Issue - meetings

Purpose of the report: The Pension Fund is required to publish an investment strategy statement (ISS) as a result of new investment regulations. It is a statutory requirement that the Pension Fund Committee should approve and regularly review its ISS.

Declarations of interest:

None

Witnesses:

Neil Mason, Head of Pensions

Key points raised during the discussion:

1. The Committee noted that the Investment Strategy Statement (ISS) was amended to take account of the following:

·         The changes in asset allocation and regional weighting approved by the Pension Fund Committee through the equity review;

·         The change in allocation from investment grade bonds to multi-asset credit,

·         The inclusion of a statement to allow the automatic use of cash-flows to rebalance the portfolio back to the target asset allocation.

·         Changes in the Private Equity Manager list on, due to reaching the end of their fund life, the following funds had been removed; HG Capital MUST 3, HG Capital MUST 4, ISIS II and ISIS III.

·         ISIS IV had been renamed Livingbridge 4 LP and ISIS Growth Fund had been renamed Livingbridge Enterprse 1LP.

2. It was noted that the latest ISS would be available online.

Actions/ further information to be provided:

None

Resolved:

The Pension Fund Committee approved the changes to the Investment Strategy Statement.