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Agenda and minutes

Contact: Libby Johnstone  01225 718214

Items
Note No. Item

1:30pm

36.

Membership

To note any changes to the membership of the Sub-Committee.

Minutes:

There were no changes to the membership of the Sub Committee.

37.

Attendance of non-members of the Sub-Committee

To note the attendance of any non-members of the Sub-Committee.

Minutes:

Philip Whitehead (Cabinet Member for Finance), Shruti Moraes, Chris Ashton and Nick Weaver, Pension Fund Officers, were in attendance.

 

The Chairman welcomed Nick Weaver as the Interim Head of Pensions.

38.

Apologies

To receive any apologies for absence or substitutions for the meeting.

Minutes:

Apologies for absence were received from Cllr Steve Weisinger and Mike Pankiewicz.

39.

Minutes

To consider the Part 1 (public) minutes of the meeting held on 13 September 2017.

Supporting documents:

Minutes:

Resolved:

 

To confirm the minutes of the meeting held on 13 November 2017.

40.

Declarations of Interest

To receive any declarations of disclosable interests or dispensations granted by the Standards Committee.

Minutes:

David Anthony declared an interest in item 13, Brunel Pension Partnership update, as he was soon to be employed by the company. Cllr Roy While declared himself a member of the Wiltshire Pension Fund.

41.

Chairman's Announcements

To receive any announcements through the Chairman.

Minutes:

The Chairman reminded the Sub-Committee that recruitment was underway for a new Investment Manager and Head of Pensions Administration and Relations, interviews were to be held in the coming weeks.

 

Officers were thanked for their hard work to support the production of the 2016-17 Annual Report and for organising an Investment Training Away Day for Committee and Board members.

42.

Public Participation and Councillors Questions

The Council welcomes contributions from members of the public.

 

Statements

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.

 

Questions

To receive any questions from members of the public or members of the Council received in accordance with the constitution. Those wishing to ask questions are required to give notice of any such questions in writing to the officer named above (acting on behalf of the Corporate Director), no later than 5pm on 1 November 2017 in order to be guaranteed a written response prior to the meeting. Any question received between the above deadline, and no later than 5pm two clear working days before the meeting, may only receive a verbal response at the meeting.

 

Please contact the officer named on the first page of this agenda for further advice. Questions may be asked without notice if the Chairman decides that the matter is urgent.

 

Details of any questions received will be circulated to Committee members prior to the meeting and made available at the meeting and on the Council’s website.

 

Minutes:

There were no members of the public present.

43.

Date of next meeting

The next ordinary meeting of the Sub-Committee will be held on 21 February 2018.

Minutes:

The next scheduled meeting was for 21 February 2018, however members were advised this date may be pushed back.

44.

Urgent items

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.

Minutes:

The Chairman highlighted the Fund had experienced a significant increase in assets over the last year and questioned why this had not reduced liabilities by a similar amount. Members discussed the change to the base rate for interest and it was explained that short term interest rate changes did not have much impact upon the Fund since this was already factored into the Valuation. The Fund’s advisors explained there were different methods used by actuaries to value liabilities. Members noted the costs of LGPS schemes benefits were high.

 

Resolved:

 

To note the update provided by the Chairman and advisors.

45.

Exclusion of the public

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 11 – 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 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.

Minutes:

Resolved:

 

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 Numbers 46-52 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 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.

 

1:55pm

46.

Review of the Investment Away Day

A verbal update from the Head of Pensions to provide a review of the Investment Away Day and to follow up the outcome of the discussions in terms of future investment developments.

Minutes:

Discussion on the Investment Away Day was brought forward on the agenda.

 

Resolved:

 

To note future investment issues for the Committee to consider.

 

To endorse the use of Equity Protection strategies to the Wiltshire Pension Fund Committee and to recommend allowing officers to consider options and progress between meetings as appropriate,

 

To recommend a paper on Liability Driven Investing (LDI) outlining the actions, timelines and costs required to update the Flight Path and consider LDI options is brought to the next meeting of the Committee with a recommendation to allow further work to be progressed.

 

1:35pm

47.

Investment Quarterly Progress Report

Confidential reports, including one from Mercer are circulated updating the Committee on the performance of the Fund’s investments as to the end of September 2017.

Minutes:

Confidential reports, including one from Mercer, were circulated updating the Committee on the performance of the Fund’s investments as to the end of September 2017.

 

Resolved:

 

To note the updates provided by officers and Members.

2:10pm

48.

Brunel Pension Partnership Update

A verbal update from the Head of Pensions on the implementation for the Brunel investment pooling.

Minutes:

The Head of Pensions provided an update on the establishment of Brunel Pension Partnership.

 

Resolved:

 

To note the update on the progress of Brunel Pension Partnership

2:15pm

49.

CBRE- Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from CBRE updated the Sub Committee on the performance of its mandate and plans for the future.

 

Resolved:

 

To note the update and presentation from CBRE.

 

3:00pm

50.

Partners- Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from Partners updated the Sub Committee on the performance of its mandate and plans for the future.

 

Resolved:

 

To note the update and presentation from Partners.

3:45pm

51.

M&G Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from M&G updated the Sub Committee on the performance of its mandate and plans for the future.

 

Resolved:

 

To note the update and presentation from M&G.

52.

Minutes

To confirm the Part 2 (confidential) minutes of the meeting held on 13 September 2017.

Minutes:

Resolved:

 

To confirm the Part 2 minutes of the Investment Sub Committee meeting held on 13 September 2017.

 

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