Agenda and minutes

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

Report of the Director of Corporate Services

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.

·         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

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).

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:

(Exemption paragraph 3)

(Exemption paragraph 3)

(Exemption paragraph 3)

(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

(Exemption paragraph 3)

(Exemption paragraph 3)

a)             Economic and Market Update

b)             Review of Position as at 31 July 2019

(Exemption paragraph 3)

Report of the Director of Corporate Services

(Exemption Paragraph 3)

(Exemption paragraph 3)

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

(Exemption paragraph 3)

(Exemption paragraph 3)

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

(Exemption paragraph 3)