Venue: Committee Room A - County Hall, Llandrindod Wells, Powys. View directions
Contact: Carol Johnson 01597 826206
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Apologies To receive apologies for absence. Minutes: Apologies for absence were received from County Councillors JG Morris, T J Van-Rees and County Councillor A W Davies was on other Council business.
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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: Members of the Committee declared interests as members of the Local Government Pensions Scheme. These are personal interests, not prejudicial interests in accordance with Paragraph 12(b) (iv) of the Members Code of Conduct 2016.
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To authorise the Chair to sign the minutes of the last meeting held on 1 July, 2019 as a correct record. Minutes: The Chair was authorised to sign the minutes of the Pensions & Investment Committee meeting held on 1 July, 2019 as a correct record.
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Pensions Board minutes PDF 78 KB To receive a report from the Pension Board Chair [to follow] and to receive for information the minutes of the Powys Pensions Board meeting held on 10 July, 2019 and the draft minutes of the meeting held on 11 September, 2019. Additional documents:
Minutes: The Committee considered the Pension Board Chair’s report, together with the minutes of the Board meeting on 10 July, 2019 and the draft minutes of the meeting held on 11 September, 2019.
The Committee considered the recommendations from the Board.
The Committee noted the assurances gained by the Board and the Board Chair congratulated officers for again completing and making available the Annual Benefits Statements to scheme members within the required timescale.
The Committee noted that an internal audit would commence in mid-October and that the report would be available by the end of the year.
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New Admission Body - Shaw Healthcare (Group) Ltd PDF 142 KB To note the report of the Head of Finance. Minutes: The Committee was advised that Shaw healthcare (Group) Limited had become a Pension Fund employer following the transfer of the BUPA Care Homes staff.
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Global Equity Transition PDF 68 KB To note the report of the Head of Finance. Minutes: The Committee noted the report regarding the investment of the Funds active global equity allocation into the Wales PP Global Growth Fund.
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Pension Fund Annual Report 2018/19 PDF 68 KB To consider and approve the 2018-19 Pension Fund Annual Report. Additional documents: Minutes: The Committee considered the 2018-19 Pension Fund Annual Report and noted that it would be published on the Pension Fund website. The Pension Board Chair indicated that the report was a good reference document for new Committee members.
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Administration and Local Government Pension Scheme [LGPS] Update PDF 98 KB To note the report from the Head of Finance. Minutes: The Committee received the report which provided an update on Local Government Pension Scheme [LGPS] and administration matters, together with any potential impacts of these on the Powys Pension Fund. The Committee noted the explanation regarding the data quality testing.
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To consider the report of the Head of Finance. Additional documents:
Minutes: The Committee noted the report.
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Training - Valuation - Pension Board Chair To receive a presentation from the Pension Board Chair. Minutes: The Pension Board Chair provided a training presentation on the Triennial Valuation.
The Committee noted the role of the Pension Board in respect of the Triennial Valuation. The need for good governance in respect of the dual roles and responsibilities of the Pensions and Investment Committee members in respect of the Pension Fund and the Council’s overall budget and the potential conflicts between these was noted.
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Wales Pension Partnership Update PDF 95 KB To note the report of the Head of Finance. Minutes: The Committee received the report regarding the Wales Pension Partnership [WPP].
The Pension Board Chair welcomed the improved engagement between the WPP and the Boards.
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Wales Pension Partnership - LINK and Russell Investments Update To receive a presentation. Minutes: The Committee received a presentation from Eamonn Gough, Senior Relationship Manager, Link Asset Services regarding its role as Operator for the WPP.
The Committee noted the work completed to date and the roles and responsibilities of the Operator and also the Investment Manager & Advisor [Russell]. In response to questions the Committee was advised that Link has a contractual relationship with the WPP and reports to the Officer Working Group and Joint Governance Committee.
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To consider the report from Aon. Minutes: The Committee noted the Decision Review report.
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Forward Looking Business plan PDF 124 KB To consider the report from Aon. Minutes: The Committee noted the Forward Looking Business Plan.
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Exempt item 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 14.8 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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Responsible Investment To consider the report from Aon. Additional documents:
Minutes: Aon presented the report on Responsible Investment [RI] Policy Development. The draft had been developed as a result of the Committee completing two anonymous surveys and being involved in a series of discussions regarding the desired approach to RI. Account was also taken of the ongoing dialogue with the WPP regarding the approach taken at Pool level.
The Committee discussed the options for seeking Scheme members’ views on the Policy and engagement with members. In response to questions it was noted that the Stewardship Code was currently being revised and there could be significant changes to this. The draft RI policy did not refer to this but the new Code would be considered when published.
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Equity Risk Management To consider the report from Aon. Minutes: Aon presented a report regarding Equity protection. The Committee considered a review of equity markets and the equity protection since implementation and investment market outlook. Members considered whether the equity protection should continue or cease and the timing of any decision would need to be considered.
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Competition & markets Authority Order To consider the report from Aon. Minutes: The Committee noted that the Competition & Markets Authority [CMA] introduced new duties for trustees including Investment Committees of LGPS. One of the new duties is that trustees should set objectives for its Investment Consultant and monitor these. The Committee noted the example objectives provided by Aon. The Pension Board Chair advised that he was aware that another fund had developed such objectives and would share the paperwork relating to these with the Pension Fund Manager.
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Investment Strategy Review To consider the report from Aon. Minutes: The Committee received and noted the report from Aon regarding the Investment Strategy Review.
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Medium Term Asset Allocation (MTAA) – Update to 30 June 2019 To consider the report from Aon. Minutes: The Committee received the final MTAA report as agreed at the last meeting. The Committee noted that the Fund had more recently been managed in a defensive way and risks had not materialised. Performance had been relatively good compared to the benchmark.
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Quarterly Monitoring report To consider a report from Aon. Minutes: The Committee received the Quarterly Monitoring report for the period to 30 June 2019. The Committee noted the Manager Ratings and the Investment Outlook.
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