Venue: Committee Room C, County Hall, Kingston upon Thames, Surrey KT1 2DN
Contact: Richard Plummer Email: richard.plummer@surreycc.gov.uk
Note: Extraordinary Meeting
No. | Item |
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Minutes: Apologies were received from Margaret Janes. |
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MINUTES OF THE PREVIOUS MEETING: 9 FEBRUARY 2018 PDF 448 KB
To agree the minutes as a true record of the meeting. Minutes: The Minutes were approved as an accurate record of the previous meeting. |
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DECLARATIONS OF INTEREST
All Members present are required to declare, at this point in the meeting or as soon as possible thereafter (i) Any disclosable pecuniary interests and / or (ii) Other interests arising under the Code of Conduct in respect of any item(s) of business being considered at this meeting NOTES: · Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest · As well as an interest of the Member, this includes any interest, of which the Member is aware, that relates to the Member’s spouse or civil partner (or any person with whom the Member is living as a spouse or civil partner) · Members with a significant personal interest may participate in the discussion and vote on that matter unless that interest could be reasonably regarded as prejudicial. Minutes: There were none. |
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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 (20 March 2018). 2. The deadline for public questions is seven days before the meeting (19 March 2018). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
Minutes: There were none. |
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ACTION TRACKER AND FORWARD WORK PROGRAMME PDF 55 KB
An action tracker is attached, detailing actions from previous meetings. The Board is asked to review progress on the item listed. Additional documents: Minutes: Members noted and approved the Actions Tracker and Forward Work Programme. |
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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. |
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APPOINTMENT OF PENSION FUND ACTUARIES
Purpose of the report: To set out the assessment criteria, scoring and recommendation of the procurement exercise to appoint a firm of actuaries for the Pension Fund. Hymans Robertson are the Fund’s incumbent actuary.
Minutes: Declarations of interest:
None
Witnesses:
Key points raised during the discussion:
1. There was a discussion regarding the appointment process and the scores given to each bid received.
RESOLVED:
That the Committee:
1. Noted and approved the assessment criteria by which an actuary may be appointed; and
2. Approved the re-appointment of Hymans Robertson as the Fund actuary, as the supplier that achieved the highest score, on a 6 year contract with an option to extend for 1 year, with effect from May 2018, in line with the LGPS Frameworks document.
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EXTENSION OF DOWNSIDE EQUITY PROTECTION
Purpose of the report: This report provides an update on downside equity protection strategy and considers the case for extending the equity protection to UK equities in the portfolio.
Minutes: Declarations of interest:
None
Witnesses:
Neil Mason, Head of Pensions
1.
There was a discussion regarding the protection of equities in the
fund and whether the appropriate timescales and situation in which
to enter such protection.
RESOLVED:
That the Committee:
· An acceptable put spread between 70-90 and 75-90 · A minimum upside call of 101% · The index levels must be within 5% of the 28 November 2017 levels (as measured by Mercer/LGIM).
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PUBLICITY OF PART TWO ITEMS
To consider whether the item considered under Part 2 of the agenda should be made available to the Press and public.
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 8 June 2018. Minutes: The date of the meeting was NOTED. |