Pensions Sub Committee Minutes

Date:
Tuesday 4 July 2017
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
Adam Wilson (Chairman) - Annandale North
John Campbell (Vice-Chairman) - Nith
Ian Carruthers - Annandale South
Malcolm Johnstone - Nith
Henry McClelland - Annandale South
Jim McColm - Mid Galloway and Wigtown West
Elaine Murray - Nith
Graham Nicol - Mid Galloway and Wigtown West
Stephen Thompson - Annandale North
Officials:
Paul Garrett - Head of Finance and Procurement
Claire Rogerson - Governance Officer
Andrew Ewart - Treasury/Insurance Officer
Gemma Lowery - Treasury & Capital Manager
In attendance:
David McKie - Pension Board Chairman
Tom Featherstone - Pension Board Member
David Stainthorpe - Pension Board Member
Andrew Wood - Pension Board Member
Pete Riedel - Hyman Robertson
Nell McRae - Hyman Robertson
Apologies:
Matthew Ronnie - Mid and Upper Nithsdale
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

9 Members present and 1 apology

2 DECLARATIONS OF INTEREST

NONE declared

3 DELEGATION TO PENSIONS SUB COMMITTEE - REPORT BY DIRECTOR OF CORPORATE SERVICES

Decision

NOTED
the remit of the Pension Sub Committee as detailed at paragraph 3.2 of the report
 

4 OVERVIEW OF THE PENSION FUND - PRESENTATION BY HYMANS ROBERTSON

Decision

4.1 NOTED the presentation by Hymans Robertson

 

4.2 THANKED Hymans Robertson for their presentation
 

5 INTRODUCTION OF ANNUAL TRAINING PLAN AND RECORD OF TRAINING - REPORT BY HEAD OF FINANCE AND PROCUREMENT

Decision

 

5.1 AGREED to the introduction and development of the annual training plan in Appendix 1 of the report for the Pension Sub Committee, Pension Board and Officers

 

5.2 AGREED to the introduction of an annual Record of Training in Appendix 2 of the report and to receive updates at future meetings of this committee

 

5.3 AGREED to note the development of the Pension Fund Information Pack in Appendix 3 of the report as a key source of information for members of the Pension Sub Committee and Pension Board.
 

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

Decision

 

NOTED that there was no item of 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 schedule 7a of the local government of Scotland act 1973.

EXEMPT
8 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE FIRST QUARTER OF 2017 - REPORT BY HEAD OF FINANCE & PROCUREMENT

Summary of Report - This report provided Members with details of the recent investment manager's performance in the Local Government Pension Scheme. The report was produced by the fund's investment advisers, Hymans Robertson and the report outlined manager performance for the quarter to 31 March 2017.

  

Decision

 

NOTED

 

8.1 that the Sub Committee would look at investment classes in the future to inform the decision in January 2018 on the investment strategy;

 

MEMBER - Elaine Murray left the meeting - 8 Members present

 

8.2  the contents of the report “Review of Investment Managers Performance for the First Quarter of 2017” by Hymans Robertson; and

 

8.3 the Managers Performance snapshot provided at page 8 of the report.

9 UPDATE ON THE REVIEW OF EQUITY INVESTMENT - REPORT BY HEAD OF FINANCE AND PROCUREMENT

Summary of Report - This report provided an update to Members. At the meeting of the Pensions Sub Committee on 23 February 2017 Members agreed to changes in the allocation of assets between UK and global equities, and the management of these assets. This report advised Members of Dumfries and Galloway Council Pension Committee and Board of the progress to date in implementing the agreed proposals.

 

Decision

 

NOTED the progress to date towards the agreed changes to the Pension Fund structure