Pension Sub-committee And Pension Board - 22/02/2010

At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 22nd February, 2010.

APPENDIX II

Present:-

BAILIES

COUNCILLORS

Bailie Willie SAWERS, Convener, in the Chair.

Unless marked thus * all items stand delegated.

I APOLOGIES AND SUBSTITUTES

Apologies had been submitted by Bailie Rod Wallace and Councillor Kevin Keenan.

II MINUTE OF MEETING OF 23RD NOVEMBER, 2009

The minute of the Superannuation Investment Sub-Committee of 23rd November, 2009 was submitted and approved.

III TAYSIDE SUPERANNUATION FUNDS BUSINESS PLAN 2010/2011

There was submitted Report No 70-2010 by the Director of Finance introducing the Seventh Annual Business Plan for the Tayside Superannuation Funds.

The Sub-Committee noted the information within the report and approved the 2010/2011 Business Plan which applied to the administration and management of the Tayside Superannuation Fund and the Tayside Transport Superannuation Fund.

IV STATEMENT OF INVESTMENT PRINCIPLES ANNUAL REVIEW

There was submitted Report No 71-2010 by the Director of Finance reviewing Statements of Investment Principles for the Tayside Superannuation Fund and the Tayside Transport Superannuation Fund.

The Sub-Committee noted the information within the report and approved the Statements of Investment Principles for both the Tayside Superannuation Fund and the Tayside Transport Superannuation Fund.

V FUNDING STRATEGY STATEMENT

There was submitted Report No 72-2010 by the Director of Finance reviewing the Funding Strategy Statements for the Tayside Superannuation Funds.

The Sub-Committee approved the Funding Strategy Statements for Tayside Superannuation Fund and Tayside Transport Superannuation Fund.

VI TREASURY MANAGEMENT STRATEGY

There was submitted Report No 106-2010 by the Director of Finance setting the Treasury Management Strategy for the Tayside Superannuation Fund.

The Sub-Committee approved the Treasury Management Strategy including list of permitted counterparties.

The Sub-Committee resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the press and public be excluded from the meeting for the undernoted items of business on the grounds that they involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 7A of the Act.

VII TAYSIDE SUPERANNUATION FUNDS

(a) PERFORMANCE SUMMARIES

There was submitted Report No 73-2010 by the Director of Finance reviewing the investment performance of the Main Fund's four Fund Managers (excluding Property) for the quarter to 31st December, 2009.

The Sub-Committee noted the information contained in the report with regard to the performance of the Tayside Superannuation Fund, Tayside Transport Superannuation Fund and their Fund Managers.

(b) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)

There was submitted Report No 74-2010 by the Director of Finance reviewing the investment performance of the Property Portfolio managed by Schroder Property Investment Management Ltd for the period to 31st December, 2009.

The Sub-Committee noted the information contained in the report with regard to the performance of the Property Portfolio managed by Schroder Property Investment Management Ltd.

(c) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

There was submitted Report No 75-2010 by the Director of Finance reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 31st December, 2009.

The Sub-Committee noted the information contained in the report with regard to the activities of the Tayside Superannuation Fund, Tayside Transport Superannuation Fund and their Fund Managers.

(d) QUARTERLY FUNDING REPORT

There was submitted Report No 76-2010 by the Director of Finance reviewing the current funding level of the Funds as assessed by Barnett Waddingham, the Fund Actuary.

The Sub-Committee noted the report by Barnett Waddingham.

VIII PRESENTATION

Jenny Buck and Tony Doherty of Schroder Property gave a short presentation.

Jenny Buck informed the Sub-Committee that uncertainties in the economy had contributed towards the overall performance of the Fund. In looking forward to 2010, it was hoped that funds would benefit from some stability in the UK markets.

Tony Doherty explained where the Fund was currently sitting and what strategies would be implemented to ensure growth during 2010.

The Convener thanked the speakers.

Willie SAWERS, Convener.