Agenda and minutes

The Committee noted the following membership changes:

Cllr Mark Packard to become a full member of the Committee

Cllr David Jenkins to become a reserve member of the Committee

Lynda Croft will replace Irlene Cooper as an Employer Body Representative

The Chair introduced the following non-members of the Committee newly in attendance:

Michael Hudson, Interim Chief Finance Officer,

William Marshall, representing Hymans-Robertson in the absence of Paul Potter, and

Bob Summers, representing the Chartered Institute of Public Finance and Accountancy (CIPFA)

Apologies were received from Cllrs Des Moffatt and Peter Stoddart of Swindon Borough Council, and Lynda Croft.

To confirm the minutes of the meeting held on 30 September 2010.

The minutes of the previous meeting were presented and it was,

Resolved:

To approve and sign the minutes as a correct record.

There were none that had not been covered in minutes 81-83.

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

There were no Declarations of Interest.

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 30 November

The Committee noted the rules on public participation. There were no members of the public present.

To review in what areas the Pension Fund could improve its performance within the KPMG Benchmarking report presented to Committee in February.

The Head of Pensions introduced the KPMG benchmarking report and highlighted and explained key points. Following discussion by the Committee it was,

Resolved:

a)       To note the report and actions being taken to improve the performance of the Fund.

b)      That the Head of Pensions should provide a KPMG benchmarking progress report at the next Wiltshire Pension Fund Committee meeting.

A verbal update of current pension issues and CIPFA’s recent activities will be provided by Bob Summers – Independent Adviser to the Fund.

The Head of Pensions introduced Bob Summers, Chair of the CIPFA Pensions Panel, who presented a business activities update.

This included:

·        progress and anticipated outcomes of Lord Hutton’s pensions review,

·        CIPFA membership and networks,

·        collaborative opportunities within pension funds, and

·        public sector pension rights and regulations.

The Committee discussed the content of the presentation and it was,

Resolved:

To note the key messages presented.

To ask members to provide comments on the Independent Public Service Pensions Commission ‘call for evidence’ which will be used to assist Lord Hutton in considering the issues for his final report.

The Head of Pensions presented a report outlining the general scope and provisions of the forthcoming review by the Independent Public Service Pensions Commission, led by Lord Hutton of Furness. Recommended responses to consultation questions were discussed and it was,

Resolved:

a)     To note the request for evidence as part of the Independent Public Service Pensions Commission review.

b)     To approve the responses recommended by the Head of Pensions, subject to the following amendment:

Question 19:

This review should also take account that currently within the Local Government Pension Scheme there are a number of non-public sector employers who are admitted bodies. 

They have certain legal responsibilities imposed on them by the scheme but don’t benefit from the same employer covenants as public sector bodies.  Another important issue is that in many cases employees within admitted bodies have a choice of pension schemes and unfavourable changes to in the LGPS may see these members leave, increasing the maturity profile of the membership for these employers. 

And submit responses to the IPSPC by 12 December 2010.

To present to Committee a proposed Members Training Plan from 2011 onwards.

The Head of Pensions presented the Members’ Training Plan and briefed members on its purpose, history and outlook. Following discussion by the Committee, it was,

Resolved:

a)     That the Members’ Training Plan be approved

b)     That members’ training attendance and participation be logged and published in future

An update on the Wiltshire Pension Fund Risk Register which is circulated for Members’ consideration (circulated separately).

The Head of Pensions introduced the Wiltshire Pension Fund Risk Register, providing updates where the classification of risks had changed since the last meeting, and it was,

Resolved:

To note the update of the Risk Register.

Members are asked to note that the next regular meeting of this Committee will be held on Tuesday, 1 March 2011.

The next meeting of the Wiltshire Pension Fund Committee was confirmed to be held on Tuesday 1 March 2011.

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 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.

It was,

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. 96, 97 and 98 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 1 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 to provide Members an update on the latest progress of agreeing new contribution rates with employers as part of the 2010 Valuation.

The Head of Pensions presented a confidential report on the 2010 Actuarial Valuation of the Wiltshire Pension Fund. After discussion by the Committee, it was,

Resolved:

To note the on-going discussion being held with employers and that a final position will be presented to the March Committee meeting.

A confidential report on the investment activity and performance of the Fund for the year to 30 September 2010 is attached for Members’ consideration.

The Fund Investment and Accounting Manager presented the confidential Wiltshire Pension Fund Investment Quarterly Progress Report. After significant discussion, during which the Committee considered the Authority’s investment performance relative to other Local Government Pension Schemes which was published in the public domain, it was,

Resolved:

a)     To note the Quarterly Investment Report

b)     To approve the continued use of the un-hedged benchmark for reporting total fund performance

c)     That a report on the reasons for the Fund’s peer group ranking and to outline the opportunities for improvement be prepared and submitted by Hymans-Robertson prior to 25 December 2010.

A confidential Annual Report from ING is attached and Members are asked to consider this along with the verbal report at the meeting.

The ING representative expected was unable to attend due to adverse weather conditions and as such it was,

Resolved:

To defer this item until the next meeting of the Wiltshire Pension Fund Committee, to be held on 1 March 2011.