{"document":{"created_at":"2010-03-02T01:28:35Z","document_owner_type":"Meeting","title":["Minutes for Pension Fund Committee meeting, Feb 22 2010, 4.00PM","Minutes for Pension Fund Committee meeting, Feb 22 2010, 4.00PM"],"body":"
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Venue: Committee Room 2, Borough Hall, Cauldwell Street, Bedford. View directions

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Contact: Peter Storey, Committee Services Officer,  \n\t\t(01234) 228818\n\t\t\n\t\t

\n\t\t\n\t\tItems\n\t\t\n \n\t\t\t\tNote \n\n\t\t\tNo.\n\t\t\tItem\n\t\t\n\n\t\t\n\t\t\t\t

Chair 

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17.

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Questions from Members of the Council and members of the public

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Minutes:

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There were no\nquestions from Members of the Council or members of the public.

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18.

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Membership

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Minutes:

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It\nwas noted that Luton Borough Councillor Dave Taylor had filled that\nauthority’s vacancy for a non-voting member on the Pension\nFund Committee and Pension Fund Panel.

\n

\n 

\n

It\nwas agreed that a letter be sent to Malcolm Gray, the Independent\nInvestment Adviser, wishing him a speedy recovery following his\nrecent minor stroke.

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Chair 

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19.

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Minutes PDF 48 KB

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To confirm\nthe minutes of the meeting held on 21 September 2009 (copy enclosed).

\n
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Minutes:

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\nRESOLVED:

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\n

That the minutes\nof the meeting of the Committee held on 21 September 2009 be\nconfirmed

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Chair 

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20.

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Disclosures of Interest

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Members are reminded\nthat they must disclose both the existence and the nature of any\npersonal and/or prejudicial interests that they have in any matter\nto be considered at this meeting in accordance with the\nCouncil’s Code of Conduct.

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Minutes:

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There were no disclosures of interest.

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Chair 

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21.

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Minutes of the Pension Fund Panel PDF 65 KB

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\n

To receive the minutes of the Pension Fund Panel\nmeetings held on:

\n

 

\n
    \n
  • 17 November 2009 (copy enclosed)
    • \n
  • 20 November 2009 (copy\nenclosed)
    • \n
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\n
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Additional documents:

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Minutes:

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The minutes of the\nmeetings of the Pension Fund Panel held on 17 and 20 November 2009\nwere received.  Further\nto minute 6 of the meeting held on 20 November 2009 the Head of\nPension Fund and Treasury Management stated that the report\nrequested from Hewitt Associates Ltd looking at the active and\npassive style of management of fixed income had been received too\nlate to be considered at this Committee.  The Fund Administrator invited the\nCommittee to consider whether a special meeting should be convened\nwithin the next month to consider the report.

\n

 

\n

 \nRESOLVED:

\n

\n 

\n

(1)  That\nthe minutes of the meeting of the Pension Fund Panel held on 17\nNovember 2009 be received, subject to the following amendment:

\n

 

\n

Minute 6 –\nAsset Allocation Annual Review – the addition of the words\n“(including the current investment manager line up)”\nafter “strategy” in the second bullet point.

\n

 

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\n(2)  That\nthe minutes of the meeting of the Pension Fund Panel held on 20\nNovember 2009 be received.

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\n 

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\n(3)  That\na special meeting of the Committee be held to consider the report\nreceived from Hewitt Associated Ltd, referred to in the preamble\nabove.

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Chair 

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22.

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Minutes - Amendment to the Record PDF 63 KB

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To amend the record of the former Bedfordshire County\nCouncil’s Pension Fund Panel meeting of 13 March 2009 (report\nenclosed).

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Minutes:

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The Committee was\nrequested to amend the record to include an additional resolution\nin the minutes of the former Bedfordshire County Council’s\nPension Fund Panel meeting held on 13 March 2009.  As that was the last meeting of\nthat Panel before the cessation of the County Council the minutes\nwere not presented for confirmation, when they could have been\namended to include the resolution above.

\n

 

\n

 \nRESOLVED:

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\n

\nThat it be recorded in the minutes of this meeting that the minutes\nof the former Bedfordshire County Council’s Pension Fund\nPanel meeting held on 13 March 2009 should have shown an additional\nresolution as follows:

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\n 

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\nMinute 09-09pfp43 Conclusions

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\n(placed above the existing\nresolution)

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\nthat FX Concepts investment be increased\non a temporary basis by £10m.

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HP&TM 

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23.

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Investment Performance Monitoring Report PDF 85 KB

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To receive the three month performance report from the\nHead of Pension Fund Management (copy enclosed).

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Minutes:

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The Committee\nconsidered summary information on Pension Fund activities over the\nsix month period ending 31 December 2009 in accordance with the\nBedfordshire Pension Fund Governance Policy Statement.

\n

 

\n

The Market Value of\nthe Fund at 31 December 2009 was £1,094.8 million (an\nincrease from £932.4 million at 30 June 2009).  This was a marginal drop in value\nfrom its £1,123.3 million high point as at 31 December 2007\nbut in line with market conditions and higher than the value of\n£1.075.8 million at the last valuation date of 31 March\n2007.  Investment\nperformance for the quarter ended 31 December 2009 was 2.9%, which\nis behind its benchmark of 3.3% and the estimated WM Local\nAuthority average. \nSpecific manager data would be considered following the exclusion\nof the public due to its confidentiality.

\n

 

\n

The Pension Fund Panel\nat its meeting on 17 November 2009 had recommended that a Sub-Group\nbe established with delegated authority to approve minor\nre-balancing adjustments of the Fund’s assets closes within\nthe overall strategy of the Fund to seek to mitigate the risk of\nthe current structure not providing timely decision making.

\n

 

\n

It was acknowledged\nthat the current contract with the Investment Consultant would\nexpire over the summer and the tender process would start during\nMarch 2010.  Members\nasked that the tender specification should indicate how many times\nthe Investment Consultant should attend Committee meetings and how\nmany reports they should produce each year for the\nCommittee.  A proactive\nand responsive service was required.

\n

 

\n

 \nRESOLVED:

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\n(1)  That\nthe information provided in\nthe report and the Pension Fund Performance to 31 December 2009 be\nacknowledged.

\n

\n 

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\n(2)  That\nthe continued asset allocation as detailed in Appendix A to the\nreport be supported.

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\n(3)  That\nthe establishment of a Sub-Group of the membership, consisting of\nthe Chair, Vice-Chair and Fund Administrator with advice from\nadvisers, with delegated authority to approve minor re-balancing\nadjustments of the Fund’s asset classes within the overall\nstrategy of the Fund and setting ranges around current benchmarks\nrecommended by Hewitt Associates (reproduced at section 5.8 in the\nreport) be approved.

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HP&TM 

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24.

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Pension Fund - Governance Arrangements PDF 132 KB

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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Minutes:

\n
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\nThe Committee was requested to update the Governance Policy\nStatement and the Governance Compliance Statement following a\nreview of the Committee and Panel delegations.  The primary change in the\nGovernance Policy is for the Committee to meet on a quarterly basis\nand it was proposed that Pension Fund Panel monitoring meetings\ntake place prior to the Committee meeting each time, rather than\nfollowing Committee meetings.

\n

\n 

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\n \nRESOLVED:

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\n 

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\n\n(1) \nThat the Governance Policy Statement shown at Appendix A to the\nreport be approved.

\n

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\n\n(2) \nThat the Governance Best Practice Compliance shown at Appendix B to\nthe report be approved.

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HP&TM 

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25.

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Local Government Pension Scheme Update PDF 201 KB

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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Minutes:

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\nThe Committee was informed of changes made to Pension Funds by the\nfollowing:

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\n 

\n
    \n
  • \nThe Local Government Pension Scheme (Management and Investment of\nFunds) Regulations 200, which came into force on 1 January 2010 -\nthe Bedfordshire Pension Fund is well placed in respect of these\nregulations;
    • \n
  • \nThe Local Government Pension Scheme (Miscellaneous) Regulations\n2009, which came into effect on 31 December 2009, with some\nprovisions having retrospective effect from 1 April 2009 - the\nregulations have been incorporated into the procedures and\npractices of the pension administration section;
    • \n
  • \nDraft Local Government Pension Scheme (Miscellaneous) Regulations\n2010
    • \n
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\n  - the Local Government Employers Pensions Division is\npreparing a draft response to this consultation by the end date of\n18 march 2010;

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    \n
  • \nThe Chartered Institute of Public Finance and Accountancy (CIPFA):\nPensions Finance Knowledge and Skills Framework - a report will be\nmade to the next meeting with a proposed implementation plan.
    • \n
\n

\n 

\n

\nThis required a review of the Statement of Investment Principles to\nreflect the new guidelines from the Myers Principles and the Fund\ngovernance arrangements.

\n

\n 

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\n \nRESOLVED:

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\n 

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\n(1)  That\nthe recent regulation changes to the Local Government Pension\nScheme be acknowledged.

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\n 

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\n(2)  That\na report on the Chartered Institute of Public Finance and\nAccountancy: Pensions Finance Knowledge and Skills Framework,\ntogether with a proposed implementation plan for the Bedfordshire\nPension Fund be submitted to the next meeting.

\n

\n 

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\n(3)  That\nthe revised Statement of Investment Principles detailed at Appendix\nA to the report be approved.

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\n 

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\n(4)  That\nthe Fund Administrator be authorised to market test the Investment\nConsultant role in time for appointment on 1 August 2010.

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HP&TM 

\n\n\t\t\t

26.

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Pension Fund - 2010 Valuation Update PDF 68 KB

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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Minutes:

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\nThe Committee was informed that preparations for the 2010 Valuation\nhave commenced and the expectation is that it will be challenging\nfor the Fund and its scheme employers.  It was hoped to be able to provide\nthe Fund Actuary with accurate information on the number of\nemployees each scheme employer has following disaggregation on 31\nMarch 2009.

\n

\n 

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\n \nRESOLVED:

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That the report be noted.

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HP&TM 

\n\n\t\t\t

27.

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"Fundamental Index" Methodology PDF 81 KB

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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Minutes:

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\nThe Committee considered a report into a potential alternative form\nof passive management of equities and a proposal to arrange a\npresentation to the Committee, with the objective of potentially\ndiversifying the Fund’s passive management methods.

\n

\n 

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\n \nRESOLVED:

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\n 

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That the officers\nand the Independent Investment Adviser be authorised to meet\nInformed Portfolio Management (IPM) in order to establish whether\nIPM should be invited to make a presentation to the Committee

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HP&TM 

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28.

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Pension Fund - 2010/2011 Work Plan PDF 75 KB

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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Minutes:

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\n

\nThe Committee considered a summary of the expected work plan for\nthe Pension Fund for 2010/2011, including the .proposed dates for\nCommittee and Pension Fund Panel meetings in 2010/2011.

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\n 

\n

It\nwas noted that there would be a special meeting to be added to the\nwork plan in 2010/11 to consider the report requested from Hewitt\nAssociates Ltd looking at the active and passive style of\nmanagement of fixed income (Minute 21 above refers).  In addition, a possible\npresentation to the Committee by IPM might need to be included in\nthe 2010/2011 work plan (Minute 27 above refers).

\n

\n 

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\n \nRESOLVED:

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\n 

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That\nthe proposed work plan for 2010/2011 be approved, subject\ntto the comments in the preamble\nabove.

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Chair 

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29.

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Local Government Act 1972: Schedule 12A (as amended) - Exclusion of the Public

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To consider whether to pass a resolution under Section\n100(A)(4) of the Local Government Act\n1972 to exclude the public from the remainder of the meeting on the\ngrounds that consideration of the following item of business is\nlikely to involve the disclosure of exempt information as defined\nin paragraph 3 of Part 1 of Schedule 12A to the Act (as\namended).

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Minutes:

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RESOLVED:

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\nThat pursuant to Section\n100(A)(4) of the Local Government Act 1972, the public be excluded\nfrom the remainder of the meeting on the grounds that consideration\nof the following items of business is likely to involve the\ndisclosure of exempt information as defined in paragraph 3 of Part\n1 of Schedule 12A to the Act (as amended):

\n

\n 

\n\n\n\n

Minute No.

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Heading

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Paragraph

\n\n\n\n\n

30

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Investment Opportunities Quarterly\nReport

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3

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31

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Pensions Administration –\nPerformance Update

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3

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32

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Pension Fund Administration –\nBudget Monitoring 2009/2010

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3

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33

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Pension Fund Administration –\nProposed 2010/2011 Budget and estimated Cash Flow

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3

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34

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Pensions Administration – Admitted\nBody

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3

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HP&TM 

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30.

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Investment Opportunities Quarterly Report

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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HP&TM 

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31.

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Pensions Administration - Performance Update

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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HP&TM 

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32.

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Pension Fund Administration - Budget Monitoring 2009/2010

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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HP&TM 

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33.

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Pension Fund Administration - Proposed 2010/2011 Budget and Estimated Cash Flow

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To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

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34.

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Pensions Administration - Admitted Body

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","document_owner_id":6459,"updated_at":"2010-04-23T18:44:08Z","url":"http://www.councillorsupport.bedford.gov.uk/ieListDocuments.aspx?CId=378&MId=839&Ver=4","id":24655,"raw_body":"
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Venue: Committee Room 2, Borough Hall, Cauldwell Street, Bedford. View directions

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Contact: Peter Storey, Committee Services Officer,  \n\t\t(01234) 228818\n\t\t\n\t\t

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Items
NoteNo.Item

Chair 

17.

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Questions from Members of the Council and members of the public

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Minutes:

\n
\n

There were no\nquestions from Members of the Council or members of the public.

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18.

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Membership

\n

Minutes:

\n
\n

It\nwas noted that Luton Borough Councillor Dave Taylor had filled that\nauthority’s vacancy for a non-voting member on the Pension\nFund Committee and Pension Fund Panel.

\n

\n 

\n

It\nwas agreed that a letter be sent to Malcolm Gray, the Independent\nInvestment Adviser, wishing him a speedy recovery following his\nrecent minor stroke.

\n
\n
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Chair 

19.

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Minutes \"pdf PDF 48 KB

\n
\n

To confirm\nthe minutes of the meeting held on 21 September 2009 (copy enclosed).

\n
\n
\n

Minutes:

\n
\n

\nRESOLVED:

\n

 

\n

That the minutes\nof the meeting of the Committee held on 21 September 2009 be\nconfirmed

\n
\n
\n\t\t\t\t\t

Chair 

20.

\t\t\t\n\t\t\t\t\t

Disclosures of Interest

\n
\n

Members are reminded\nthat they must disclose both the existence and the nature of any\npersonal and/or prejudicial interests that they have in any matter\nto be considered at this meeting in accordance with the\nCouncil’s Code of Conduct.

\n
\n
\n

Minutes:

\n
\n

There were no disclosures of interest.

\n
\n
\n\t\t\t\t\t

Chair 

21.

\t\t\t\n\t\t\n\t\t\t\t\t

Minutes of the Pension Fund Panel \"pdf PDF 65 KB

\n
\n

To receive the minutes of the Pension Fund Panel\nmeetings held on:

\n

 

\n
    \n
  • 17 November 2009 (copy enclosed)
    • \n
  • 20 November 2009 (copy\nenclosed)
    • \n
\n
\n
\n

Additional documents:

\n\t\t\t\t\t\n\n

Minutes:

\n
\n

The minutes of the\nmeetings of the Pension Fund Panel held on 17 and 20 November 2009\nwere received.  Further\nto minute 6 of the meeting held on 20 November 2009 the Head of\nPension Fund and Treasury Management stated that the report\nrequested from Hewitt Associates Ltd looking at the active and\npassive style of management of fixed income had been received too\nlate to be considered at this Committee.  The Fund Administrator invited the\nCommittee to consider whether a special meeting should be convened\nwithin the next month to consider the report.

\n

 

\n

 \nRESOLVED:

\n

\n 

\n

(1)  That\nthe minutes of the meeting of the Pension Fund Panel held on 17\nNovember 2009 be received, subject to the following amendment:

\n

 

\n

Minute 6 –\nAsset Allocation Annual Review – the addition of the words\n“(including the current investment manager line up)”\nafter “strategy” in the second bullet point.

\n

 

\n

\n(2)  That\nthe minutes of the meeting of the Pension Fund Panel held on 20\nNovember 2009 be received.

\n

\n 

\n

\n(3)  That\na special meeting of the Committee be held to consider the report\nreceived from Hewitt Associated Ltd, referred to in the preamble\nabove.

\n
\n
\n\t\t\t\t\t

Chair 

22.

\t\t\t\n\t\t\n\t\t\t\t\t

Minutes - Amendment to the Record \"pdf PDF 63 KB

\n
\n

To amend the record of the former Bedfordshire County\nCouncil’s Pension Fund Panel meeting of 13 March 2009 (report\nenclosed).

\n
\n
\n

Minutes:

\n
\n

The Committee was\nrequested to amend the record to include an additional resolution\nin the minutes of the former Bedfordshire County Council’s\nPension Fund Panel meeting held on 13 March 2009.  As that was the last meeting of\nthat Panel before the cessation of the County Council the minutes\nwere not presented for confirmation, when they could have been\namended to include the resolution above.

\n

 

\n

 \nRESOLVED:

\n

 

\n

\nThat it be recorded in the minutes of this meeting that the minutes\nof the former Bedfordshire County Council’s Pension Fund\nPanel meeting held on 13 March 2009 should have shown an additional\nresolution as follows:

\n

\n 

\n

\nMinute 09-09pfp43 Conclusions

\n

\n 

\n

\n(placed above the existing\nresolution)

\n

\n 

\n

\nthat FX Concepts investment be increased\non a temporary basis by £10m.

\n
\n
\n\t\t\t\t\t

HP&TM 

23.

\t\t\t\n\t\t\n\t\t\t\t\t

Investment Performance Monitoring Report \"pdf PDF 85 KB

\n
\n

To receive the three month performance report from the\nHead of Pension Fund Management (copy enclosed).

\n
\n
\n

Minutes:

\n
\n

The Committee\nconsidered summary information on Pension Fund activities over the\nsix month period ending 31 December 2009 in accordance with the\nBedfordshire Pension Fund Governance Policy Statement.

\n

 

\n

The Market Value of\nthe Fund at 31 December 2009 was £1,094.8 million (an\nincrease from £932.4 million at 30 June 2009).  This was a marginal drop in value\nfrom its £1,123.3 million high point as at 31 December 2007\nbut in line with market conditions and higher than the value of\n£1.075.8 million at the last valuation date of 31 March\n2007.  Investment\nperformance for the quarter ended 31 December 2009 was 2.9%, which\nis behind its benchmark of 3.3% and the estimated WM Local\nAuthority average. \nSpecific manager data would be considered following the exclusion\nof the public due to its confidentiality.

\n

 

\n

The Pension Fund Panel\nat its meeting on 17 November 2009 had recommended that a Sub-Group\nbe established with delegated authority to approve minor\nre-balancing adjustments of the Fund’s assets closes within\nthe overall strategy of the Fund to seek to mitigate the risk of\nthe current structure not providing timely decision making.

\n

 

\n

It was acknowledged\nthat the current contract with the Investment Consultant would\nexpire over the summer and the tender process would start during\nMarch 2010.  Members\nasked that the tender specification should indicate how many times\nthe Investment Consultant should attend Committee meetings and how\nmany reports they should produce each year for the\nCommittee.  A proactive\nand responsive service was required.

\n

 

\n

 \nRESOLVED:

\n

\n 

\n

\n(1)  That\nthe information provided in\nthe report and the Pension Fund Performance to 31 December 2009 be\nacknowledged.

\n

\n 

\n

\n(2)  That\nthe continued asset allocation as detailed in Appendix A to the\nreport be supported.

\n

\n 

\n

\n(3)  That\nthe establishment of a Sub-Group of the membership, consisting of\nthe Chair, Vice-Chair and Fund Administrator with advice from\nadvisers, with delegated authority to approve minor re-balancing\nadjustments of the Fund’s asset classes within the overall\nstrategy of the Fund and setting ranges around current benchmarks\nrecommended by Hewitt Associates (reproduced at section 5.8 in the\nreport) be approved.

\n
\n
\n\t\t\t\t\t

HP&TM 

24.

\t\t\t\n\t\t\n\t\t\t\t\t

Pension Fund - Governance Arrangements \"pdf PDF 132 KB

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n

Minutes:

\n
\n

\nThe Committee was requested to update the Governance Policy\nStatement and the Governance Compliance Statement following a\nreview of the Committee and Panel delegations.  The primary change in the\nGovernance Policy is for the Committee to meet on a quarterly basis\nand it was proposed that Pension Fund Panel monitoring meetings\ntake place prior to the Committee meeting each time, rather than\nfollowing Committee meetings.

\n

\n 

\n

\n \nRESOLVED:

\n

\n 

\n

\n\n(1) \nThat the Governance Policy Statement shown at Appendix A to the\nreport be approved.

\n

\n 

\n

\n\n(2) \nThat the Governance Best Practice Compliance shown at Appendix B to\nthe report be approved.

\n
\n
\n\t\t\t\t\t

HP&TM 

25.

\t\t\t\n\t\t\n\t\t\t\t\t

Local Government Pension Scheme Update \"pdf PDF 201 KB

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n

Minutes:

\n
\n

\nThe Committee was informed of changes made to Pension Funds by the\nfollowing:

\n

\n 

\n
    \n
  • \nThe Local Government Pension Scheme (Management and Investment of\nFunds) Regulations 200, which came into force on 1 January 2010 -\nthe Bedfordshire Pension Fund is well placed in respect of these\nregulations;
    • \n
  • \nThe Local Government Pension Scheme (Miscellaneous) Regulations\n2009, which came into effect on 31 December 2009, with some\nprovisions having retrospective effect from 1 April 2009 - the\nregulations have been incorporated into the procedures and\npractices of the pension administration section;
    • \n
  • \nDraft Local Government Pension Scheme (Miscellaneous) Regulations\n2010
    • \n
\n

\n  - the Local Government Employers Pensions Division is\npreparing a draft response to this consultation by the end date of\n18 march 2010;

\n
    \n
  • \nThe Chartered Institute of Public Finance and Accountancy (CIPFA):\nPensions Finance Knowledge and Skills Framework - a report will be\nmade to the next meeting with a proposed implementation plan.
    • \n
\n

\n 

\n

\nThis required a review of the Statement of Investment Principles to\nreflect the new guidelines from the Myers Principles and the Fund\ngovernance arrangements.

\n

\n 

\n

\n \nRESOLVED:

\n

\n 

\n

\n(1)  That\nthe recent regulation changes to the Local Government Pension\nScheme be acknowledged.

\n

\n 

\n

\n(2)  That\na report on the Chartered Institute of Public Finance and\nAccountancy: Pensions Finance Knowledge and Skills Framework,\ntogether with a proposed implementation plan for the Bedfordshire\nPension Fund be submitted to the next meeting.

\n

\n 

\n

\n(3)  That\nthe revised Statement of Investment Principles detailed at Appendix\nA to the report be approved.

\n

\n 

\n

\n(4)  That\nthe Fund Administrator be authorised to market test the Investment\nConsultant role in time for appointment on 1 August 2010.

\n
\n
\n\t\t\t\t\t

HP&TM 

26.

\t\t\t\n\t\t\n\t\t\t\t\t

Pension Fund - 2010 Valuation Update \"pdf PDF 68 KB

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n

Minutes:

\n
\n

\nThe Committee was informed that preparations for the 2010 Valuation\nhave commenced and the expectation is that it will be challenging\nfor the Fund and its scheme employers.  It was hoped to be able to provide\nthe Fund Actuary with accurate information on the number of\nemployees each scheme employer has following disaggregation on 31\nMarch 2009.

\n

\n 

\n

\n \nRESOLVED:

\n

\n 

\n

That the report be noted.

\n
\n
\n\t\t\t\t\t

HP&TM 

27.

\t\t\t\n\t\t\n\t\t\t\t\t

"Fundamental Index" Methodology \"pdf PDF 81 KB

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n

Minutes:

\n
\n

\nThe Committee considered a report into a potential alternative form\nof passive management of equities and a proposal to arrange a\npresentation to the Committee, with the objective of potentially\ndiversifying the Fund’s passive management methods.

\n

\n 

\n

\n \nRESOLVED:

\n

\n 

\n

That the officers\nand the Independent Investment Adviser be authorised to meet\nInformed Portfolio Management (IPM) in order to establish whether\nIPM should be invited to make a presentation to the Committee

\n
\n
\n\t\t\t\t\t

HP&TM 

28.

\t\t\t\n\t\t\n\t\t\t\t\t

Pension Fund - 2010/2011 Work Plan \"pdf PDF 75 KB

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n

Minutes:

\n
\n

\nThe Committee considered a summary of the expected work plan for\nthe Pension Fund for 2010/2011, including the .proposed dates for\nCommittee and Pension Fund Panel meetings in 2010/2011.

\n

\n 

\n

It\nwas noted that there would be a special meeting to be added to the\nwork plan in 2010/11 to consider the report requested from Hewitt\nAssociates Ltd looking at the active and passive style of\nmanagement of fixed income (Minute 21 above refers).  In addition, a possible\npresentation to the Committee by IPM might need to be included in\nthe 2010/2011 work plan (Minute 27 above refers).

\n

\n 

\n

\n \nRESOLVED:

\n

\n 

\n

That\nthe proposed work plan for 2010/2011 be approved, subject\ntto the comments in the preamble\nabove.

\n
\n
\n\t\t\t\t\t

Chair 

29.

\t\t\t\n\t\t\t\t\t

Local Government Act 1972: Schedule 12A (as amended) - Exclusion of the Public

\n
\n

To consider whether to pass a resolution under Section\n100(A)(4) of the Local Government Act\n1972 to exclude the public from the remainder of the meeting on the\ngrounds that consideration of the following item of business is\nlikely to involve the disclosure of exempt information as defined\nin paragraph 3 of Part 1 of Schedule 12A to the Act (as\namended).

\n
\n
\n

Minutes:

\n
\n

RESOLVED:

\n

 

\n

\nThat pursuant to Section\n100(A)(4) of the Local Government Act 1972, the public be excluded\nfrom the remainder of the meeting on the grounds that consideration\nof the following items of business is likely to involve the\ndisclosure of exempt information as defined in paragraph 3 of Part\n1 of Schedule 12A to the Act (as amended):

\n

\n 

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Minute No.

\n

 

\n		\n

Heading

\n		\n

Paragraph

\n
\n

30

\n		\n

Investment Opportunities Quarterly\nReport

\n

 

\n		\n

3

\n
\n

31

\n		\n

Pensions Administration –\nPerformance Update

\n

 

\n		\n

3

\n
\n

32

\n		\n

Pension Fund Administration –\nBudget Monitoring 2009/2010

\n

 

\n		\n

3

\n
\n

33

\n

 

\n		\n

Pension Fund Administration –\nProposed 2010/2011 Budget and estimated Cash Flow

\n

 

\n		\n

3

\n
\n

34

\n

 

\n		\n

Pensions Administration – Admitted\nBody

\n		\n

3

\n
\n

 

\n
\n
\n\t\t\t\t\t

HP&TM 

30.

\t\t\t\n\t\t\t\t\t

Investment Opportunities Quarterly Report

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n\t\t

HP&TM 

31.

\t\t\t\n\t\t\t\t\t

Pensions Administration - Performance Update

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n\t\t

HP&TM 

32.

\t\t\t\n\t\t\t\t\t

Pension Fund Administration - Budget Monitoring 2009/2010

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n\t\t

HP&TM 

33.

\t\t\t\n\t\t\t\t\t

Pension Fund Administration - Proposed 2010/2011 Budget and Estimated Cash Flow

\n
\n

To consider the report of the\nHead of Pension Fund Management\n(copy enclosed).

\n
\n
\n\t\t

34.

\t\t\t\n\t\t\t\t\t

Pensions Administration - Admitted Body

\n\t\t
\n
\t\n
\t\n
","openlylocal_url":"http://openlylocal.com/documents/24655-Minutes-for-Pension-Fund-Committee-meeting-Feb-22-2010-4-00PM","document_type":"Minutes","precis":"\nAttendance Details\nAgenda Frontsheet\n PDF 84 KB \nAgenda reports pack\n PDF 936 KB \nPrinted minutes\n PDF 66 KB \nVenue: Committee Room 2, Borough Hall, Cauldwell Street, Bedford. View directions\nContact: Peter Storey, Committee Services Officer,  \n(01234) 228818\nItems\nNote \nNo.\nItem\nChair \n17.\nQuestions from Members of the Council and members of the public\nMinutes:\nThere were no\nquestions from Members of the Council or members of the public.\n18.\nMembership\nMinutes:\nIt\nwas noted that ...","status":null}}