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No. | Item |
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ELECT CHAIRMAN To elect a Chairman for 2017/18 Minutes: It was
decided to re-elect Councillor Stephen Churchman as Chair of this committee
for 2017/18. |
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ELECT VICE CHAIR To elect a Vice-chairman for 2017/18 Minutes: It was
decided to elect Councillor John Pughe Roberts as Vice-chair of this committee for 2017/18. |
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APOLOGIES To receive
any apologies for absence Minutes: Apologies were received from
Councillor Peter Read. It was noted that Conwy Borough Council's representation had not been confirmed. |
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DECLARATION OF PERSONAL INTEREST To receive
any declaration of personal interest Minutes: It was explained that there was no need
for everyone to declare an interest
due to the fact that they were
in receipt / contributed to the Pension Fund |
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URGENT ITEMS To note any
items which are urgent business in the opinion of the Chairman so that they may
be considered Minutes: None to note |
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The
Chairman shall propose that the minutes of the meeting of this committee held
on 16.March 2017 to be signed as a true record Minutes: The Chair signed the minutes of the meeting of this committee, held on 16 March, as a true record. |
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WALES INVESTMENT POOL PDF 132 KB To consider
a progress report from the Head of Finance Minutes: Submitted – the report of the Head of Finance Department providing an update on
the development of the All Wales Investment Pool that would
be a vehicle to invest the assets of the eight Local Government Pension Scheme funds (LGPS) in Wales. A brief presentation was given on the background
of the Pools' development, and in the context
of the governance arrangements,
it was noted that the Governance Joint committee would meet formally
at the end of June.
In relation to the representation from Gwynedd's Fund, it was recommended that suitable representation
should be planned for the Joint Committee, and it was suggested
that the Chair of the
Pensions Committee would be
the likely representative, in addition to the Head of the Finance Department. In the absence of the Chair, it was suggested
that the Vice-chair should attend. It was explained that the Joint Committee's first step would be to receive reports on the procurement process for appointing
an Operator for the Joint Investment Vehicle,
and recommended that the best applicant
that met the specification's
requirements should be appointed. It was noted that eight
Operators had responded to
the Selection Questionnaire,
with six being invited to tender. Although it was intended to select an Operator
during the Summer 2017, they
would not become operational until April 2018. In response to a question regarding the relationship between the Pensions Committee and the Operator in the context of holding discussions and communication, it was noted that
it might be necessary for the Operator to provide the eight funds with
details of their engagement and communication arrangements. In response to this observation, it was suggested that the Chair, at the next meeting of the Joint Committee, should propose this matter to be included as a specific
item on the Joint Committee's agenda. In response to a question regarding the penalty costs of breaching the contracts with the managers of the Gwynedd Fund's current mandates, it was noted that
there would be potential transitional costs. It was further
noted that there was research being carried out
to consider splitting the costs among the eight funds (on
a protection basis). RESOLVED to accept the progress report. RESOLVED that the Chair of the Pensions Committee would represent Gwynedd on the Governance Joint Committee, with the Vice-chair attending in his absence. |
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To consider
the report of the Head of Finance Minutes: Submitted - the report of the Head of Finance Department, requesting the members to nominate individuals to attend conferences on behalf of Gwynedd's Fund. It was explained
that the Committee normally sent representatives on a rota basis
to a number of conferences during the year, in order to maintain
and improve members' and officers'
skills. RESOLVED - the following
nominations for the conferences in 2017 ·
LGPS Trustees Conference,
Bournemouth - Councillor
Aled Wyn Jones, Councillor Peter Read (Councillor Simon Glyn as a substitute for Councillor Peter Read) ·
LGC Investment Summit, Newport, Councillor Peredur Jenkins, Councillor
John Pughe Roberts (Councillor John Brynmor Hughes as a substitute) ·
LAPFF Annual Conference,
Bournemouth - Councillor
Stephen Churchman |
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To consider
the report of the Head of Finance Minutes: Submitted, for information - a report by the Head of Finance Department
sharing the dates of Pensions meetings to enable Members to plan accordingly.
It was highlighted that although the Pensions Committee was the decision-making
body for the Pension Fund, that the Pension Board, the Investment panel and the
Wales Pool Joint Committee contributed to arrangements such as providing an
overview of the management and operation of the Pension Fund, scrutinising the
performance of the Pension Fund's investments and governing the pooling of
investments on behalf of the eight Welsh funds. In response to the report, it
was noted that the information was beneficial, and members were asked to note
the dates in their diaries. It was agreed to circulate the dates of the
"basic training for trustees" for the new members of the Committee,
once the information was to hand. RESOLVED to accept the information. |