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Contact: Lowri Haf Evans 01286 679 878 Email: lowrihafevans@gwynedd.gov.uk
No. | Item |
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APOLOGIES To receive
any apologies for absence Minutes: Apologies were
received from Councillors Peredur Jenkins, Glyn
Thomas and Gethin Glyn Williams. |
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DECLARATION OF PERSONAL INTEREST To receive
any declaration of personal interest Minutes: No declarations of personal interest were received
from any members present. |
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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: (a)
A note was received from Councillor Peter Read
expressing his thanks to the members of the Pensions Committee, and the
relevant officers, for their kindness and humour over the years he had been a
member of the Pensions Committee. In response, Councillor Peter Read, former
Chair of the Pensions Committee was wished a speedy recovery as he had stood
down due to suffering from an injury. It was resolved to send him a card
thanking him for his service. (b) CONFERENCE ATTENDANCE AT THE LOCAL AUTHORITY
PENSION FUND FORUM (LAPFF) ON 2 - 4 DECEMBER 2015 A request
was made by the Investment Manager asking the Committee to nominate a representative
to attend the conference in Bournemouth.
It was proposed that the Chairman of the Committee, Councillor W. Tudor
Owen would attend. He accepted the
request. RESOLVED THAT THE CHAIRMAN OF THE PENSIONS
COMMITTEE WOULD ATTEND THE LAPFF CONFERENCE 2 - 4 December 2015. |
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The
Chairman shall propose that the minutes of the meeting of this committee held on 16 June 2015 be signed as a true
record Minutes: The Chairman signed
the minutes of the previous meeting of this committee, held on 16 June 2015, as
a true record. |
|
WELSH LOCAL GOVERNMENT PENSION FUNDS - WORKING TOGETHER PDF 127 KB To submit a
report by the Pensions Manager Additional documents: Minutes: (a) Submitted
- the report of the Investment Manager updating Members on the Welsh Pensions
Collaboration Project together with a report formed by Mercer business
consultants who had been investigating the possibility of advantages / the
value of merging the assets of the eight Welsh funds. In
response to a request from the Government, it was necessary to ensure that
funds co-invest in order to significantly reduce costs, while maintaining
general investment performance. The Government would invite local authorities to submit their own
proposals to meet the general criteria of achieving savings. A further
consultation would be published later on this year which would set the criteria
in detail as well as legislation to ensure that the administrative authorities
who had not submitted ambitious enough plans must accumulate. The work that had been undertaken by Welsh
funds had showed that joint investment was the way forward and that a further
development of the collaboration on business cases displayed the commitment
expected by the Government. The next
step would be to establish a joint-contribution framework for Welsh Funds with
the aim of reducing fees and initially concentrating on equity investments. (b) The
recommendations were proposed and seconded (c) During
the discussion, the following observations were noted
(ch) In
response to the above observations, the Head of Finance noted that there would
be an option to join a wider framework in November on the passive investments
element. In terms of the remaining investment control, we had a duty to
continue to look in more detail on the business case. (d) It was
agreed to support further work and accept the recommendations, adding that it
was necessary for the business case to identify governance matters in suggested
frameworks including the investment company selection procedure. RESOLVED to support
further work, specifically to: 1.
Research
opportunities to reduce fees for passive investments 2.
Jointly
assess the detailed business case for suggested pooling frameworks. 3.
Ensure
that the business case identifies governance matters in suggested frameworks. |
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TREASURY MANAGEMENT 2014/2015 PDF 338 KB To submit a
report by the Investment Manager Minutes: (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 2014/15. The report responded to
the requirements of the Welsh Government’s Statutory Guidance. (b)
The report outlined how money was managed to
maximise the benefits. Additionally, an
update was provided on the situation of recovering the investments made by the
Heritable Bank. It was
reported that 98% of the investments had now been recovered, and that there was
more to follow. (c)
The recommendation to accept the report was
proposed and seconded. THE REPORT OF THE INVESTMENT MANAGER WAS
RECEIVED FOR INFORMATION |
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'KNOW YOUR ONIONS' - LOCAL GOVERNMENT PENSION SCHEME TRUSTEES' CONFERENCE PDF 170 KB To submit a
report by the Head of Finance Minutes: (a) Submitted
- the report of the Head of Finance notifying Members of the content and value
of the Local Government Pension Scheme Trustees' conference, which had been
held in June 2015. Specific attention was drawn to the complexities of
reconciling the pension scheme's commitments (GMP) with HMRC records, which
would be an enormous task for the Pension Fund’s administrative staff. This
needed to be completed by April 2018. It was added that internal discussions
were being held to seek a solution for the situation. ACCEPTED, FOR INFORMATION, THE REPORT
OF THE HEAD OF THE FINANCE
DEPARTMENT . The meeting commenced at 3pm and concluded at
3.30pm |