Pension Sub-committee And Pension Board - 01/12/2014

At a MEETING of the PENSION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 1st December, 2014.

Present:-

COUNCILLORS

Councillor Jimmy BLACK, Depute Convener, in the Chair.

I DECLARATION OF INTEREST

No declarations of interest were made.

II TAYSIDE PENSION FUNDS RISK REGISTER

There was submitted Report No 454-2014 by the Director of Corporate Services updating the Risk Register for the Tayside Pension Funds.

The Sub-Committee approved the updated Risk Register for the Tayside Pension Fund and Tayside Transport Pension Fund.

III PROPOSED TIMETABLE OF MEETINGS FOR 2015

There was submitted Report No 456-2014 by the Director of Corporate Services proposing a suggested programme of meetings of the Pension Investment Sub-Committee to cover investment performance and issues arising in 2015.

The Sub-Committee examined the dates set out in the timetable in Appendix 1 and agreed the proposed programme of meetings.

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.

IV TAYSIDE PENSION FUNDS

(a) PERFORMANCE SUMMARIES

There was submitted Report No 453-2014 by the Director of Corporate Services relating to Performance Summaries for the quarter, twelve months, three years, five years and ten years to 30th September, 2014 reviewing the investment performance of the Main Funds five Fund Managers (including Property) and the Financing Fund for the quarter to 30th September, 2014. It also considered the performance of the Transport Fund which invested with three of these Managers.

The report compared investment performance of the Funds with the Funds specific benchmarks which consisted of various stock and security market indices.

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

(b) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

There was submitted Report No 441-2014 by the Director of Corporate Services summarising investments and transactions for the quarter to 30th September, 2014 reviewing the investment activities of the Main Funds seven Fund Managers for the quarter to 30th September, 2014. The Transport Fund shared three of these Managers and their transactions were included.

The report summarised the transaction 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 Pension Fund and Tayside Transport Pension Fund and their Fund Managers.

V TRIENNIAL ACTUARIAL VALUATION TO 31ST MARCH, 2014

A position update was given to members by the Fund Actuary.

The Sub-Committee noted the findings of the Fund Actuary.

VI SOCIALLY RESPONSIBLE INVESTMENT - SIX MONTHLY REPORT

There was submitted Report No 455-2014 by the Director of Corporate Services reviewing the progress by the Fund Managers regarding the positive engagement Policy on Environment, Social and Corporate Governance approved by the Sub-Committee on 17th November, 2008.

The Sub-Committee noted the information contained within this report with regard to the activities of the Fund Managers during the six month period ended 30th September, 2014.

VII PRESENTATION

Rob Marsden and Gordon Strachan from Fidelity Worldwide Investment 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 out-perform its benchmark, with the performance objective being to consistently achieve this over rolling three year period.

The Chair thanked the speakers for their presentation.

Jimmy BLACK, Depute Convener.