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 Councillor Tom Turner. |
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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: All members present declared interests as members of the Local Government Pension Scheme. |
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To authorise the Chair to sign the minutes of the last meeting held on 11th July 2016 as a correct record. Minutes: The Chair was authorised to sign the minutes of the last meeting held on 11th July 2016 as a correct record. |
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Review of Fund Employer Covenants PDF 66 KB To consider the report of the Strategic Director Resources. Additional documents: Minutes: The Committee received the results of the review of employer covenants which set out the assessment of risk for each of the admitted bodies and any mitigations put in place. Members were advised that since the report had been drafted a risk sharing agreement had been signed with Theatr Brycheiniog.
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Bulk Transfer Payment - NWTRA PDF 58 KB To consider the report of the Strategic Director Resources.
Minutes: The Committee noted details of the bulk transfer payment to the Gwynedd Pension Fund on 6th September in respect of 12 former Powys County Council staff who transferred to the North Wales Trunk Road Agency on 31st March 2012.
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Bulk Transfer Payments - Coleg Powys PDF 60 KB To consider the report of the Strategic Director Resources.
Minutes: The Committee noted details of the transfer of funds to the Swansea Pension Fund in respect of Coleg Powys transferees.
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New Admission Body - Camping & Caravanning Club PDF 59 KB To consider the report of the Strategic Director Resources.
Minutes: The Committee noted that the Camping and Caravanning Club had been admitted to the Powys Pension Fund following the transfer of a service with two employees.
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New Admission Body - Solo Service Group PDF 59 KB To consider the report of the Strategic Director Resources.
Minutes: The Committee was advised that Solo Service Group had become a Pension Fund employer following the transfer of the Schools Cleaning Service (Ystradgynlais) from Powys County Council. Twenty-six employees were covered by the admission agreement, which was open.
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Pension Fund Pooling - Update PDF 58 KB To consider the report of the Strategic Director Resources.
Minutes: The Committee received an update on progress towards the creation of a pooled investment fund for Welsh local government pension funds.
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To consider a report by the Solicitor to the Council. Minutes: The Solicitor to the Council updated the Committee on work being undertaken in preparation for the establishment of a pooled investment fund for Wales. The Monitoring Officers of the eight administering authorities had been working on the governance arrangements and had developed a Memorandum of Understanding.
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Powys Pension Board Minutes PDF 76 KB To receive for information the minutes of the meeting of Powys Pensions Board held on 15th July 2016. Minutes: The Committee received the minutes of the last meeting of the Powys Pensions Board held on 15th July 2016. The Committee noted the recommendation from the Board that the Committee receive total expense ratios on a manager by manager basis every quarter. Aon Hewitt had included the information in their latest quarterly report. The Committee noted the concerns raised by members of the Pensions Board that there were not covered by the Council’s insurance policy. The Pensions Manager advised that he had raised this with the Council’s Insurance Officer and that they were working to find a solution.
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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 items of business 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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Strategy Health Check Discovery stage To consider a report by Aon Hewitt. Minutes: Rachel Pinder from Aon Hewitt outlined the process being undertaken to review the Fund’s investment strategy and presented the results of the survey undertaken by members. At the next meeting she would be looking at the strategy composition of the Fund with a view to maintaining the current level of return whilst reducing risk. The survey would also be used to focus any training requirements for the Committee. |
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Forward Looking Business Plan To consider a report by Aon Hewitt.
Additional documents:
Minutes: The Committee received a summary its decisions over the last year and its work plan for the year ahead. The Chair noted that the composition of the Committee was likely to change after the local government elections in May 2017 and that it would be helpful for the employees’ representative to be appointed before then.
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Quarterly Investment Report To consider the quarterly investment report from Aon Hewitt. Minutes: The Committee received the quarterly report for the period ended 30 June 2016. The value of the Fund had grown by £25m over the quarter by a further £28m by the 31 August 2016 with the Fund benefitting from the fall in the value of Sterling since the referendum on the UK’s membership of the EU.
Aon Hewitt had included the managers’ expense ratio in the report as per the recommendation of the Pensions Board. They advised that these remained largely unchanged and the Committee agreed to keep costs down they should only be updated annually. |
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Medium Term Asset Allocation To consider the 2nd quarter Medium Term Asset Allocation. Minutes: The Committee was advised that the current MTTA mandate which had started on 1 March 2014 had returned 26.5% compared to the benchmark of 27.3% as at 30 June 2016. This had detracted approximately £2.9mcompared to the MTAA benchmark over the 28 month period to 30 June 2016. The current mandate was still running and Aon Hewitt advised that performance should be assessed over the medium term rather than a shorter time. Aon Hewitt remained confident that that the MTAA would add value in the future. |
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Pension Fund Transaction To consider a report by the Strategic Director – Resources. Minutes: The Committee considered the confidential report of the Strategic Director – Resources.
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