Meeting documents

Apologies had been received from Mr R Scott (Vice-Chairman).

Mr A Stansfeld stated that Mr Matthew Barber, Deputy Police and Crime Commissioner would be attending future meetings, representing Thames Valley Police.

There were no declarations of interest.

To agree the minutes of the meeting held on 12 December 2016 as an accurate record and to be signed by the Chairman.

The minutes of the previous meeting of 12 December 2016 were agreed as a correct record and signed by the Chairman.

To be presented by Julie Edwards, Pensions and Investments Manager.

Ms J Edwards presented her report and highlighted the following:

• At the Pension Fund Committee meeting on 4 February 2016 the Service Level Agreement (SLA) for 2016/17 was approved. There were no proposed changes to the SLA for 2017/18.
• The Pension Fund earned £30.6k in interest on its working cash balance during 2016, this represented 0.64% on an average balance of £4.8m.

In response to questions, Ms Edwards stated the following:

• Good practice was to have less than £5,000 cash balance in the Pension Fund bank account. If the account became overdrawn, it was liable to charges. However; interest was paid by the bank on the Pension Fund’s current account.
• The majority of Fund Managers did not hold a cash balance but one or two of them may use cash tactically.  

RESOLVED

The Committee NOTED the report and APPROVED the Pension Fund Treasury Management Service Level Agreement.

PensionFundCommitteeForward Planattached.

The Committee noted the forward plan. Ms J Edwards highlighted the following for the next meeting:

• The Investment Strategy Statement is a new requirement that would need to be agreed by Committee before 1 April 2017 following guidance that was launched in October 2016.
• The Brunel Pension Partnership Update would be verbally reported if there was anything new to be made aware of.

To resolve to exclude the press and public as the following item is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information).

That the press and public be excluded for the following item which is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information).

To agree the minutes of the meeting held on 12 December 2016 as an accurate record and to be signed by the Chairman.

The confidential minutes of the previous meeting of 12 December 2016 were agreed as a correct record and signed by the Chairman.

To be presented by Julie Edwards, Pensions and Investments Manager.

Ms J Edwards presented the report on fund managers’ performance.

RESOLVED

The Committee NOTED the performance of the Pension Fund’s fund managers for the fourth quarter of 2016, ending 31 December 2016.

To be presented by Mercer.

Mr N Sykes and Mr J Caughey presented a report to the Committee on the Investment Strategy Review.

Presentation to be given by representatives from Standard Life.

The Committee received a detailed report from Standard Life Investments.

To be presented by Julie Edwards, Pensions and Investment Manager and Mark Preston, Finance Director.

Mr M Preston presented the report on Brunel Pension Partnership Update.

RESOLVED

The Committee NOTED the report.

The next meeting will take place on 22 March 2017 at 10am.

The next meeting will be on 22 March 2017 at 10.00am

Future meeting dates:

31 May 2017

27 July 2017

20 September 2017

30 November 2017