decision: RESOLVED: That the report be noted.
21.	Ruffer Quarterly Report 30 June 2024 View the reasons why item 21. is restricted Decision: RESOLVED: That the report be noted.
22.	Adams Street Partners Quarterly Report 31 March 2024 View the reasons why item 22. is restricted Decision: RESOLVED: That the report be noted.
23.	Fulcrum Diversified Core Absolute Return Quarter 2 2024 View the reasons why item 23. is restricted Decision: RESOLVED: That the report be noted.
24.	Legal and General Investment Manager Quarterly Report 30 June 2024 View the reasons why item 24. is restricted Decision: RESOLVED: That the report be noted.
25.	LGPS Central PE Primary Partnership 2018 LP Quarterly Report 31 March 2024 View the reasons why item 25. is restricted Decision: RESOLVED: That the report be noted.
26.	LGPS Central PE Primary Partnership 2021 LP Quarterly Report 31 March 2024 View the reasons why item 26. is restricted Decision: RESOLVED: That the report be noted.
27.	Patria SOF III LP Quarterly Report 31 March 2024 View the reasons why item 27. is restricted Decision: RESOLVED: That the report be noted.
28.	KKR Global Infrastructure Investors Fourth Quarter 2023 Update February 2024 View the reasons why item 28. is restricted Decision: RESOLVED: That the report be noted.
29.	KKR Global Infrastructure Investors First Quarter 2024 Update May 2024 View the reasons why item 29. is restricted Decision: RESOLVED: That the report be noted.
30.	Saltgate UK AVPUT 31 March 2024 View the reasons why item 30. is restricted Decision: RESOLVED: That the report be noted.
31.	Saltgate UK AVPUT II 31 March 2024 View the reasons why item 31. is restricted Decision: RESOLVED: That the report be noted.
32.	Infracapital Greenfield Partners LP - Unaudited Valuation Statement View the reasons why item 32. is restricted Decision: RESOLVED: That the report be noted.
33.	Colliers - The Leisure Fund Unit Trust 31 March 2024 View the reasons why item 33. is restricted Decision: RESOLVED: That the report be noted.
34.	Christofferson Robb & Company CRC Capital Release Fund III Ltd. Quarter 2 April - June 2024 View the reasons why item 34. is restricted Decision: RESOLVED: That the report be noted.
35.	Christofferson Robb & Company CRC Capital Release Fund V Ltd. Quarter 1 January - March 2024 View the reasons why item 35. is restricted Decision: RESOLVED: That the report be noted.
36.	Christofferson Robb & Company CRC Capital Release Fund V Ltd. Quarter 2 April - June 2024 View the reasons why item 36. is restricted Decision: RESOLVED: That the report be noted.
37.	IFM Global Infrastructure Quarterly Investor Report 30 June 2024 View the reasons why item 37. is restricted Decision: RESOLVED: That the report be noted.
38.	JP Morgan Asset Manager Infrastructure Investments Fund Quarterly Report 30 June 2024 View the reasons why item 38. is restricted Decision: RESOLVED: That the report be noted.
39.	LaSalle Central London Office Fund 31 March 2024 View the reasons why item 39. is restricted Decision: RESOLVED: That the report be noted.
40.	LaSalle Leicestershire County Council Pension Fund Quarter 2 Quarterly Report View the reasons why item 40. is restricted Decision: RESOLVED: That the report be noted.
41.	LGPS Central Credit Partnership I LP Quarterly Report 31 March 2024 View the reasons why item 41. is restricted Decision: RESOLVED: That the report be noted.
42.	LGPS Central Credit Partnership II LP Quarterly Report 31 March 2024 View the reasons why item 42. is restricted Decision: RESOLVED: That the report be noted.
43.	LGPS Central Credit Partnership IV LP Quarterly Report 31 March 2024 View the reasons why item 43. is restricted Decision: RESOLVED: That the report be noted.
44.	LGPS Central Direct Property Quarterly Report Quarter 2 2024 View the reasons why item 44. is restricted Decision: RESOLVED: That the report be noted.
45.	LGPS Central Core/Core Plus Infrastructure Partnership LP Quarterly Report 31 March 2024 View the reasons why item 45. is restricted Decision: RESOLVED: That the report be noted.
46.	M&G Investments Debt Opportunities Fund II Quarterly Report June 2024 View the reasons why item 46. is restricted Decision: RESOLVED: That the report be noted.
47.	M&G Investments Debt Opportunities III Quarterly Report June 2024 View the reasons why item 47. is restricted Decision: RESOLVED: That the report be noted.
48.	M&G Investments Debt Opportunities IV Quarterly Report June 2024 View the reasons why item 48. is restricted Decision: RESOLVED: That the report be noted.
49.	Quinbrook Infrastructure Partners Net Zero Power Fund Quarterly Report 30 June 2024. View the reasons why item 49. is restricted Decision: RESOLVED: That the report be noted.
50.	Aegon Asset Management Quarterly Report Quarter 2 2024 View the reasons why item 50. is restricted Decision: RESOLVED: That the report be noted.
51.	Aegon Asset Management Global Short Dated Climate Transition Fund Quarterly Report 30 June 2024 View the reasons why item 51. is restricted Decision: RESOLVED: That the report be noted.