Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on 3 November 2004.

PRESENT:

Councillors: Mrs. S.M. Glasspool (Chairman); B.D. Dash; P.R.C. Hutcheson; D.A. Kirk; A.R. Ludlow.

Pensioners' representative: Mr E.W. Hughes.

Contributors' representative: Mr D. Offord.

Independent adviser: Mr H. Cole.

129 DECLARATIONS OF INTEREST

    Members were mindful that, where they believed they had a personal or prejudicial interest in any matter to be considered at the meeting, they should, normally at the time of the debate, declare their interest and, having regard to the circumstances described in paragraphs 9, 10, 11 and 12 of the County Council's Code of Conduct, consider whether to leave the meeting whilst the matter was discussed.

130 CHAIRMAN'S COMMUNICATIONS

    No Chairman's communications were received.

131 DEPUTATIONS

    No deputations were received.

132 MINUTES

    The Minutes of the meeting held on 28 May 2004 were confirmed as a correct record and signed by the Chairman.

133 DRAFT FUNDING STRATEGY STATEMENT AND STATEMENT OF INVESTMENT PRINCIPLES

    The Panel considered a report of the County Treasurer (Item 5 in the Minute Book) setting out a draft Funding Strategy Statement (FSS), as required by the Local Government Pension Scheme (Amendment) Regulations 2004. The draft FSS had been prepared with the assistance of the Fund's actuary and had been the subject of consultation with other employers in the Fund. The Statement of Investment Principles (SIP) was attached to the FSS as it provided important further information on the Fund's investment strategy. The SIP had been updated.

    RESOLVED:

    That the Funding Strategy Statement and updated Statement of Investment Principles be approved, subject an amendment to the first sentence in paragraph 7.1 of the Funding Strategy Statement to read `The County Council will seek to ensure the Fund is solvent "over the long term"'.

134 EXCLUSION OF PRESS AND PUBLIC

    RESOLVED:

    That, by virtue of paragraph 7 of Part 1 of Schedule 12A of the Local Government Act 1972, the press and public were excluded from the meeting for the following items of business.

135 MANAGERS INVESTMENT POLICIES AND PERFORMANCE (CONFIDENTIAL)

    The Panel considered a confidential report of the County Treasurer (Item 7 in the Minute Book) summarising the fund managers' portfolios, their investment actions and performance returns over periods to 30 September 2004. The Panel received presentations from each of the fund mangers and used the report to question the managers about their actions and performance.
    [SUMMARY OF A MINUTE WHICH CONTAINS CONFIDENTIAL INFORMATION]

136 ECONOMIC AND MARKET OUTLOOK (CONFIDENTIAL)

    The Panel considered a confidential report of the Panel's adviser, Mr Harvey Cole, (Item 8 in the Minute Book) on the economic and market background and the possible implications for the Panel's investment strategy.

    [SUMMARY OF A MINUTE WHICH CONTAINS CONFIDENTIAL INFORMATION]