Agenda

Greater Manchester Pension Fund - Management/Advisory Panel - Friday, 19th July, 2024 10.00 am

Venue: Guardsman Tony Downes House, Manchester Road, Droylsden, M43 6SF

Contact: Carolyn Eaton, Democratic Services Team Leader  0161 342 3050 or Email: carolyn.eaton@tameside.gov.uk

Items
No. Item

GENERAL BUSINESS

1.

Chair's Introductory Remarks 10.00am

2.

Apologies for absence

3.

Declarations of Interest

To receive any declarations of interest from Members of the Panel.

4.

Minutes

4a

Minutes of the Pension Fund Advisory Panel pdf icon PDF 191 KB

To approve as a correct record the Minutes of the meeting of the Pension Fund Advisory Panel held on 8 March 2024.

4b

Minutes of the Pension Fund Management Panel pdf icon PDF 89 KB

To approve as a correct record the Minutes of the meeting of the Pension Fund Management Panel held on 8 March 2024.

5.

Local Government (Access to Information) Act 1985

5a

Urgent Items

To consider any items which the Chair is of the opinion shall be considered as a matter of urgency.

5b

Exempt Items

The Proper Officer is of the opinion that during the consideration of the items set out below, the meeting is not likely to be open to the press and public and therefore the reports are excluded in accordance with the provisions of the Schedule 12A to the Local Government Act 1972.

 

Items

Paragraphs

Justification

9, 10, 11, 12, 13, 14, 15, 16, 23, 24, 25, 26, 27

3&10, 3&10, 3&10, 3&10, 3&10, 3&10, 3&10, 3&10, 3&10, 3&10, 3&10, 3&10

3&10

Disclosure would, or would be likely to prejudice the commercial interests of the Fund and/or its agents which could in turn affect the interests of the beneficiaries and/or tax payers.

 

 

6.

Pension Fund Working Groups/Local Board Minutes/NLGPS Joint Oversight Committee

6a

Local Pensions Board pdf icon PDF 140 KB

To consider the Minutes of the proceedings of the Local Pensions Board held on 11 April 2024.

6b

Investment Monitoring and ESG Working Group pdf icon PDF 86 KB

 

To consider the Minutes of the proceedings of the Investment Monitoring and ESG Working Group held on 12 April 2024.

6c

Administration and Employer Funding Viability Working Group pdf icon PDF 89 KB

To consider the Minutes of the proceedings of the Administration and Employer Funding Viability Working Group held on 12 April 2024.

6d

Policy and Development Working Group pdf icon PDF 147 KB

To consider the Minutes of the meeting held on 27 June 2024.

6e

Northern LGPS Joint Oversight Committee pdf icon PDF 119 KB

To note the Minutes of the meetings held on 11 April 2024.

6f

Scheme Governance/Working Group Membership 2024/25 pdf icon PDF 92 KB

To consider the attached report of the Director of Pensions.

Additional documents:

ITEMS FOR DISCUSSION/DECISION

7.

GMPF Statement of Accounts and Annual Report 2023/24 10.20AM pdf icon PDF 78 KB

To consider the attached report of the Assistant Director, Local Investment and Property.

8.

Responsible Investment Update 10.30AM pdf icon PDF 161 KB

To consider the attached report of the Assistant Director of Pensions Investments.

9.

Long Term Performance 2023/24 - Main Fund and Active Managers 10.45AM

To consider the attached report of the Assistant Director of Pensions Investments and to receive a presentation from Karen Thrumble (PIRC).

10.

Investment Strategy and Tactical Positioning 24/25 11.30AM

To consider the attached report of the Assistant Director of Pensions Investments.

11.

Review of Investment Management Arrangements 11.45AM

To receive a presentation from Ben Farmer (Hymans).

12.

Performance Dashboard 12.00PM

Report of the Assistant Director of Pensions Investments, attached.

13.

Annual Performance Report - Cash Management 12.10PM

To consider the attached report of the Assistant Director of Pensions Investments.

14.

Business Planning, Budget and Risk Management 12.15PM

To consider the attached report of the Director of Pensions.

15.

Pooling Update and Recent Ministerial Correspondence 12.20PM

To consider the attached report of the Director of Pensions.

16.

Advisor Comments and Questions

ITEMS FOR INFORMATION

17.

ADMINISTRATION UPDATE pdf icon PDF 94 KB

To consider the attached report of the Assistant Director of Pensions Administration.

18.

LGPS UPDATE pdf icon PDF 93 KB

To consider the attached report of the Director of Pensions.

19.

Future Development Opportunities

Trustee development opportunities are available as follows.  Further information/details can be obtained by contacting Loretta Stowers on 0161 301 7151.

 

PLSA Annual Conference

14 Oct 2024 – ACC Liverpool

LGA Fundamentals Training Day 1

10 Oct 2024 - York

16 Oct 2024 – London

20 & 23 Oct 2024 – Virtual (2 half days)

LGA Fundamentals Training Day 2

5 Nov 2024 – York

13 Nov 2024 – London

21 & 28 Nov 2024 – Virtual (2 half days)

LGA Fundamentals Training Day 3

4 Dec 2024 – York

10 Dec 2024 – London

12 & 17 Dec 2024 – Virtual (2 half days)

LAPFF Annual Conference

4 – 6 Dec 2024 - Bournemouth

LGA Annual Conference

30-31 Jan 2025 – Highcliff Marriot Hotel, Bournemouth

 

20.

Dates of Future Meetings

To note the dates of future meetings to be held on:-

 

Management/Advisory Panel

19 July 2024

20 Sept 2024

13 Dec 2024

7 March 2025

11 July 2025

12 Sept 2025

12 Dec 2025

6 March 2026

Local Pensions Board

1 Aug 2024

26 Sept 2024

30 Jan 2025

10 April 2025

24 July 2025

25 Sept 2025

22 Jan 2026

9 April 2026

Policy and Development Working Group

29 Aug 2024

28 Nov 2024

20 Feb 2025

26 June 2025

4 Sept 2025

27 Nov 2025

19 Feb 2026

Investment Monitoring and ESG Working Group/ Administration and Employer Funding Viability Working Group

26 July 2024

27 Sept 2024

24 Jan 2025

11 April 2025

18 July 2025

19 Sept 2025

23 Jan 2026

10 April 2026

 

 

WORKING PAPERS - APPENDICES

21.

APPENDIX 7A - GMPF Statement of Accounts 2023/24 pdf icon PDF 781 KB

22.

APPENDIX 8A - GMPF's Responsible Investment Partners and Collaborations pdf icon PDF 69 KB

23.

APPENDIX 9A - Local Authority Fund Statistics

24.

APPENDIX 9B - Fund Returns for Universe Participants

25.

APPENDIX 9C - 1 Year Universe Returns by Asset Class

26.

APPENDIX 9D - LONG TERM FUND PERFORMANCE PRESENTATION

27.

APPENDIX 14A - GMPF's Whole Fund Risk Register

28.

APPENDIX 15A - Efficiencies in LGPS letter pdf icon PDF 306 KB

29.

APPENDIX 15B - Taskforce Report pdf icon PDF 2 MB

30.

APPENDIX 17A - Performance Dashboard Q4 pdf icon PDF 2 MB