Agenda and draft minutes

Pensions Panel
Friday, 20th September, 2019 9.30 am

Venue: Ivanovo Room - County Buildings. View directions

Contact: Mike Bradbury  Email: michael.bradbury@staffordshire.gov.uk

Items
No. Item

14.

Minutes of meeting held on 14 June 2019 pdf icon PDF 127 KB

Minutes:

RESOLVED – That the minutes of the Meeting of the Pensions Panel held on 14 June 2019 be confirmed and signed by the Chairman.

15.

Pension Fund Performance and Portfolio of Investments as at 30 June 2019 pdf icon PDF 274 KB

Report of the Director of Corporate Services

 

Additional documents:

Minutes:

The Director of Corporate Services submitted a summary of the performance of the Staffordshire Pension Fund, together with a portfolio of the Fund’s investments, as at 30 June 2019.

 

The Panel were informed that the Fund had a market value of over £5.3 billion as at 30 June 2019.  Over the quarter the Fund returned 3.5%, which was lower than the Fund’s strategic asset allocation benchmark return of 4.0%. The best performing asset class relative to its benchmark was Corporate Bonds whilst UK Equities were the main detractors from performance, underperforming the benchmark by 1.0%.

 

Despite negative performance against its strategic benchmark over the quarter and 1-year period, the Fund had still outperformed its strategic benchmark over the 3, 5 and10-year periods. Annualised returns over all these periods were more than 9% per annum, well above the investment return assumptions used by the Actuary as part of the triennial valuation.

 

RESOLVED – That the Pension Fund Investment performance and the portfolio of investments for the quarter ended 30 June 2019 be noted.

16.

Dates of Future Meetings

·         3 December 2019

·         3 March 2020

·         12 June 2020

 

All meetings are scheduled to start at 9.30am at County Buildings, Stafford unless indicated otherwise

 

Minutes:

RESOLVED – That the dates of Future meetings of the Panel, as set out below, be noted:

·       3 December 2019

·       3 March 2020

·       12 June 2020

 

(Note: All meetings are scheduled to start at 9.30am at County Buildings, Stafford).

 

17.

Exclusion of the Public

The Chairman to move:-

 

‘That the public be excluded from the meeting for the following items of business which involve the likely disclosure of exempt information as defined in the paragraphs of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended) indicated below’.

Minutes:

RESOLVED - That the public be excluded from the meeting for the following items of business which involve the likely disclosure of exempt information as defined in the paragraph of Part One of Schedule 12A of the Local Government Act 1972 (as amended) indicated below.

 

PART TWO

 

The Panel then proceeded to consider reports on the following issues:

 

18.

Exempt Minutes of the Meeting held on 14 June 2019

(Exemption paragraph 3)

Minutes:

(Exemption paragraph 3)

19.

Pension Fund Performance and Manager Monitoring for the quarter ended 30 June 2019

(Exemption paragraph 3)

 

Minutes:

(Exemption paragraph 3)

 

a)             Portfolio Evaluation report for the quarter ended 30 June 2019

b)             LGPS Central Global Equity Active Multi Manager Fund report June 2019

 

 

 

20.

Strategic Benchmarking Review and Monitoring

(Exemption paragraph 3)

Minutes:

(Exemption paragraph 3)

 

a)             Economic and Market Update

b)             Review of Position as at 31 July 2019

 

21.

Responsible Investment (RI) Report Quarter 2 2019

(Exemption paragraph 3)

 

Report of the Director of Corporate Services

Minutes:

(Exemption Paragraph 3)

22.

Manager Presentation - Aberdeen Standard Investments (UK Equities)

(Exemption paragraph 3)

 

(Manager report for the quarter ended 30 June 2019 enclosed for information)

Minutes:

(Exemption paragraph 3)

23.

Manager Presentation - HPS (Highbridge) Investment Partners (Private Debt)

(Exemption paragraph 3)

 

(Manager report for the quarter ended 30 June 2019 enclosed for information)

Minutes:

(Exemption paragraph 3)