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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Minutes: No apologies were received.
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MINUTES OF THE PREVIOUS MEETING 13 November 2015 PDF 451 KB
To agree the minutes as a true record of the meeting. Minutes: The Minutes were approved as an accurate record of the meeting, apart from a small amendment on page 16, concerning the identity of a fund manager interviewed.
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DECLARATIONS OF INTEREST
To receive any declarations of disclosable pecuniary interests from Members in respect of any item to be considered at the meeting.
Notes: · In line with the Relevant Authorities (Disclosable Pecuniary Interests) Regulations 2012, declarations may relate to the interest of the member, or the member’s spouse or civil partner, or a person with whom the member is living as husband or wife, or a person with whom the member is living as if they were civil partners and the member is aware they have the interest. · Members need only disclose interests not currently listed on the Register of Disclosable Pecuniary Interests. · Members must notify the Monitoring Officer of any interests disclosed at the meeting so they may be added to the Register. · Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest.
Minutes: There were no declarations of disclosable pecuniary interest.
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QUESTIONS AND PETITIONS
To receive any questions or petitions.
Notes: 1. The deadline for Member’s questions is 12.00pm four working days before the meeting (8 February 2016). 2. The deadline for public questions is seven days before the meeting (5 February 2016). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
Minutes: No questions or petitions were received.
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An action tracker is attached, detailing actions from previous meetings. The Board is asked to review progress on the item listed. Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided:
Resolved:
That the action tracker was noted and the committee agreed to remove the completed actions from the tracker.
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Local Government Pension Scheme Investment Reform: National Pooling PDF 153 KB
At the summer Budget 2015, the Chancellor announced the intention to invite administering authorities to bring forward proposals for pooling Local Government Pension Scheme investments, to deliver significantly reduced costs while maintaining overall investment performance.
This report seeks the Committee’s approval of recommendations, as set out in the papers. Minutes: Declarations of interest: None
Key points raised during the discussion:
The meeting was adjourned from 10.30am – 10.50am.
Actions/further information to be provided:
Resolved:
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Local Government Pension Scheme Investment Regulations Consultation PDF 125 KB
This report summarises the Government consultation on planned reforms to the Investment Regulations governing the LGPS in England and Wales.
Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided: None.
Resolved:
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Manager Issues and Investment Performance PDF 864 KB
This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Committee, as well as manager investment performance. Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
a. The Vice-Chairman queried whether it was sensible to invest in funds that would not form part of the BCPP. The Strategic Finance Manager (Pension Fund & Treasury) responded that Government accepted that there would be a small number of assets that would not immediately go into the pool and that there was a period of over two years before the pool would come into operation. b. There was a request for information on the performance of SOF I and II, to which the Surrey Pension Fund Adviser responded that it was still early days to assess performance on such long term investments. c. The Chairman queried what Standard Life were investing the money in, to which the Surrey Pension Fund Adviser responded that it was unlikely they would provide a structured list. He stated that the advantage of secondary investments was that, due to their long-term nature, assets could be brought at a reduced price. However, the disadvantage was that you did not tend to have a say in which industries you were investing in. d. The Strategic Finance Manager (Pension Fund & Treasury) clarified that Surrey had invested $20 million dollars in both SOF I and II, and that such investments had generally been very profitable. e. The Partner from Mercer highlighted that the Surrey fund was slightly underweight in their commitment to private equity. Investing in the SOF III now would be a good way of diversifying the fund’s vintage year exposure. f. After discussion, Members and Officers agreed to support investment into SOF III. However, the Vice-Chairman requested that it be recorded in the minutes that he would prefer to know what other SOF opportunities were available. g. The Chairman requested that Officers look to further reduce the management fee. |
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Pension Fund Business Plan 2016/17 PDF 122 KB
The Myners Report recommended that local authority pension funds should approve an annual business plan in respect of the objectives required for the ensuing year. Business planning is regarded as an important tool, assisting in the identification of how service delivery can be maximised within resource constraints.
The Pension Fund Committee is asked to consider and adopt the Business Plan included in the papers. Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided: None.
Resolved:
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Pension Fund Risk Register PDF 121 KB
The Committee is invited to review the risk register. Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
1. The Strategic Finance Manager (Pension Fund &Treasury) introduced the Pension Fund Risk Register. 2. One new risk was highlighted to the committee which concerned the implemention of the BCPP asset pool.
Actions/further information to be provided: None.
Resolved: That the report was NOTED.
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Corporate Governance Share Voting PDF 251 KB
This report provides a summary of the Fund’s share voting process in Q2 and Q3 2015/16 (1 July 2015 – 31 December 2015). Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided:
None.
Resolved:
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Key Performance Indicators and Administration Update PDF 153 KB
In line with best practice, Pension Fund Committee members will be supplied with Pension Fund key performance indicators (KPIs) on a quarterly basis, covering investment and administration practices. This paper also includes an update on administration issues
Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided: None.
Resolved:
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Revised Statement of Investment Principles PDF 74 KB
It is part of good governance that the Pension Fund Committee should review and approve its Statement of Investment Principles (SIP) and Core Belief Statement on a regular basis.
Additional documents: Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided: None.
Resolved:
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Exclusion of the Public
Recommendation: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part 1 of Schedule 12A of the Act. Minutes: Resolved:
That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part 1 of Schedule 12A of the Act.
With the agreement of the Committee, the Chairman considered item 16 before item 15.
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Categorising of Employers by Risk and Covenant Strength
The Committee are asked to consider the recommendations contained within the report. Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided: None.
Resolved:
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Pension Administration System
This report asks that the Committee consider recommendations relating to the pension administration database and processes. Minutes: Declarations of interest: None
Key points raised during the discussion:
Actions/further information to be provided: None.
Resolved:
1. That the Pension Fund Committee agreed the recommendations in relation to the Pension Fund Adminstration System, as set out in the report.
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Publicity for Part 2 Items
To decide if any of the information discussed in Part 2 of the meeting should be shared with the press or public. Minutes: It was agreed that non-exempt information may be made available to the press and public, where appropriate.
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Board will be on 25 February 2016. Minutes: The date of the next meetings was NOTED.
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