A verbal update will be given by the Chairman.

The Chairman updated the Board in relation to the LGPS Central Chair’s meeting that took place on 28 March 2022.  Issues discussed included:

·         The Levelling Up White Paper which refers to a figure of 5% to be invested in ‘local schemes’. It was confirmed that there was nothing for LGPS Central to do at present.

·         Exposure to Russian investment was not an issue.

·         Cost management issues – Officers were not aware of any issues.

·         New members of staff employed to work on good governance.

·         Meeting with Ministers in relation to the Scheme Advisory Board

·         Performance of Prudential – It was confirmed that this had been an issue the previous year and that discussions had been held in terms of improving their performance.

·         Pooling – the further consolidation of schemes.

·         Communication between Pension Boards and LGPS Central was in general good.  Suggested meetings should take place in LGPS Central Offices.

·         Annual Pensions Board meeting for all LGPS Central Boards.