Pension Sub-committee And Pension Board - 25/03/2003

At a SPECIAL MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE of the FINANCE COMMITTEE held at Dundee on Tuesday,25th March 2003.

Present:-

COUNCILLORS

George Regan

Julie Sturrock

Neil Glen (substitute for Lord Provost Letford)

John Corrigan

Bruce Mackie

In Attendance:-

Mr W Gowans, Tayside Full-Time Trade Union Officers Group

Mr Geoff Singleton, Hymans Robertson

Councillor REGAN, Convener, in the Chair.

Unless marked thus * all items stand delegated.

The Committee resolved under Section 50(A)(4) of the Local Government (Scotland) Act, 1973 that the public and press be excluded from the meeting in order that the undernoted item of business may be considered in private on the grounds that it involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part 1 of Schedule 7(A) of the Act.

I REVIEW OF INVESTMENT STRUCTURE OF TAYSIDE TRANSPORT SUPERANNUATION FUND

With reference to item V of the minute of meeting of the Sub-Committee of 5th March, 2003, there was considered Report No 223-2003 by the Director of Finance and a report by Hymans Robertson which had previously been circulated. A decision on the report had been deferred to allow for further talks between the parties involved.

Mr Geoff Singleton reported that broad agreement had been reached at a meeting held on 21st March, 2003. Hymans Robertson undertook to look again at the allocation to property.

The Sub-Committee approved the recommendations as detailed in the report and also agreed that the Director of Finance should regularly review the asset class allocations with a view to lowering the exposure in equities and property over a period of time.

Should Hymans Robertson recommend a change in the allocation to property, it was agreed that officers should have the authority to proceed on that basis.

GEORGE REGAN, Convener.