Agenda and minutes

RESOLVED that Councillor Mark Ingleby be elected as Chair and Councillor

be John Muldoon be elected as Vice-Chair for the Municipal Year 2014-15.

RESOLVED that the minutes of the meeting held on February 20 2014 be

approved as a correct record subject to Councillor Mark Ingleby being added

to the list of those in attendance.

Councillor John Muldoon declared personal interests as a holder of preserved

benefits in the Lewisham scheme which elected members had been able to

join until May 2014 and as an independently selected substitute member on

the Shadow Advisory Board of the LGPS scheme nationally.

The terms of reference were provided for the information of the Committee

and an overview of the work of the Pensions Investment Committee was

presented by the Head of Corporate Resources.

RESOLVED that the terms of reference of the Pensions Investment

Committee be noted.

The Chair confirmed that the draft Pension Fund accounts had already been

examined by the Audit Panel.

RESOLVED that the draft Pension Fund accounts for the year ending 31

March 2014 be noted.

A report setting out the performance of the Pension Fund investment portfolio

and that of the individual managers for the quarter ending March 31 2014 was

presented by Albert Chen and Jordan Irvine of Hymans Robertson.

RESOLVED that the report be noted.

Members were advised this item was a review setting out the context of a

rebalancing policy informed by the Fund’s investment advisors that the

Committee would be considering in September.

RESOLVED that

(i) the current asset allocation of the Pension Fund be noted; and

(ii) no rebalancing take place until a rebalancing policy has been agreed.

The Head of Corporate Resources outlined a proposal from London Councils

to create a Collective Investment Vehicle for the London Local Government

Pension Scheme. The Committee was asked to consider the approval of a

contribution of £25,000 towards the set up costs of an Authorised Contractual

Scheme and operator and a token initial shareholder investment of £1 to

register an interest in participating.

In supporting the proposals, the Chair said it was important that they be  

carried out at the earliest opportunity and that he would be advocating support

for them at Mayor & Cabinet on July 16.

RESOLVED that

(i) agreement in principle be given to join in the formation of the Collective

Investment Vehicle;

(ii) the approval of Mayor and Cabinet, and Council be sought to:

A. Become a shareholder in the ACS Operator,

B. Appoint an elected Councillor who will have power to act for the local

authority in exercising its rights as a shareholder of the ACS Operator, and

C. Appoint Councillors from the London Boroughs as interim directors of the

ACS Operator, subject to the consent of their relevant authorities to the

appointments. These directors may be replaced once FCA authorisation is

formally applied for.

(iii) the fund invests £1 to the ACS Operator as initial shareholder capital, and

(iv) a contribution of £25,000 be made towards the establishment of the ACS.

The report was presented by the Principal Accountant. The Committee

endorsed the Plan which included key objectives for the Fund, major

milestones and issues, training considerations and the Risk Register.

RESOLVED that

(i) the Business Plan 2014/15 be approved; and

(ii) the skills and knowledge self assessment form be completed by July 11

2014.

The meeting closed at 9.10pm