Agenda and minutes

David Anthony, Head of Pensions, informed the Committee that two new employer representatives had been appointed as new Members of the Committee. Linda Stuart from Hardenhuish Academy and Diane Hall from Selwood Housing.

There were no non members of the Committee present.

Apologies were received from:

·         Mike Pankiewicz

·         Tony Gravier

·         Cllr Brian Ford

·         Cllr Allsopp

To confirm the minutes of the meeting held on 17 July 2014 (copy attached).

The Minutes of the meeting held on 17 July 2014 were presented for consideration. It was;

Resolved

To approve the Minutes of the previous meeting as a true and correct record.

The Chairman made the following announcements:

Self Assessment Forms

The Chairman reminded all of the Committee Members to fill in and submit their Self Assessment Forms, noting the importance of the assessments to identify training needs.

Local Pension Boards 

The Head of Pensions updated the Committee on the implementation of the Local Pension Board, noting that they were still waiting for the regulations which should be out end of September/ early October. The importance of employing at least one professional to the board was mentioned. An update will be brought to the December meeting.

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

There were no declarations of interest.

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 4 September 2014. 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.

There were no questions or statements submitted.

A report by KPMG presenting the Final Audit report on the 2013-14 Annual Report for the Wiltshire Pension Fund for information. 

The Head of Pensions updated the Committee on the latest external audit report and it was noted that no issues of concern.

Resolved

The Committee noted the Final Audit Report.

An update from the Head of Pensions on the Wiltshire Pension Fund Risk Register is circulated for Members’ consideration.

The Head of Pensions updated the Committee on the Pension Fund Risk Register noting that there had not been any significant changes.

Questions were asked about PEN015. It was noted that work was on-going to develop a framework to review and monitor admitted bodies who were close to cessation. Following which it was;

Resolved

To note the attached Risk Register and measures being taken to mitigate risks.

A report of the current budget monitoring position for the Wiltshire Pension Fund for the year based on the latest position for information.

Catherine Dix, Strategic Pension Manager, updated the Committee on the Pension Fund Budget Monitoring 2014-2015 Report. It was;

Resolved

To note the report.

A report providing an update on the progress of Officers training plans for information.

The Head of Pensions introduced the annual officers training update, noting that four officers were currently studying the Chartered Institute of Payroll Professionals – Foundation Degree in pension Administration, and two officers had completed the Certificate in Pension Administration and two more currently undertaking the same course.

Attention was drawn to the in-house training which would focus on the LGPS. Other training avenues included corporate training and external training.

Benchmarking had also been discussed for comparisons with other funds and noting the importance of training to mitigate the risk of lack of expertise.

The possibility of a training passport was discussed and the Head of Pensions would look into the possibility of introducing the initiative.

Succession planning was discussed and it was noted that the Pension teams structure provided a progression route, was working to keep the roles interesting and enable development opportunities in order to retain their officers. It was;

Resolved

To note the annual offices training report.

A report by Head of Pensions updating Member’s of the progress in appointing two new employer representatives.   

The Committee was informed that following interviews, Linda Stewart from Hardenhuish Academy and Diane Hall from Selwood Housing had been appointed as the new Members of the Wiltshire Pension Fund Committee.

The Committee welcomed Linda and Diane to the Committee.

To note that the next regular meeting of the Committee will be held on 11 December 2014.

The next meeting of the Wiltshire Pension Fund on the 11 December 2014 was noted.

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 16 – 19  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 Numbers 62 to 64 because it is likely that if members of the public were present there would be disclosure to them of exempt information defined in paragraph 3 of Part 1 of the Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public. Paragraph 3 – information relating to the financial or business affairs of any particular person (including the authority holding that information).

A confidential report is circulated updating the Committee on the performance of the Fund’s investments for the quarter.

The Committee was updated on the performance of the Fund’s investment for the quarter. It was;

Resolved

To note the two investment reports and the updates provided by officers and advisers.

A confidential report is circulated outlining to the Committee’s potential options for the Fund’s bond allocation in light of the current market conditions.

The Committee were informed of their potential options for the Fund’s bond allocation. It was;

Resolved

To note the options by the advisor for the different bond options and;

To ask officers and advisor to undertake a selection process and shortlist managers to present to the Committee.  

A confidential report is circulated by the Head of Pensions and a verbal update will be provided by Barings explaining the recent changes to its investment team. 

The Head of pensions introduced a paper and Brian Corris and Marino Valensise from Barings gave a verbal update on the recent changes to its investment team. Following which it was;

Resolved

To thank the representatives from Barings for their attendance, to note the updates and to take no immediate action but put Barings under formal “watch”..

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

Sarah Brewer and Sergio Jovele gave a verbal update on the annual report for the Pension Fund, and took questions from the Committee on the progress and future plans for that mandate. Following which it was,

Resolved

To thank the representatives from Partner Group for their attendance and noted the update.