Agenda item

This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Board, as well as manager investment performance.

Declarations of Interest:

None.

Key Points Raised During the Discussion:

1.    The Strategic Manager – Pension Fund & Treasury introduced the report.  He informed the Board that a full report on the P750 Fund would be brought to the Board at its May meeting (Action Review ref: A1/14).

2.    The Board considered the Freedom of Information (FOI) requests during the last quarter.  There was a query whether all FOI responses were published on the Council’s website.   The Regulatory Committee Manager was asked to find out and report back (Action Review ref: A2/14).

3.    Officers confirmed that the dates listed for the November Board meeting and the AGM in the papers were correct.  A number of Members stated that they were unable to make the meeting on 23 May and it was agreed to look for a different date (Action Review ref: A3/14).

Ian Perkin joined the meeting.

4.    The Strategic Manager – Pension Fund & Treasury informed the Board that he was working with Manifest to develop a summary report on share voting.  This would categorise votes and include information on the more interesting votes.  A first report would be provided to the next Board meeting (Action Review ref: A4/14).

5.    The Board debated the proposal to insure against ill health retirements and the options available for doing this, including self-insurance.  The Board considered issues such as: the benefits of externalising the risk of ill health retirements; the additional complex administration to notionally separate and invest the assets ring fenced if the Fund was to self-insure; size of the risk to the Fund as a whole and the paternalistic remit of the Fund to smaller employers; requirement on the Board to mitigate risks.  The Board took a vote and agreed to support recommendation 2 on the report.

6.    Members queried how much Surrey County Council charges for loans and the Strategic Manager – Pension Fund & Treasury agreed to check and report back to the Board (Action Review ref: A5/14).

7.    The Strategic Manager noted that on page 40 of the Board papers, column 4 should be headed “Allocation at 31/1/2014”.

Actions/Further Information to be Provided:

      i.        A full report on the P750 Fund to be brought to the Board at its May meeting.

     ii.        Regulatory Committee Manager to find out if all FOI responses are published on the Council’s website and report back.

    iii.        To reschedule the meeting currently set for 23 May 2014.

   iv.        A first summary report on share voting to be brought to the next meeting of the Board.

    v.        The Strategic Manager – Pension Fund & Treasury agreed to check how much Surrey County Council charges for loans and report back to the Board.

Resolved:

      i.        That the report be APPROVED;

     ii.        That the purchase of an annual insurance policy with Legal & General to insure the fund against the cost of ill health retirements be APPROVED, subject to the County Council’s Head of Procurement confirming that it is not necessary to formally tender for an insurance provider.

Next Steps:

None.