Pension Sub-committee And Pension Board - 21/02/2011
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 21st February, 2011.
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 21st February, 2011.
Present:-
Bailie Willie SAWERS
Councillor Jimmy BLACK
Councillor Andrew DAWSON
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, Bailie George Regan and Mr Rod McKay, UNISON.
II TAYSIDE SUPERANNUATION FUNDS BUSINESS PLAN 2011/2012
There was submitted Report No 113-2011 by the Director of Finance introducing the eighth annual Business Plan for the Tayside Superannuation Funds.
The Sub-Committee noted the information within the report and approved the 2011/2012 Business Plan which applied to the administration and management of the Tayside Superannuation Fund and the Tayside Transport Superannuation Fund.
III TAYSIDE SUPERANNUATION FUNDS RISK REGISTER
There was submitted Report No 114-2011 by the Director of Finance.
This report introduced the Risk Register for the Tayside Superannuation Funds.
The Sub-Committee approved the Risk Register for the Tayside Superannuation Fund and Tayside Transport Superannuation Fund.
IV STATEMENT OF INVESTMENT PRINCIPLES REVIEW
There was submitted Report No 115-2011 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 116-2011 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 117-2011 by the Director of Finance reviewing the Treasury Management Strategy for 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 118-2011 by the Director of Finance relating to Performance Summaries for the quarter, twelve months and three years to 31st December, 2010, and reviewing the investment performance of the Main Fund's four Fund Managers for the quarter to 31st December, 2010. It also considered the performance of the Transport Fund which shared two of these managers.
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.
(b) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)
There was submitted Report No 119-2011 by the Director of Finance relating to the Property Portfolio performance for the quarter, twelve months and three years to 31st December, 2010.
This report also reviewed the investment performance of the Property Portfolio for the periods to 31st December, 2010.
The Sub-Committee noted the information contained therein with regard to the performance of the Property Portfolio.
(c) SUMMARIES OF INVESTMENTS AND TRANSACTIONS
There was submitted Report No 80-2011 by the Director of Finance summarising investments and transactions during the period 1st October to 31st December, 2010, and reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 31st December, 2010. The Transport Fund shared three of these managers and the transactions were included.
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.
(d) QUARTERLY FUNDING REPORT
There was submitted Report No 120-2011 by the Director of Finance which considered the current funding level of the Funds as assessed by the Fund Actuary.
The Sub-Committee noted the report.
VIII PRESENTATION
Nick Birchall and James Griffin of Fidelity gave a short presentation on portfolios and performance over the previous 12 months.
Nick reported that the different regional equity portfolios had experienced varying degrees of success in a volatile market with overseas equities out-performing European ones. On an absolute return basis benchmarks were out-performed over the period.
Thereafter, James Griffith outlined his investment approach identifying characteristics he looked for to identify potential industry winners.
Nick then summarised the bond portfolio advising that the traditional gilt market had recently declined but corporate bonds remained attractive.
A short question and answer session then followed, after which, the Convener expressed his thanks for an informative presentation.
Willie SAWERS, Convener.
Was This Useful?
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 21st February, 2011.
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 21st February, 2011.
Present:-
Bailie Willie SAWERS
Councillor Jimmy BLACK
Councillor Andrew DAWSON
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, Bailie George Regan and Mr Rod McKay, UNISON.
II TAYSIDE SUPERANNUATION FUNDS BUSINESS PLAN 2011/2012
There was submitted Report No 113-2011 by the Director of Finance introducing the eighth annual Business Plan for the Tayside Superannuation Funds.
The Sub-Committee noted the information within the report and approved the 2011/2012 Business Plan which applied to the administration and management of the Tayside Superannuation Fund and the Tayside Transport Superannuation Fund.
III TAYSIDE SUPERANNUATION FUNDS RISK REGISTER
There was submitted Report No 114-2011 by the Director of Finance.
This report introduced the Risk Register for the Tayside Superannuation Funds.
The Sub-Committee approved the Risk Register for the Tayside Superannuation Fund and Tayside Transport Superannuation Fund.
IV STATEMENT OF INVESTMENT PRINCIPLES REVIEW
There was submitted Report No 115-2011 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 116-2011 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 117-2011 by the Director of Finance reviewing the Treasury Management Strategy for 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 118-2011 by the Director of Finance relating to Performance Summaries for the quarter, twelve months and three years to 31st December, 2010, and reviewing the investment performance of the Main Fund's four Fund Managers for the quarter to 31st December, 2010. It also considered the performance of the Transport Fund which shared two of these managers.
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.
(b) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)
There was submitted Report No 119-2011 by the Director of Finance relating to the Property Portfolio performance for the quarter, twelve months and three years to 31st December, 2010.
This report also reviewed the investment performance of the Property Portfolio for the periods to 31st December, 2010.
The Sub-Committee noted the information contained therein with regard to the performance of the Property Portfolio.
(c) SUMMARIES OF INVESTMENTS AND TRANSACTIONS
There was submitted Report No 80-2011 by the Director of Finance summarising investments and transactions during the period 1st October to 31st December, 2010, and reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 31st December, 2010. The Transport Fund shared three of these managers and the transactions were included.
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.
(d) QUARTERLY FUNDING REPORT
There was submitted Report No 120-2011 by the Director of Finance which considered the current funding level of the Funds as assessed by the Fund Actuary.
The Sub-Committee noted the report.
VIII PRESENTATION
Nick Birchall and James Griffin of Fidelity gave a short presentation on portfolios and performance over the previous 12 months.
Nick reported that the different regional equity portfolios had experienced varying degrees of success in a volatile market with overseas equities out-performing European ones. On an absolute return basis benchmarks were out-performed over the period.
Thereafter, James Griffith outlined his investment approach identifying characteristics he looked for to identify potential industry winners.
Nick then summarised the bond portfolio advising that the traditional gilt market had recently declined but corporate bonds remained attractive.
A short question and answer session then followed, after which, the Convener expressed his thanks for an informative presentation.
Willie SAWERS, Convener.
Dundee City Council
