Pension Sub-committee And Pension Board - 23/08/2010

At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 23rd August, 2010.

 

APPENDIX II

 

Present:-

 

Bailie Willie SAWERS

 

Councillor Jimmy BLACK

 

Councillor Kevin KEENAN

 

Also Present:-

 

Mr Sandy RICE, Trade Union Representative.

 

Bailie Willie SAWERS, Convener, in the Chair.

 

Unless marked thus * all items stand delegated.

 

I APOLOGIES AND SUBSTITUTES

 

Apologies had been submitted by Bailie Regan, Bailie Wallace and Councillor Dawson.

 

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 in order that the undernoted items of business be considered in private 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.

 

II TAYSIDE SUPERANNUATION FUNDS

 

(i) PERFORMANCE SUMMARIES

 

There was submitted Report No 449-2010 by the Director of Finance relating to Performance Summaries for quarter, twelve months and three years to 30th June, 2010 which reviewed the investment performance of the Main Fund's four Fund Managers (excluding Property) for the quarter to 30th June, 2010 and also considered the performance of the Transport Fund which shares two of these managers.

 

The report also compared investment performances of the Funds with the Funds' specific benchmarks which consist of various stock market indices.

 

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

 

(ii) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)

 

There was submitted Report No 447-2010 by the Director of Finance relating to Schroder Property Investment Management Ltd performance for the quarter, twelve months and three years to 30th June, 2010 reviewing the investment performance of the Property Portfolio.

 

The report also compared investment performances with an appropriate benchmark, the IPD Pooled Property All Balanced Funds Median.

 

The Sub-Committee noted the information contained therein with regard to the performance of the Property Portfolio.

(iii) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

 

There was submitted Report No 408-2010 by the Director of Finance summarising investments and transactions during the period 1st April, 2010 to 30th June, 2010 reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 30th June, 2010. The Transport Fund shared three of these managers and their transactions were included.

 

The report also summarised the transactions of each Fund Manager and showed the market values of the Main and Transport Fund.

 

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

 

(iv) QUARTERLY FUNDING REPORT

 

There was submitted Report No 448-2010 by the Director of Finance which considers report by Barnett Waddingham.

 

This report reviews the current funding level of the Funds as assessed by the Fund Actuary.

 

The Sub-Committee noted the report.

 

III PRESENTATION

 

Tim Bird and Iain Lindsay of Goldman Sachs Asset Management gave a short presentation to members.

 

Firstly, they gave a brief overview of Goldman Sachs, detailing the relationship of Goldman Sachs Asset Management within the overall structure, the creation of the Business Standards Committee and the Credit Portfolio Fund Structure.

 

Thereafter they gave a summary of the performance of the Portfolio, noting the primary drivers of performance and comparing it against benchmark figures. They also outlined market performance over the previous three months and twelve months and considered the outlook for the future.

 

After they had answered questions from members, the Convener thanked Tim Bird and Iain Lindsay for their presentation.

 

 

 

 

Willie SAWERS, Convener.

 

APPENDIX III

 

 

Applicant

Description of Project

Forum Decision Amount

Signpost International and

Rosebank Primary School

 

Funding for a mural on the walls of the school. The pupils will be involved throughout the whole project with local artists.

2,173

The Hilltown Gateway Project

(City Development)

Funding to re-site a local sculpture, install six benches and litter bins, plant street trees and a low beech hedge and install handrails to the lower part of the Hilltown.

 

25,000

McDonald St/Hilltown/

Rosebank Street Paving

(City Development)

Funding to lay paving between the named streets, providing a high quality surface. This section is in particularly poor condition at present.

 

4,000

Lunchtime Gymnastics

Sports Development

To fund the delivery of a pilot lunchtime gymnastics class in Craigiebarns Primary School.

 

620

St Vincent's Nursery Garden

To make physical improvements to the garden within the nursery area of St Vincent's Primary School.

 

7,623

Holiday Italian Group

Books and CD resources for the Language Italian Class held on a Thursday evening during term time.

 

148

Kirk Street Sheltered Housing

To enable sheltered and non-sheltered tenants to attend Aromatherapy, Line Dancing, Gentle Exercise and Craft Classes.

 

840

Dundonald Street Streetscape

(City Development)

Making permanent the pilot on-street euro-bins, increasing on‑street car parking provision, installing new street trees and build out areas.

 

37,000

Athletics Lunchtime Programme

Sports Development

To provide a free lunch time athletics programme for 32 P4-P7 pupils for 21 weeks at either Clepington or Glebelands PS.

 

500

Lunchtime Hockey Programme

Sports Development

Provision of free lunch time hockey programme for 24 P4-P7 pupils at Whitfield Primary School for 25 weeks.

 

343

Community Family Support Project - North East

Under 12s

 

Funding of educational trips and activities for families from the North East area during October school holidays.

 

1119

Longhaugh Sheltered Housing

Complex

The installation of a storage shed for materials used for activities by members of the complex.

 

250

Learning Around Project

(Leisure and Communities)

Delivery of a one-day 'Basic First Aid' certified training course for 15 people, with childcare provided.

 

593

 

Applicant

Description of Project

Forum Decision Amount

Athletic Lunchtime Programme

Sports Development

Provision of free lunch time athletics programme for 32 P4-P7 pupils within local primary schools for 21 weeks in 2010/2011 and 10 weeks in 2011/2012.

 

500 10/11

238 11/12

Community Family Support

Project - St Mary's Families

Funding of educational trips and activities to complement holiday programme.

 

1,278

Kirkton Digital Photography

Group

To purchase photographic paper, cartridges, frames, mounts, masking tape for group.

 

656

Eco Garden Project -

Sidlaw Primary School

To create a garden space for children to learn and grow things whilst appreciating ecological and nature issues.

 

2,000

SMILE Newsletter Group

To continue to produce a thrice yearly newsletter aiming to keep St Mary's/Brackens residents informed of local developments and activities.

 

1,200