Agenda and minutes

Pensions Panel - Tuesday 9th June 2015 9:30am

Venue: Bremen Room - County Buildings. View directions

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

Items
No.	Item
1.	Declarations of Interest in accordance with Standing Order 16.5 Minutes: There were no declarations of interest on this occasion.
2.	Minutes of meeting held on 3 and 16 March PDF 7 KB Additional documents: $$Minutes 030315 , item 2. PDF 135 KB Minutes: RESOLVED – That the minutes of Meetings of the Pensions Panel held on 3 and 16 March 2015 be confirmed and signed by the Chairman.
3.	Pension Fund Performance and Portfolio of Investments as at 31 March 2015 PDF 200 KB Report of the Director of Finance and Resources Additional documents: Item 4 portfolio of investments , item 3. PDF 1 MB Minutes: The Director of Finance and Resources submitted a summary of the performance of the Pension Fund together with a portfolio of the Fund’s investments as at 31 March 2015. The Panel were informed that at £3.75 billion, the market value of the Fund at 31 March 2015, yet again reached an all-time high (although following recent market volatility, this had since fallen slightly to £3.56 billion). The Fund generated a return of 5.3% over the quarter, mainly due to the strong returns from global equities, followed by positive returns on property and bonds, albeit to a lesser extent. Over the 2014/15 financial year, the Fund returned 13.6%, well ahead of the return assumptions made by the Actuary in the 2013 valuation. With a return of 17.7%, property assets were the highest performing asset class over the year, with equities a short way behind at 15.2%. The Fund’s bond holdings also continued to perform well. RESOLVED – That the Pension Fund performance and portfolio of investments for the quarter ended 31 March 2015 be noted.
4.	Dates of Future Meetings 21 July 2015 8 September 2015 1 December 2015 1 March 2016 All meetings are scheduled to start at 9.30am at County Buildings, Stafford Minutes: 21 July 2015 8 September 2015 1 December 2015 1 March 2016 All meetings are scheduled to start at 9.30am at County Buildings, Stafford.
5.	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. The Panel then proceeded to consider reports on the following issues:
6.	Exempt Minutes of the Meetings held on 3 and 16 March View the reasons why item 6. is restricted Minutes: (Exemption paragraph 3)
7.	Property Investment Strategy Report for the three years commencing 1 April 2015 View the reasons why item 7. is restricted (Exemption paragraph 3) Report of the Director of Finance and Resources Minutes: (Exemption paragraph 3)
8.	Property - Confirmation of the action of the Director of Finance and Resources View the reasons why item 8. is restricted (Exemption paragraph 3) Report of the Director of Finance and Resources Minutes: (Exemption paragraph 3)
9.	Private Equity - Review of Position as at 31 March 2015 View the reasons why item 9. is restricted (Exemption paragraph 3) Report of the Director of Finance and Resources Minutes: (Exemption paragraph 3)
10.	Private Equity Investment Proposals 2015/16 View the reasons why item 10. is restricted (Exemption paragraph 3) Report of the Director of Finance and Resources Minutes: (Exemption paragraph 3)
11.	Strategic Benchmark Review and Monitoring (Exemption Paragraph 3) Minutes: (Exemption paragraph 3)
11a	Economic and Market Update View the reasons why item 11a is restricted Report and Presentation by Hymans Robertson
11b	Review of position as at 30 April 2015 View the reasons why item 11b is restricted Report of the Director of Finance and Resources
12.	Pension Fund Performance and Manager Monitoring for the quarter ended 31 March 2015 View the reasons why item 12. is restricted (Exemption paragraph 3) (Report of Portfolio Evaluation for the quarter ended 31 March 2015 enclosed for information) Minutes: (Exemption paragraph 3)
13.	Corporate Governance and Socially Responsible Investment Report Quarter 1 2015 View the reasons why item 13. is restricted (Exemption paragraph 3) Report of the Director of Finance and Resources Minutes: (Exemption paragraph 3)
14.	Investing in Alternative Credit View the reasons why item 14. is restricted (Exemption paragraph 3) Training and Presentation by Hymans Robertson Minutes: (Exemption paragraph 3)
15.	Alternative Credit Manager Presentations (exemption paragraph 3) To receive presentations as follows: (a) Babson Capital (b) Partners Group Minutes: (Exemption paragraph 3)