Pensions Sub Committee Minutes

Date:
Thursday 26 May 2016
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
Tom A McAughtrie (Chairman)-Abbey
Iain Dick-Stranraer and North Rhins
Grahame Forster-Wigtown West
Patsy Gilroy-Dee
Ronnie E Ogilvie-Annandale South
George N Prentice-Castle Douglas and Glenkens
Stephen Thompson-Annandale North
Ted Thompson-Lochar
Officials:
Paul Garrett - Head of Finance and Procurement
Stewart Clanachan - Performance and Reward Manager
Andrew Ewart - Treasury/Insurance Officer
Claire Rogerson - Governance Officer
In attendance:
David Stainthorpe - Pension Board Chairman
David J McKie - Pension Board Member
Denis Male - Pension Board Member
Alastair Witts - Pension Board Member
Sheelah Smith - Pension Board Member
Nick Davidson - Alliance Bernstein
Simon Garbutt - Lothbury
Paul Potter - Hymans Robertson
Stephen Wells - Alliance Bernstein
Apologies:
Ian Carruthers - Annandale South
Jim H Dempster - Mid and Upper Nithsdale
Graham Nicol - Mid Galloway
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

8 Members present, 3 apologies

 

PROCEDURE - The Governance Officer advised that David Stainthorpe had been appointed Chairman of the Pension Board at the meeting of the Board held earlier today.

2 DECLARATIONS OF INTEREST

NONE declared

3 MINUTE OF MEETING OF 18 FEBRUARY 2016

Decision

 

NOTED

4 EXTERNAL AUDIT PLAN FOR 2015/16 - REPORT BY HEAD OF FINANCE & PROCUREMENT

Decision

 

NOTED the external audit plan for 2015/16.

5 LOCAL GOVERNMENT PENSION SCHEME - ADMINISTRATION ANNUAL UPDATE - REPORT BY HEAD OF ORGANISATIONAL DEVELOPMENT, HUMAN RESOURCES & ASSETS

Decision

 

NOTED

 

5.1      the annual report on Local Government Pension Scheme administration activity for financial years 2015/16; 

 

5.2      the detailed scheme activity information for financial years 2015/16 as outlined in Appendix 1 of the report; and

 

5.3      APPROVED the Administering Authority and Employer (Discretions) Policy Statement as shown at Appendix 2 of the report.

6 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 due to the need for a decision.

7 LOCAL GOVERNMENT (SCOTLAND) ACT 1973

Decision

 

AGREED to adopt a  resolution to exclude the public from the meeting in terms of Section 50A(4) and paragraph 9 of Part 1 of Scheduled 7A of the Local Government Scotland Act 1973.

EXEMPT
8 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE FIRST QUARTER OF 2016 - REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

Decision

 

NOTED

 

8.1      the contents of the report Review of Investment Managers Performance for the First Quarter of 2016 by Hymans Robertson; and

 

8.2      the manager performance snapshot provided on page 8 of the report.

9 REVIEW OF RREEF PERFORMANCE - REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

Decision

 

NOTED

 

12.1     the average return on Venture Fund 1 of 14.6% per annum, as detailed at paragraph 3.7 of the report;

 

12.2     the average return on Venture Fund 2 of 18.2% per annum, as detailed at paragraph 3.8 of the report; and 

 

12.3     the average return on Venture Fund 3 to 31 March 2016 of minus 11.6% per annum, as detailed at paragraph 3.9 of the report.

 

MEMBER - Patsy Gilroy left the meeting - 7 Members present

10 CURRENT INVESTMENT STRATEGY - REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

Decision

 

NOTED the presentation and report by Lothbury.

 

MEMBER - George N Prentice left the meeting - 6 Members present

11 CURRENT INVESTMENT STRATEGY - REPORT BY HEAD OF FINANCE & PROCUREMENT(PARAGRAPH 9)

Decision

 

NOTED the presentation and report by Alliance Bernstein.