It was proposed, seconded and RESOLVED: that Councillor Malcolm Pate be elected Chairman for the ensuing municipal year.

Apologies for absence were received from Councillors Anne Chebsey, Malcolm Pate, Charles Smith and Mr Nigel Neat.

Councillor Joyce Barrow substituted for Councillor Malcolm Pate.

Apologies for absence were also received from Councillors Arnold England, Roger Evans and Rob Sloan (Substitute Members).

It was proposed, seconded and RESOLVED: that Councillor Malcolm Smith be appointed Vice-Chairman for the ensuing municipal year.

Members are reminded that they must not participate in the discussion or voting on any matter in which they have a Disclosable Pecuniary interest and should leave the room prior to the commencement of the debate.

Members were reminded that they must not participate in the discussion or voting on any matter in which they had a Disclosable Pecuniary Interest and should leave the room prior to the commencement of the debate.

The Minutes of the meeting held on 20 March 2015 are attached for confirmation, marked 5.

Contact: Sarah Townsend (01743 252803)

RESOLVED:

That the Minutes of the meeting held on 20 March 2015 be approved and signed by the Chairman as a correct record.

There were no public questions.

To consider approving a resolution under paragraph 10.2 of the Council’s Access to Information Procedure Rules that the proceedings of the Committee in relation to Agenda Items 8 to 12 only shall not be conducted in public on the grounds that they involve the likely disclosure of exempt information as defined by the categories specified against them.

RESOLVED:

That under paragraph 10.2 of the Council’s Access to Information Procedure Rules, the proceedings of the Committee in relation to Minutes 8 to 12, be not conducted in public on the grounds that they might involve the likely disclosure of exempt information as defined by the category specified against them.

(The full version of Minutes 8 to 12 constitutes exempt information under Category 3 of Paragraph 10.4 of the Council’s Access to Information Rules and has accordingly been withheld from publication).

The exempt report of the Head of Treasury & Pensions is attached, marked 8.

Contact: Justin Bridges (01743 252072)

The Committee received the exempt report of the Head of Treasury and Pensions (copy attached to the Exempt signed Minutes) which updated Members on the selection process to date and briefed the Committee in relation to the final interviews for the appointment of Unconstrained Bond Managers.  Following the manager selection exercise and officer short listing in conjunction with Aon Hewitt and Mr Roger Bartley (Independent Advisor to the Committee), three managers were invited to present to the Pensions Committee meeting.

The exempt report of the Head of Treasury & Pensions is attached, marked 9.

Contact: Justin Bridges (01743 252072)

The Committee received the exempt report of the Head of Treasury and Pensions (copy attached to the Exempt signed Minutes) which updated Members on the selection process to date and briefed the Committee in relation to the final interviews for the appointment of a Liability Driven Investment (LDI) Manager.  Following the manager selection exercise and officer short listing in conjunction with Aon Hewitt, two managers were invited to present to the Pensions Committee meeting.

The exempt Minutes of the meeting held on 20 March 2015 are attached for confirmation, marked 10.

Contact: Sarah Townsend (01743 252803)

RESOLVED:

That the Exempt Minutes of the meeting held on 20 March 2015 be approved and signed by the Chairman as a correct record.

The exempt report of the Pension Administration Manager is attached, marked 11.

Contact: Debbie Sharp (01743 252192)

The Committee received the exempt report of the Pension Administration Manager (copy attached to the Exempt signed Minutes) which provided Members with details regarding an admission under Schedule 2 Part 3 Regulation 1(d)(i) of the Local Government Pension Scheme Regulations 2013, due to services transferring from a Scheme Employer, under a service contract.

The report also provided confirmation of a new admission, which under the governance arrangements, had been approved by the Chairman of the Pensions Committee between committee meetings, to allow the sealing of the Admission.  Confirmation of two new Schedule 1 Part 1 Scheme Employer (Academies) joining the Fund were also reported.

RESOLVED:

That the recommendations in the exempt report by the Pension Administration Manager be approved.

The exempt report of the Head of Treasury & Pensions is attached, marked 12.

Contact: Justin Bridges (01743 252072)

(From this point, the proceedings of the Committee will be conducted in public session in relation to Agenda Items 13 to 15).

The Committee received the exempt report of the Head of Treasury and Pensions (copy attached to the Exempt signed Minutes) which provided Members with monitoring information on investment performance and managers for the quarter period to 31 March 2015, and reported on the technical meetings held with managers since the quarter end.

RESOLVED:

That the position as set out in the exempt report by the Head of Treasury and Pensions be noted.

(From this point, the proceedings of the Committee were conducted in public session in relation to Minutes 13 to 15).

The report of the Head of Treasury & Pensions is attached, marked 13.

Contact: Justin Bridges (01743 252072)

The Committee received the report of the Head of Treasury and Pensions (copy attached to the signed Minutes) which informed Members of Corporate Governance and socially responsible investment issues arising in the quarter 01 January 2015 to 31 March 2015.

RESOLVED:

That the position as set out in the report, Manager Voting Reports (Appendix A) and F&C Responsible Engagement Overlay Activity Report (Appendix B) be accepted.

The report of the Pension Administration Manager is attached, marked 14.

Contact: Debbie Sharp (01743 252192)

The Committee received the report of the Pension Administration Manager (copy attached to the signed Minutes) which provided Members with monitoring information on the performance of and issues affecting the Pensions Administration Team.

It was noted that from April 2015, non-pensioner Local Government Pension Scheme members were able to transfer their Local Government Pension Scheme benefits to defined contribution (DC) arrangements.  However for the first time, from the age of 55 or over, they would have full access to the cash transferred to those arrangements.

Finally, the Committee were reminded that this year’s annual meeting would be held on 12^th November 2015 at the Shirehall.

RESOLVED:

That the position as set out in the report by the Pension Administration Manager be accepted.

The report of the Pension Administration Manager is attached, marked 15.

Contact: Debbie Sharp (01743 252192)

The Committee received the report of the Pension Administration Manager (copy attached to the signed Minutes) which outlined the requirement to produce and keep updated certain Policies under the Local Government Pension Scheme legislation and in line with the best practice principles published by the Communities and Local Government Department.  The report recommended updates to three policies – the Governance Compliance Statement, the Communication Policy Statement and the Pension Administration Strategy Statement.

RESOLVED:

(a)     That the revised Governance Compliance Statement be approved (Appendix A).

(b)     That the revised Communication Policy Statement be approved (Appendix B).

(c)      That the revised Pension Administration Strategy Statement be approved (Appendix C).