Pension Sub-committee And Pension Board - 04/03/2013

At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 4th March, 2013.

APPENDIX II

Present:-

BAILIES

COUNCILLORS

Bailie Willie SAWERS, Convener, in the Chair.

Unless marked thus * all items stand delegated.

I DECLARATION OF INTEREST

No declarations of interest were made.

II TAYSIDE SUPERANNUATION FUNDS BUSINESS PLAN 2013/2014

There was submitted Report No 120-2013 by the Director of Corporate Services introducing the Tenth Annual Business Plan for the Tayside Superannuation Funds.

The Sub-Committee noted the information within the report and approved the 2013/2014 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 121-2013 by the Director of Corporate Services updating 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 TREASURY MANAGEMENT STRATEGY

There was submitted Report No 123-2013 by the Director of Corporate Services 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 involve the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 6A of the Act.

V TAYSIDE SUPERANNUATION FUNDS

(a) PERFORMANCE SUMMARIES

There was submitted Report No 124-2013 by the Director of Corporate Services relating to Performance Summaries for the quarter, twelve months, three years, five years and ten years to 31st December, 2012 reviewing the investment performance of the Main Funds five Fund Managers (including Property) and the Financing Fund for the quarter to 31st December, 2012. It also considered the performance of the Transport Fund which shared three of these Managers.

The report compared investment performances of the Funds with the Funds specific benchmarks which consisted 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.

(b) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

There was submitted Report No 78-2013 by the Director of Corporate Services summarising investments and transactions during the period 1st October to 31st December, 2012 reviewing the investment activities of the Main Funds six Fund Managers for the quarter to 31st December, 2012. The Transport Fund shared three of these Managers and their transactions were included.

The report 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.

(c) QUARTERLY FUNDING REPORT

There was submitted Report No 125-2013 by the Director of Corporate Services which considered the report by the Fund Actuary.

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

The Sub-Committee noted the report.

VI REVIEW OF MAIN FUND

This item was withdrawn.

VII PRESENTATION

Gillian Evans and Iain Lindsay of Goldman Sachs Asset Management gave a short presentation.

A summary of the performance of the Portfolio was given, noting the key performance drivers, and comparison of this to benchmark figures. It was noted that the Portfolio was continuing to outperform its benchmark, and that the cross sector strategy was a huge contributor to excess return.

After they had answered questions from members, the Convener thanked Gillian and Iain for their interesting and informative presentation.

Willie SAWERS, Convener.