Agenda and minutes

The Chairman advised the Committee that notification had been received on 7^th July 2010 that Mrs Irlene Cooper had decided to resign from the committee. 

The committee originally agreed to appoint the additional member from

• Transferee Admission Bodies

• Education Scheduled Bodies

The Committee discussed the issues surrounding nominations for a replacement and it was,

Resolved

that officers will write to the above bodies inviting nominations from which the Chair and Vice Chairman would seek a representative to become a Member of the Committee.

Apologies were received from Martin Donovan, Chief Finance Officer.

To confirm the minutes of the meeting held on 13 May 2010 (copy attached).

Resolved

To confirm and sign the minutes of the meeting held on 13^th May 2010.

The Chairman updated the committee on the following items.

·        Quarterly Investment Monitoring - this was the 5^th meeting that has been added this year to try and reduce the length of the agendas at other meetings and enable the Committee to question 2 investment managers per meeting.  It was noted that there was no quarterly progress report for the investments as Quarter ended on 30^th June.

·        Implementation of Stabilisation Policy for 2010 Valuation  - Following the last Committee meeting the principle of stabilisation policy was agreed to be applied to secure employers with the adoption of a mechanism that limits increases/decreases in contributions to +1 or -1% per annum applied from April 2014 onwards.

Officers wrote to secure employers within the Fund explaining the stabilisation policy on 4^th June 2010 seeking comments.  The only significant response was received from Swindon Borough Council who supported the principle but questioned the freezing of contribution rates until 2014.

·        Positional updates on Cessation following implementation of policy in February 2010 were given.

Councillors are requested to declare any personal or prejudicial interests or dispensations granted by the Standards Committee.

There were none.

The Council welcomes contributions from members of the public.

If you would like to make a statement at this meeting on any item on this agenda, please register to do so at least 10 minutes prior to the meeting.  Up to 3 speakers are permitted to speak for up to 3 minutes each on any agenda item. Please contact the officer named above for any further clarification.

Members of the public wishing to ask a question should give written notice (including details of any question) to the officer named above by 12.00 noon on Monday 12 July.

There were no members of the public present.

Update from the Chief Finance Officer on the Wiltshire Pension Find Risk Register is circulated for Members’ consideration. (10.35)

Head of Pension presented a report that delivered an update on the Risk Register for the Wiltshire Pension Fund, and he detailed two changes in the Risk Register since the previous meeting.

• PEN006 – Significant rises in employer contributions due to increases in liabilities.
• PEN 007 – Significant rises in employer contributions due to poor/negative investment returns

As a Stabilisation Policy for secure employers was agreed by the Committee the risk of significant rises in employer contribution rates has now reduced (shown in Risk PEN006a and PEN007a).  This limits increases in employer contribution rates for the Secure Employers within the Fund.  There is still a likelihood that non-secure employers will face significant increases, work is being undertaken to find a solution but does remain a significant risk (Risk PEN006b and PEN007B shown as red).

Resolved

to note the report.

To consider a paper from the Chief Finance Officer on the progress of the current Members training plan in relation to the newly published CIPFA Knowledge and Skills Framework. (10.50)

Head of Pensions updated the group on Members’ Training, in light of the revised Myners Principles and publication of the CIPFA’s Knowledge and Skills framework (KSF).

The revised Myners Principles requires the administering authorities to ensure that:

1.                  decisions are taken by persons or organisations with the skills, knowledge advice and resources necessary to make them effectively and monitor their implementation; and

2.                  those persons or organisations have sufficient expertise to be able to evaluate and challenge the advice they receive, and manage conflicts of interest.

There are 6 areas within the KSF which are identified as core technical requirements for those working in public sector pension finance.

1.                  pensions legislative and governance context

2.                  pensions accounting and auditing standards

3.                  financial services procurement and relationship management

4.                  investment performance and risk management

5.                  financial markets and products knowledge

6.                  actuarial methods, standards and practices

Discussion developed in respect of issues surrounding self assessment, highlighted knowledge gaps that would inform Members’ training plans.  It was,

Resolved

a)     to note the impact on Members training as a result of the publication of the CIPFA Knowledge and Skills Framework; and

b)     that members would undertake self assessment and then have an organised one to one with either the Head of Pensions or Fund Investment and Accounting Manager, Pension to help to inform Training Plans to be completed by end of September 2010; and

c)     note a revised Members Training Plan based on the results of the high level self-assessment will be presented to the December committee meeting for approval; and

d)     agree to adopt the role of profile for the Chairman and Vice Chairman as outlined in appendix A; and

e)     agree that officers assess the Chairman’s and Vice Chairman’s training requirements to agree with the requisite skills needed to undertake the principal responsibilities of the post and to produce them a separate training plan along with feedback on their current performance.

To note that the next regular meeting of the Committee will be held on Wednesday 15 September 2010. (11.20)

The date of the next meeting of the Wiltshire Pension Fund will take place on Wednesday 15^th September 2010.

Any other items of business which, in the opinion of the Chairman, should be considered as a matter of urgency. Urgent items of a confidential nature may be considered under Part II of this agenda.

There were no urgent items.

To consider passing the following resolution:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Numbers 13 – 15  because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 1 & 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

Resolved 

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Minute Nos. 15 - 21 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 1 & 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

To consider and note the attached statement by the Chief Finance Officer on actual spending against the Pension Fund Administration Budget in 2009 -10. (11.25)

The Head of Pensions introduced a report on the Pension Fund administration budget 2009-10. 

Resolved

that the report be noted.

To receive the attached Annual Report and Quarterly Report (will be circulated) from Fauchier Partners and their verbal report at the meeting. (11.40)

Peter Vincent and Dan Higgins from Fauchier Partners LLP reviewed the previous period and outlined plans for the future.

Resolved

To note the information contained in the report and the investment policy detailed by Fauchier Partners.

To receive the attached Annual Report and Quarterly Report from Western Asset Management and their verbal report at the meeting. (12.20)

Simon Gregory and Dipankar Shewaram from Western Asset Management reviewed the previous period and outlined plans for the future.

Resolved

to note the information contained in the report and the investment policy detailed by Western Area Asset Management.