Agenda and minutes

Pension Fund Committee - Monday 2nd March, 2015 7.00 pm

Venue: Hendon Town Hall, The Burroughs, London NW4 4BQ. View directions

Contact: Governance Service 020 8359 2761 Email: governance.service@barnet.gov.uk 

Items
No. Item

1.

Minutes pdf icon PDF 23 KB

Minutes:

RESOLVED -  That the minutes of the meeting held on 3 December 2014 be agreed as a correct record, subject to the inclusion of the following interest from Councillor Andreas Ioannidis:

 

Item/Report

Interest

7. Barnet Council Pension Fund Performance for July to September 2014.

Non Disclosable Pecuniary Interest as Councillor Ioannidis was a member of the Local Government Pension Scheme.

 

2.

Absence of Members

Minutes:

Councillor Daniel Seal.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

Minutes:

Councillor

Item

Interest

Jonn Marshall

Item 7

 

Barnet Council Pension Fund Performance

for October to December 2014

Non Disclosable Pecuniary Interest by virtue of having shareholdings in a number of companies that the fund had investments in.

Non DisclosablePecuniary Interest by virtue of being a member of the Local Government Pension Scheme to which he had contributed to but had not made any claims.

Peter Zinkin

Non Disclosable Pecuniary Interest by virtue of having shareholdings in a number of companies that the fund had investments in.

Arjun Mittra

Non Disclosable Pecuniary Interest by virtue of having shareholdings in a number of companies that the fund had investments in.

 

4.

Public Question and Comments (if any)

Minutes:

 

There were none.

5.

Report of the Monitoring Officer (if any)

Minutes:

There was none.

6.

Members' Items (if any)

Minutes:

There were none.

7.

Barnet Council Pension Fund Performance for Quarter ... pdf icon PDF 418 KB

Additional documents:

Minutes:

 

A representative from the JLT Group introduced the report and outlined how the Pension Fund had performed, including the performance of the Pension Fund Managers, Newton and Schroders, and the possible reasons for Newton’s underperformance during the quarter.

 

The Committee was addressed by representatives fund management companies, Newton Investment Management Limited and Schroders Investment Management Limited. The Committee questioned the fund managers on their presentations, their performance for the quarter October 2014 to December 2014 and their plans for the coming months.

 

RESOLVED - That

 

1.            The Committee instruct the Chief Operating Officer and Chief Finance Officer to ensure that the cash held internally and not required for payment of  pension benefits be  invested in equity  with fund manager Legal and General Equity Tracker being the preferred option;

 

2.            That ethical/socially responsible investments be discussed at a future review.

 

8.

Update on Admitted Body Organisations pdf icon PDF 352 KB

Minutes:

The Head of Treasury Services introduced the report.  

 

RESOLVED - That

 

1.            The update on the issues in respect of Admitted Body organisations within the Pension Fund be noted;

 

2.            The Head of Treasury Services provide a response to a query from in relation to the length of time it would take to set up the Bond for Green Sky (Claremont School) which had been admitted on 7 July 2014.

 

9.

Update Report London Collective Investment Vehicle pdf icon PDF 324 KB

Additional documents:

Minutes:

Members received a report of the Head of Treasury Services.

 

RESOLVED –

 

1.            That the Pension Fund Committee note the progress update on starting up the CIV and,

 

2.            That the Pension Fund Committee approves an additional payment of £50,000 towards the cost of establishing the London Collective Investment Vehicle.

10.

Any item(s) that the Chairman decides is urgent

Minutes:

There were none.