Meeting documents

Richard Scott proposed John Chilver as Chairman. David Martin seconded this proposal and so it was agreed.

John Chilver appointed Richard Scott as Vice Chairman.

Apologies were received from David Carroll and Peter Hardy

There were no declarations of interest

To confirm the minutes of the meeting held on 11^th February 2015.

The previous minutes were agreed as an accurate record

The Chairman explained that the last meeting of the Pension Fund Consultative Group was held in March. The Pensions and Investments Manager outlined the agenda items covered including an update on the Local Pension Board, the administrative processes for the year end and fund managers’ performance. 

It was noted that recruitment for members for the Pension Fund Board was currently being undertaken. It was noted that the year-end returns would be submitted by 30/04/15; with 176 out of 182 returns being received to date.

Under current regulations; a Governance Policy and Compliance Statement is published (contained in Appendices 1 & 2). The bullet points on page 8 detailed what was to be included in the statement – this content was last approved in September 2013; with a review being delayed until the new Pension Board had been established.

The Finance Director explained that there had been no material change to the content provided, but that there was now a reference to the Pension Board in the compliance statement. There were no comments or questions on this matter and so the Chairman requested approval.

THE GOVERNANCE COMPLIANCE STATEMENT AND GOVERNANCE POLICY STATEMENT WERE APPROVED FOR PUBLICATION ON THE COUNCIL’S PENSION WEBSITE BY THE MEMBERS OF THE PENSION FUND COMMITTEE.

The Pensions & Investments Manager explained that the Annual Accounts and Private Equity investments would be detailed at the next meeting (18/6/2015). A Member questioned whether induction training had been arranged for the new Committee members; to which the Pensions & Investments Manager advised that they were trying to arrange induction training for the Pensions Board members. Both the Pension Fund Committee and Local Pension Board members will be invited to this training - it provides both a good introduction and refresher course.

The Pensions and Investments Manager advised that they would inform the Pension Fund Committee as soon as a date for this became available.

Action:  Pensions & Investments Manager

It was agreed to remove the Election of Chairman and Appointment of Vice-Chairman from the forward plan for the 18/06/2015 meeting as this had already been completed.

The previous minutes from the meeting were agreed as an accurate record.

The Pensions & Investment Manager advised that targets had since been added to the Fund Managers’ Performance report.

The Pension & Investments Manager took the Members through the Fund Managers’ performance to 31^st March 2015.

The Members discussed the Quartile Manager Peer Groups.

The representative from Mercer provided the Committee with an introduction to Risk Management and commented on the slides provided.

Thursday 18^th June 2015 at 10am, Mezzanine 1, NCO.

The date of the next meeting is Monday 3^rd August 2015, Mezzanine Room 2, County Hall, Aylesbury