Pensions Sub Committee Minutes

Date:
Thursday 24 May 2018
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
John Campbell (Vice-Chairman) - Nith
Malcolm Johnstone - Nith
Elaine Murray - Nith
Graham Nicol - Mid Galloway and Wigtown West
Stephen Thompson - Annandale North
Officials:
Stewart Clanachan - HR Manager
Andrew Ewart - Treasury / Insurance Officer
Paul Garrett - Head of Finance and Procurement
Claire Rogerson - Governance Officer
In attendance:
David McKie - Pension Board Chairman
David Stainthorpe - Pension Board Member
Paul Potter - Hymans Robertson
Jamie McLaughlan - Hymans Robertson
Apologies:
Adam Wilson (Chairman) - Annandale North
Ian Carruthers - Annandale South
Henry McClelland - Annandale South
Jim McColm - Mid Galloway and Wigtown West
Matthew Ronnie - Mid and Upper Nithsdale
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

PROCEDURE - In the absence of the Chairman, the Vice-Chairman assumed the role of Chairman for the meeting.

 

4 Members present, 5 apologies and 1 not present at the start of the meeting.

 

PROCEDURE - The Chairman noted that the Pension Board was not quorate for there to be a joint meeting of this Sub Committee with the board.  He advised that he was content for the two Pension Board Members present to remain in the meeting of this Sub Committee.

2 DECLARATIONS OF INTEREST

NONE declared

 

MEMBER - Elaine Murray entered the meeting - 5 Members present

3 INVESTMENT STRATEGY REVIEW - REPORT BY HEAD OF FINANCE AND PROCUREMENT

Decision

 

3.1 NOTED the contents of the presentation Review of Investment Strategy by Hymans Robertson;

AGREED


3.2 the change in investment strategy from the current allocation to a modest switch from equity investments into alternative return-seeking assets to improve the risk/return profile of the Fund, as detailed in 4.7 of the report, most closely aligning with the Lower Risk (1) diversifying strategy but noting that specific recommendations on the detailed allocations for each component of the Fund will be brought to the next meeting and that the risk profile of the recommended strategy will also take into account the estimated funding level at that time, and

3.3 to receive a report on the detailed asset allocation at the September 2018 meeting of this Sub Committee
 

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

Decision

 

4.1   NOTED  the annual report on Local Government Pension Scheme issues and administration activity for financial year 2017/18

 

AGREED

 

4.2   to receive a report back at the September 2018 meeting of the Sub Committee on the improvement plan for conditional and common data on the work done since 1 April 2018; and

 

4.3  to receive a report back early in 2019, following the completion due in December 2018 of the work done on the Guaranteed Minimum Pension Reconciliation project.

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

Decision

 

NOTED

 

5.1  the additions to the Annual Training Plan (Appendix 1 of the report) following the previous meeting of this Committee; 

 

5.2  the  progress to date in the Record of Training (Appendix 2 of the report) and the process for updating the Record of Training; recognising that the information presented was reliant on updates from Members

 

5.3   that the online Pensions Regulator Public Service Toolkit training available at https:education.thepensionsregulator.gov.uk/my/ and the background information What is Responsible Investment? available at https:www.unpri.org/about/what-is-responsible-investment is now overdue for completion

6 ACTUARIAL VALUATION AS AT 31 MARCH 2017 FINAL RESULTS UPDATE - REPORT BY HEAD OF FINANCE AND PROCUREMENT

Decision

 

6.1 NOTED that the 2017 Actuarial Valuation Report for the Dumfries and Galloway Council Pension Fund was signed off by the Actuary on 29 March 2018, and

6.2 AGREED the revised Funding Strategy Statement for the Dumfries and Galloway Council Pension Fund, as detailed in sections 3.5 to 3.6 of the report.

MEMBER - Malcolm Johnstone left the meeting - 4 present
 

7 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.

8 LOCAL GOVERNMENT (SCOTLAND) ACT 1973

Decision

 

AGREED the adoption of resolution to exclude the public from the meeting in terms of Section 50A(4) and paragraph 6 of Part 1 of Scheduled 7A of the Local Government Scotland Act 1973.

EXEMPT
9 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE FIRST QUARTER OF 2018 - REPORT BY HEAD OF FINANCE & PROCUREMENT

Summary of Report - This report advised Members of the recent investment manager performance in the Local Government Pension Scheme.  The report was produced by the funds' investment advisors Hymans Robertson and outlined managers performance for the quarter to 31 March 2018.

 

Decision

 

NOTED

 

9.1  the contents of the report " Review of Investment Managers Performance for the First Quarter of 2018 by Hymans Robertson; and

 

9.2  the manager performance snaphot provided.