Issue - meetings

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.