Investment and Pension Fund

Committee Minutes

Fri May 21 2010

Related Documents:
agenda for these minutes

Present

Devon County Council

Councillors Randall-Johnson (Chairman), Black, Brook, Edgell, Greenslade, Hannon, Parsons, Radford, Sanders and Westlake

Unitary and District Councils

Councillor Howarth (LGA Devon)

Union and retired Members

Mr. Franceschini and Mr. Lomax

Apologies

Councillors Fry, Moulding, Smith, Stark and Thomas

*34 Minutes

RESOLVED that the minutes of the meeting held on 19 February 2009 be signed as a correct record.

*35 UNISON Representation

The Committee noted that the Devon Branch of UNISON has agreed that Mr Roberto Franceschini would continue to represent the contributors in the Devon LGPS and has been nominated Staff representative "Observer" on this Committee.

*36 Welcome to the New Adviser to the Committee

The Committee welcomed Mr John Harrison as the new Independent Adviser to the Committee who would be working alongside the retiring Adviser Mr Ferguson until 31 March 2011 to ensure continuity of advice, as agreed at the last meeting.

*37 Application for Admitted Body Status - Curzon 2781 Limited

The Committee considered the report of the Director of Finance (CR/10/49 - text onlyCR/10/49). Members discussed a possible centralised pension scheme as opposed to individual local authority schemes, the number of admitted body members in relation to the Fund s total membership and the quality of bond/guarantees provided.

It was MOVED by Councillor Hannon, SECONDED by Councillor Randall-Johnson and

RESOLVED

(a) that as Curzon 2781 Limited meet the requirements to be admitted to the Pension Scheme and subject to the provision of a satisfactory indemnity bond or guarantee to the value advised by the Fund s Actuary it be admitted to the Local Government Pension Scheme;

(b) that the admission be on a closed basis.

*38 Application for Admitted Body Status Sanctuary Housing Association

The Committee considered the report of the Director of Finance (CR/10/50 - text onlyCR/10/50).

It was MOVED by Councillor Randall-Johnson, SECONDED by Councillor Parsons and

RESOLVED

(a) that as Sanctuary Housing Association meet the requirements to be admitted to the Pension Scheme and subject to the provision of a satisfactory indemnity bond or guarantee to the value advised by the Fund s Actuary it be admitted to the Local Government Pension Scheme;

(b) that the admission be on a closed basis.

*39 Committee Training

(a) The Committee noted that a training day had been arranged for Friday 11 June 2010 and that the two areas to be covered would be Property and Global Custody. After further discussion about how many Members would be able to attend it was agreed that the Investment Manager would try to find a more suitable date and liaise with the Chairman.

(b) The Committee also noted that a training session would be held that afternoon (21 May) with Mr Graeme Muir from Barnett Waddingham. Mr Muir would provide an insight into his role as the Devon Fund s appointed actuary and also some commentary on the 2010 triennial actuarial valuation which is currently underway.

*40 Audit Committee

The Investment Manager reminded the Committee that it was scheduled to meet at 11am on Thursday 24 June as an Audit Committee to receive the Pension Fund Statement of Accounts for 2009/10. As this would be the first occasion that the Committee would have to act in this capacity, it was proposed that the Director of Finance arrange a brief training session at 10.15am, prior to the commencement of the Committee. This was agreed.

*41 Investment Management and New Money Report

The Committee considered the report of the Director of Finance (CR/10/51 - text onlyCR/10/51) on total Fund performance, asset allocation, treasury management strategy and allocation of new money. Members discussed the recent negative publicity about the Fund issued by the Express and Echo and how best to respond to it.

It was MOVED by Councillor Randall-Johnson, SECONDED by Councillor Parsons and

RESOLVED

(a) that the report be noted;

(b) that no new money be allocated in the current quarter.

*41 Dates of Future Meetings

The Committee noted future meeting dates in the web calendar were as shown below.

2010: 24 June 2010 (Audit Committee) - 11am

3 September 2010

24 September (Audit Committee if required) - 11am

6 November 2010

2011: 18 February 2011 (including Annual Consultative Meeting)

20 May 2011

It was MOVED by Councillor Randall-Johnson, SECONDED by Councillor Parsons and

RESOLVED that, at the request of Councillor Stark and to avoid another clash with Plymouth City Council s Annual Meeting, Procedures Committee be requested to bring forward the 20 May 2011 meeting of the Committee to Friday 13 May 2011.

*DENOTES DELEGATED MATTER WITH POWER TO ACT

The meeting started at 10 am and finished at 11.00 am

The Minutes of the Committee are published on the County Council s Website at:

Date Published: Tue Jun 01 2010