Agenda and minutes

None

Apologies were received from Mr. J Edney, Independent Pension Fund Advisor.

To sign and confirm the minutes of the meeting held on 15 September 2010 (attached).

The minutes of the previous meeting held on 15 September 2010 were approved and signed as a correct record by the Vice-Chairman.

Members’ training needs self-assessment form

The Chairman reminded members to fill out and return the members’ training needs self-assessment form which had been circulated earlier in the month, to be returned as soon as possible to the Head of Pensions.

Training Session on 03 October

Members of the Committee were reminded that a training day had been organised for the 3^rd October. The session will provide an overview of 1) Investment Strategy / Asset Allocation 2) Investment Management 3) Benefits policies, Administration and Communications. Invitations had been sent and committee members were asked to note the date in their diaries.

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

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 12.00noon on Tuesday 28 September 2010.

None

To note that the next regular meeting of the Committee will be held on 02 December 2010.

The date of the next meeting was confirmed as 02 December 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.

None

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 14 – 17  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 No. 11 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 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.

A confidential report by the Head of Pensions will be circulated and the Fund's Actuary will present to the meeting.

The Head of Pensions presented a confidential report, and then introduced Peter Summers of Hymans Robertson, the Fund’s Actuary, who presented the results of the valuation.

It was resolved:

a)     To note the report of the Head of Pensions, and the report and verbal update of the Fund’s Actuary;

b)     To note the assumptions that have been agreed with the Actuary, as set out in paragraphs 13 to 25 of the report by the Head of Pensions;

c)     To note the summary outcomes of the valuation as set out in paragraphs 31 to 38;

d)     To approve the theoretical contribution rates for the next three years as summarised in the Appendix, for presentation to the employer bodies at a meeting later on 30 September - in the knowledge that some changes may be necessary following the recommendations from the Hutton inquiry into public sector pensions and any resultant legislation.

e)     To note that discussions will be held with those non-secure employer bodies regarding contribution rate relief and that an update will be presented to the 02 December meeting if possible and in any case to the February Committee meeting.