Agenda and minutes

There were no declarations of Interest on this occasion.

RESOLVED – That the minutes of the Meeting of the Pensions Panel held on 6 March 2018 be confirmed and signed by the Chairman.

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 2018.

The Panel were informed that the Fund had a market value of £4.8 billion as at 31 March 2018; the highest reported at a financial year end. Over the quarter the Fund returned -2.9%, slightly outperforming its strategic performance benchmark by 0.1%. The best performing asset classes relative to their benchmarks were the global equities and the alternatives portfolios. Underperformance in bonds and emerging markets were the biggest detractors from performance.

The Panel were also informed that the Fund had outperformed its strategic performance benchmark in the 1, 3, 5 and 10 year time periods. Annualised returns over both 3 and 5 years were in excess of 8% 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 31 March 2018 be noted.

4 September 2018

4 December 2018

5 March 2019

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

·         4 September 2018

·         4 December 2018

·         5 March 2019

All meetings are scheduled to start at 9.30am at County Buildings, Stafford.

The Panel were also informed of a joint training event for members of the Pensions Committee and Pensions Board which was to be held on Friday, 13 July 2018.

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)

(Report of Portfolio Evaluation for the quarter ended 31 March 2018 enclosed for information)

(Exemption paragraph 3)

(Exemption paragraph 3)

Oral update by the Director of Finance and Resources

(Exemption paragraph 3)

(Exemption paragraph 3)

(Exemption paragraph 3)

Report of the Director of Finance and Resources

(Exemption paragraph 3)

Confirmation of action taken by Director of Finance and Resources

Report of the Director of Finance and Resources

(Exemption paragraph 3)

(Exemption paragraph 3)

Report of the Director of Finance and Resources

(Exemption paragraph 3)

(Exemption paragraph 3)

(Exemption paragraph 3)

(Exemption paragraph 3)

(Exemption paragraph 3)