Pension Board Minutes

Date:
Thursday 28 May 2015
Time:
10.30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
David McKie (Chairman)-Pension Board Chairman
Denis Male-Pension Board Member
Alastair Witts-Pension Board Member
Daviid Stainthorpe-Pension Board Member
Tom Featherstone-Pension Board Member
Officials:
Paul Garrett - Head of Finance
Andrew Ewart - Treasury/Insurance Officer
Claire Rogerson - Governance Officer (until item 7)
Stewart Clanachan - Performance and Reward Manager
In attendance:
Tom A McAughtrie (Chairman) - Abbey
Ian Carruthers - Annandale South
Iain Dick - Stranraer and North Rhins
Grahame Forster - Wigtown West
Patsy Gilroy - Dee
Graham Nicol - Mid Galloway
Ronnie E Ogilvie - Annandale South
George N Prentice - Castle Douglas and Glenkens
Stephen Thompson - Annandale North
Ted Thompson - Lochar
Allison Galbraith - Hymans Robertson
Douglas Stewart - Alliance Bernstein
Nick Davidson - Alliance Bernstein
Simon Radford - Simon Radford
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

5 Members present

2 DECLARATIONS OF INTEREST

NONE declared

3 LOCAL GOVERNMENT PENSION SCHEME - ADMINISTRATION ANNUAL UPDATE - REPORT BY HEAD OF ORGANISATIONAL DEVELOPMENT AND HUMAN RESOURCES

Decision

 

SCRUTINISED and NOTED the decision of the Pension Sub Committee as below:-

 

NOTED

3.1 the annual report on Local Government Pension Scheme administration activity for financial years 2014/15;

3.2 the detailed scheme activity information for financial years 2014/15; and

3.3 the discussion regarding future capacity and medium to long term resource provision of the Pension section equating to a projected spend of between £80-90k per annuan

3.4      AGREED the Administering Authority and Employer (Discretions) Policy Statement
 

4 REVISED FUNDING STRATEGY STATEMENT - REPORT BY HEAD OF FINANCE

Decision

 

NOTED the decision of the Pension Sub Committee as below:-
NOTED the revised Funding Strategy Statement for the Dumfries and Galloway Council Pension Fund
 

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

Decision

 

NOTED the decision of the Pension Sub Committee as below:-


NOTED that there was no business deemed urgent by the Chairman due to the need for a decision
 

6 LOCAL GOVERNMENT (SCOTLAND) ACT 1973

Decision

 

AGREED to adopt the 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

EXEMPT
7 REVIEW OF INVESTMENT MANAGERS PERFORMANCE FOR THE FIRST QUARTER OF 2015 - REPORT DATED MAY 2015 BY HYMANS ROBERTSON (PARAGRAPH 9)

Decision

 

SCRUTINISED and NOTED the decision of the Pension Sub Committee as below:-

 

NOTED

7.1 Legal and General passive UK equity holdings delivered positive absolute returns in line with the benchmark;

7.2 the combined bond portfolio (segregated and pooled) also performed in line with benchmark during the quarter;

7.3 Alliance Bernstein significantly outperformed the benchmark by 2.8%;

7.4 Templeton's global equity portfolio outperformed the benchmark, returning 9.4% in absolute terms;

7.5 Baillie Gifford Diversified Growth Fund outperformed this quarter;

7.6 Lothbury and Threadneedle property funds both outperformed during the quarter; and

7.7 BlackRock delivered a small underperformance during the quarter
 

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

Decision

 

NOTED the decision of the Pension Sub Committee as below:-


NOTED the presentation and report
 

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

Decision

 

NOTED the decision of the Pension Sub Committee as below:-

 

NOTED the presentation and report