Venue: Committee Room A - County Hall, Llandrindod Wells, Powys. View directions
Contact: Stephen Boyd 01597 826374
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Apologies To receive apologies for absence. Minutes:
Apologies for absence were received from County Councillor EA Jones who was on other Council business and Councillor AMC Weale.
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To authorise the Chair to sign the minutes of the meetings held on 30th September 2015, 21st October 2015 and 14th January 2016 as correct records. Additional documents:
Minutes: The Chair was authorised to sign the minutes of the meetings held on 30th September 2015, 21st October 2015 and 14th January 2016 as correct records.
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Declarations of Interest To receive any declarations of interest from Members relating to items to be considered on the agenda. Minutes: The Committee members present declared interests as members of the Local Government Pension Scheme.
The Chair advised that he was changing the order of the agenda.
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Proposals for Reform of LGPS Investment PDF 84 KB To consider the report of the Strategic Director - Resources. Additional documents: Minutes: The Committee noted the response from the Fund to the Department of Communities and Local Government consultation on proposals for reform of LGPS investment regulations. The response asked for clarification on a number of points on the role of elected members in the pooled fund structure and whether the Government would provide assurances to cover infrastructure risk if LGPS assets were directed to fund national infrastructure projects.
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LGPS Reform - Welsh Pool PDF 62 KB To consider the report of the Strategic Director – Resources. Additional documents: Minutes: The Committee considered a proposed submission to the Department of Communities and Local Government (DCLG) putting the case for a Welsh pool.
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Exempt Items The Monitoring Officer has determined that category 3 of the Access to Information Procedure Rules applies to the following items. His view on the public interest test (having taken account of the provisions of Rule 11.8 of the Council's Access to Information Rules) was that to make this information public would disclose information relating to the financial or business affairs of any particular person (including the authority holding that information).
These factors in his view outweigh the public interest in disclosing this information. Members are asked to consider these factors when determining the public interest test, which they must decide when considering excluding the public from this part of the meeting.
Minutes:
RESOLVED to exclude the public for the following 3 items on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).
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Quarterly Investment Report To consider the quarterly investment report from Aon Hewitt. Minutes: Aon Hewitt presented the report for the period ending 31st December 2015 and tabled the update for January 2016. Performance for the period had been good considering the difficult market conditions with property and hedge funds outperforming the market.
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Medium Term Asset Allocation To consider the Medium Term Asset Allocation Update. Minutes: Committee noted that the MTAA had added £1.2m in value since the start of the new mandate on 1st March 2014.
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"Qualified" Managers To receive an update on the equity manager transition and advice from Aon Hewitt on options for the hedge funds. Minutes: The Committee noted that that Aon Hewitt had downgraded two hedge fund managers to “hold”. Members discussed options and agreed to take no action at this stage but asked Aon Hewitt to prepare a report and presentation for the next meeting on 30th June on the best way forward. An invitation was extended to members of the Pensions Board.
The Committee went back into open session.
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LGPS Reform - Project Pool To consider the report of the Strategic Director – Resources. Minutes:
The Committee considered a proposed submission to the Department of Communities and Local Government (DCLG) putting the case for a Welsh pool.
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Pooling - Passive Bonds PDF 59 KB To consider the report of the Strategic Director – Resources.
Minutes: The Committee noted the decision taken by the Section 151 Officer in consultation with the Chair and Vice Chair to include the Pension Fund’s passive bond portfolios in the Welsh pooling process.
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To consider the report of the Strategic Director – Resources.
Additional documents: Minutes: The Committee received and considered the Risk Register for the Powys Pension Fund noting that there were no red risks identified. The Chair of the Powys Pension Board advised that it would be considered at the next meeting of the Board.
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Appointment of Pension Fund Medical Adviser PDF 55 KB To consider the report of the Strategic Director – Resources.
Minutes: The Committee noted the appointment of a medical adviser to the Pension Fund following a procurement exercise.
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To consider the report of the Strategic Director – Resources.
Minutes: The Committee was advised that Powys Dance had become a Pension Fund employer following the transfer of the service from Powys County Council to a newly created charitable trust. As the Council looked to alternative means of delivering services more employers would look to join the Fund and the Committee noted that it was important that the costs associated did not fall on the Fund.
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Property Services and Building Control PDF 60 KB To consider the report of the Strategic Director - Resources. Minutes: The Committee was advised that discussions were underway on pension arrangements for Property Services and Building Control services both of which were being considered for alternative means of delivery.
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Correspondence |
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Collaboration Update PDF 55 KB Additional documents: Minutes: 16.1 Collaboration Update
The Society of Welsh Treasurers had written to the DCLG on collaboration between the Welsh LGPS and the pooling of investments.
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Additional documents:
Minutes: Gerard Moore, Chair of the Pensions Board, declared that he had an interest as he was engaged as a consultant by a company working in infrastructure.
The DCLG had written to the LGA on the Chancellor of the Exchequer’s proposals for LGPS to invest collectively in infrastructure projects.
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Additional documents: Minutes: 16.3 Lancashire and London Pension Fund Authority
The Committee noted the letter sent by the Lancashire County Pension Fund and London Pension Fund Authority inviting the Powys Pension Fund to enter into an asset pooling arrangement.
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LGPS Pooling (UNISON) PDF 57 KB Additional documents: Minutes: LGPS Pooling UNISON
The Committee noted the letter sent by UNISON asking what the Fund planned to do with regard to pooling arrangements.
The Committee noted that the staff representative on the Committee had not attended for a considerable time and asked that a letter be sent.
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Scheme Advisory Board PDF 55 KB Additional documents: Minutes: 16.5 Scheme Advisory Board
The Committee noted that the LGPS Scheme Advisory Board had written to all LGPS administering authorities on the potential for censure by the Pensions Regulator where Fund’s failed to meet their statutory obligations. The Committee noted the pressures on administering authorities.
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Pension Board Minutes PDF 67 KB To receive for information the draft minutes of the meetings of Powys Pensions Board held on 27th November 2015 and 22nd January 2016. Additional documents: Minutes:
The Committee received the minutes of the Powys Pensions Board held on 27th November 2015 and 22nd January 2016.
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Any Other Business Minutes: Aon Hewitt offered the Committee corporate hospitality at an event. The Committee thanked Aon Hewitt for their offer but agreed that it was not appropriate for them to accept corporate hospitality.
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