Meeting documents

Apologies had been received from Mr T Butcher, Mr S Lambert and Mr S Mason.

To disclose any Personal or Disclosable Pecuniary Interests.

There were no declarations of interest.

To agree the minutes of the meeting held on 6 March 2016 as an accurate record and to be signed by the Chairman.

The minutes of the meeting held on 6 March 2017 were agreed as an accurate record and signed by the Chairman.

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

The Committee noted the report presented by Ms Julie Edwards and the following points were highlighted:

• The Risk Register was last reviewed at the Pension Fund Committee in September 2016.
• There had been an additional column added to the Risk Register which indicated whether there had been an increase or decrease in the risk and general direction of travel.
• Risk A1, relating to employers training, currently showed as red. Adequate training should bring the risk down to amber although it was noted that training was ongoing and employer training sessions would continue.
• Risk A9, relating to GMP reconciliation, had decreased slightly due to the mitigating action that had been taken.
• The Risk Register would be in a different format in future as the Council was moving to a different system.
• There were risks on the Register which related to both Brexit and the implementation of pooling by the Brunel Pension Partnership.
• Risk A8, relating to the increase of TUPE transfers / schools opting for academy status had gone from a probability score of 3 to 4. Following the introduction of a dedicated post which dealt specifically with TUPE transfers, the score should be amended to show 4 to 3.

Action: Ms J Edwards

RESOLVED

The Board NOTED the report.

To be presented by Mercer.

Mr Nick Sykes from Mercer presented his report and the following was highlighted:

• The deadline for the Investment Strategy Statement would be 31 March 2017.
• The statement would be a living document and once implemented it would be reviewed and changed when necessary.
• The Investment Strategy Statement would supersede the Statement of Investment Principles.
• The investment objective wording currently stated: ‘The primary objective of the Fund is to minimise the level of employer contributions in order to meet the cost of pension benefits as required by statute’ this should be amended to state that ‘The primary objective of the Fund is to be efficient, reduce costs and minimise contributions for employers, in order to meet the cost of pension benefits are required by statute’.

Action: Mr N Sykes

RESOLVED

The Committee AGREED the Investment Strategy Statement subject to the amended wording under item 2. Investment Objectives.

Pension Fund Committee Forward Plan attached.

Ms J Edwards presented the report and the following points were highlighted:

• Today’s meeting was the last before the County Council elections, which would be held on 4 May 2017. The next Pension Fund Committee would be on 31 May 2017 where the Chairman and Vice Chairman would be elected.
• The items for the 31 May meeting included the draft accounts, Brunel Pension Partnership update and fund manager performance. There had also been an additional paper requested on private equity.
• There would be a Pension Fund Committee training session on 25 May 2017 for new County Councillors but all members of the Committee would be invited.
• The agenda on 31 May 2017 was considered to be very full and therefore the Fund Manager Presentation item would be removed.

Action: Ms J Edwards

RESOLVED

The Committee NOTED the report and AGREED to remove the Fund Manager Presentation from the 31 May 2017 agenda.

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).

RESOLVED

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 confidential minutes of the meeting held on 6 March 2016 as an accurate record and to be signed by the Chairman.

The confidential minutes of the meeting held on 6 March 2017 were agreed as an accurate record and signed by the Chairman.

To be presented by Mercer.

The Committee received a detailed report from Mercer in relation to Currency Hedging.

The next meeting will be held on 31 May 2017 at 10.00am in Mezzanine 1.

Future meetings:

27 July 2017

20 September 2017

30 November 2017

The Chairman thanked all members of the Committee for their hard work during the year and especially to Mr Richard Scott who would be standing down as a County Councillor at the forthcoming election.

The next meeting was confirmed as 31 May 2017 at 10.00am.

Future meeting dates:

27 July 2017

20 September 2017

30 November 2017