Agenda and minutes

To receive any apologies for absence

Apologies were received from Councillors Seimon Glyn and H. Eifion Jones (Isle of Anglesey County Council Representative)

To receive any declaration of personal interest

None to note

To note any items which are urgent business in the opinion of the Chairman so that they may be considered

None to note

The Chairman shall propose that the minutes of the meeting of this committee held on 9.6.2016 to be signed as a true record

The Chair signed the minutes of a meeting of this committee, held on 9 June 2016, as a true record.

Consider the report of the Investment Manager

(a)          A report was submitted by the Investment Manager detailing how the Pension Fund’s cash was invested along with the Council’s money in 2015/16. The report responded to the requirements of the Welsh Government’s Statutory Guidance.

(b)        It was outlined that the security of the investment was the Authority's main investment objective and it was explained how the money had been invested in order to maximise the benefits. It was noted that combining the funds sought better returns.

(c)        The recommendation to accept the report was proposed and seconded.

THE REPORT OF THE INVESTMENT MANAGER WAS RECEIVED FOR INFORMATION

Consider the Head of Finance Report

(a)          Submitted - the report of the Head of Finance Department recommending that the Committee accepted the offer from Fidelity of a new fee scale in order to seek to reduce costs. With the fund having secured significant savings from the reductions in Blackrock fees as a result of passive equity investments pooling of the Welsh funds, there was an opportunity to review the Fidelity fees. It was noted that the risks had been considered and that advice had been received from Hymans (which had been circulated to Committee Members), recommending moving to a new fee scale. It was reiterated that the pooling of funds had led to the offer which was likely to be advantageous to the Fund.

(b)          The recommendation was proposed and seconded.

RESOLVED TO ACCEPT THE OFFER FROM FIDELITY OF NEW FEE SCALE FORTHWITH