Agenda and minutes

RESOLVED – That the Pensions Fund Committee agreed to amend section three of the minutes from the meeting that took place on 03 February 2016 meeting which added a declaration of interest in the name of Councillor John Marshal.

Having agreed the amendment to the minutes of the meeting held on 03 February 2016 the Pensions Fund Committee approved the minutes as amended.

None

There were none.

There were none.

The Pensions Fund Committee’s independent Investment Advisor,  Andrew Elliott introduced the report and summarised the Pensions Fund Performance for Quarter between October to December 2015.  The Committee noted the addendum to the report which contained appendix C which had been marked to follow.   Having considered the item the committee:

Resolved that

·       That the Pension Fund Committee noted the report

·       The Pension Fund Committee noted that pages 6&7 required to be amended as these pages contained an error.   

·       The Pension Fund Committee noted that the corrected report would be published following the meeting. 

The Pensions Fund Committee’s received a presentation from the Pension Fund’s external auditor BDO. Leigh Lloyd -Thomas, a Partner at BDO introduced the report.  He set out the audit plan for external audit activities for 2015/16 which will be presented to next Pension Fund Committee, following the completion of the external audit.

Resolved

That the committee noted the report

The Chairman introduced the report and noted that the London Borough of Barnet are members of the Local Government Pensions Scheme Collective Investment Vehicle (London CIV).   The Pensions Fund Committee’s independent Investment Advisor, Andrew Elliott noted that further governance arrangements are to be put into place.

Resolved

That the committee noted the report

The Chairman introduced the report and noted that there are small bodies which are not able to receive a bond.  He added that it was possible for the London Borough of Barnet to write a bond for such companies.

The Head of Treasury, Iain Millar noted that the London Borough of Barnet is able to accept an Admitted Body without issuing a bond.     Councillor Zinkin noted that there must be a monitoring system in place to identify if a bond is not made.

Resolved

That the Committee noted the report and the admitted body organisations as detailed in Appendix 1.

The Committee noted that the next meeting is due to take place on 19 July 2016. 

Resolved

That the work programme be noted.

There were no urgent items.

The Chairman exercised the ability exclude any Members of the Press or Public due to the exempt nature of the report.    He introduced the report and noted the fund managers contained in the report.   The Committee discussed and noted support for the Council’s Pension Fund to be further diversified. 

The Chairman outlined that the Pensions Fund Committee were able to consider how to invest 15% of the Fund and required the Committee to consider this in context to the report.

Having considered the report the Committee Resolved that:

·       The Pensions Fund Committee noted the findings set out in the Officers report

·       The  Pensions Fund Committee noted the training session which took place on 17 February 2016

·       The Pensions Fund Committee noted the contents of the report and therefore considered that the proposals of allocation of additional  funds to mulit-assest credit the committee agreed the following:

o   8% to be invested in liquid best strategies and therefore agreed:

§  4% - Partnership Group

§  4% - Alcentra

o    7% to be invested to in multi asses credit strategies

§  3.5% - Babson Capital

§  3.5% - Alcentra

·       The Pensions Fund Committee proved instruction to the Chief Operating Officer to implement the above resolutions.  

Votes recorded

For 5

Against 0

Abstained – 1

* N.B – Following this meeting Officers determined that because the information within this item became public there be no need to exempt the minutes of this meeting.  This decision was taken in consultation with the Chairman and Members of the Committee.  Therefore this document in full is published on the Council’s website.

There were no urgent items.