Pensions Sub Committee Minutes

Date:
Friday 24 August 2012
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
George N Prentice (Chairman)-Castle Douglas and Glenkens
Ian Carruthers-Annandale South
Iain Dick-Stranraer and North Rhins
Grahame Forster-Wigtown West
Patsy Gilroy-Dee
Tom A McAughtrie-Abbey
Officials:
Paul Garrett - Head of Finance
Andrew Ewart - Treasury/Insurance Officer
Claire Thomson - Committee Clerk
In attendance:
Hugh Carr (Observer in Consultative Capacity) - DGHP
Tom Featherstone (Observer in Consultative Capacity) - Unite
David Nichols (Observer in Consultative Capacity) - Unison
Ian Burton - Alliance Bernstein
John Hastings - Hymans Robertson
Patrick Rudden - Alliance Bernstein
Apologies:
Graham Nicol - Mid Galloway
Ronald E Ogilvie - Annandale South
Stephen Thompson - Annandale North
Ted Thompson - Lochar
Andrew S Wood - Mid and Upper Nithsdale


Item Number Item/Description Action
PUBLIC
1 SEDERUNT AND APOLOGIES

4 Members present, 5 apologies

 
2 DECLARATIONS OF INTEREST

Decision

 

NONE declared

 
3 ANY OTHER BUSINESS DEEMED URGENT BY THE CHAIRMAN DUE TO THE NEED FOR A DECISION

Decision

 

NOTED that there was no business deemed urgent by the Chairman which required a decision.

 
4 CONSIDER ADOPTION OF RESOLUTION TO EXCLUDE THE PUBLIC FROM THE MEETING IN TERMS OF SECTION 50A(4) AND PARAGRAPH 9 OF PART 1 OF SCHEDULE 7A OF THE LOCAL GOVERNMENT (SCOTLAND) ACT 1973.

Decision

 

AGREED

 

MEMBERS - Iain Dick and Patsy Gilroy entered the meeting - 6 Members present

 
EXEMPT
5 REVIEW OF INVESTMENT MANAGERS PERFORMANCE - REPORT DATED AUGUST 2012 BY HYMANS ROBERTSON FOR THE SECOND QUARTER OF 2012. (PARAGRAPH 9)

Decision

 

NOTED

 

5.1      that Alliance Bernstein underperformed its benchmark by 2.8% in Q2 2012. Longer term performance was behind benchmark;

 

5.2      that Templeton underperformed its benchmark by 5.8%. Longer term performance was behind benchmark;

 

5.3      that Legal and General produced returns in line with benchmark, as expected from a passive manager;

 

5.4      that Aberdeen’s bond mandate underperformed its benchmark by 0.7%;

 

5.5      that Lothbury outperformed its benchmark by 0.6%;


5.6      that Threadneedle underperformed its benchmark by 0.4%;

 

5.7      that RREEF underperformed by 0.8%; and

 

5.8      that Mellon outperformed by 2.7%.

 

MEMBER - Tom McAughtrie left the meeting - 5 Members present

 
6 NAVIGATOR REPORT - REPORT BY HEAD OF FINANCE (PARAGRAPH 9)

Decision

 

6.1     NOTED the contents of the Navigator funding projection report as at 31 March 2012; and

 

6.2     AGREED to receive a report on the risks/options of local investment.

Head of Finance
7 ASSET LIABILITY STUDY - PRESENTATION AND REPORT BY HYMANS ROBERTSON (PARAGRAPH 9)

Decision

 

NOTED presentation and report on the Asset Liability Study.

 
8 CURRENT INVESTMENT STRATEGY - PRESENTATION AND REPORT BY ALLIANCE BERNSTEIN (PARAGRAPH 9)

Decision

 

NOTED presentation and report on the current Investment Strategy.