Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Wednesday 14 December 2005.

PRESENT:

          p Councillor T.K. Thornber (Chairman)

          p Councillor M.F. Cartwright (Vice-Chairman)

Councillors:

p F.G. Allgood p M.N. Kemp-Gee

p B.D. Dash p A.R. Ludlow

a A.G. Dowden p J.J.W. Maxwell

a P.R.C. Hutcheson

Co-opted members:

a Councillor T. Blair (Portsmouth City Council)

a Councillor I.R. Carr (Test Valley Borough Council)

p Mr E.W. Hughes (pensioners' representative)

a Mr D. Offord (contributors' representative)

Independent adviser:

p Mr H. Cole.

65 APOLOGIES FOR ABSENCE

      Apologies for absence were received from Councillors P.R.C Hutcheson and I.R. Carr.

66 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.

67 CHAIRMAN'S COMMUNICATIONS

      No Chairman's communications were received.

68 DEPUTATIONS

      No deputations were received.

69 MINUTES

      The Minutes of the meeting held on 25 November 2005 were confirmed as a correct record and signed by the Chairman.

      Matters arising thereon:

      Costs of Revocation of the Changes to the Scheme on 1 April 2005 - Update (Minute 53)

    The County Treasurer reported that the Government had published on 5 December 2005 draft Regulations for consultation which would remove from 1 October 2006 the 85 year rule under which employees could retire at age 60 with no reduction in pension if their age plus completed years of service exceeded 85 years. According to the Government, the removal of the 85 year rule is necessary under a European Union directive concerning age discrimination. Transitional arrangements would apply to employees meeting the 85 year rule who would reach the age of 60 by 1 April 2013. The cost of deferring the removal of the 85 year rule from the original date of 1 April 2005 until 1 October 2006 would be offset by allowing employees to commute a larger proportion of their pensions into a lump sum. This would reduce the overall cost of their benefits to pension funds. The Panel asked the County Treasurer to respond to the consultation supporting the removal of the 85 year rule.

      Hampshire Pension Fund - Review of Business Plan 2005 - Update (Minute 54)

      The County Treasurer reported that the Government had published Regulations requiring the Fund to prepare and publish a Governance Policy Statement and a Communication Policy Statement by 1 April 2006. The Panel had already approved the content of such statements in other policy statements. This would be collated to form the new statements, subject to consultation with appropriate stakeholders.

70 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.

71 OPTIONS FOR NEW INVESTMENT MANAGEMENT STRUCTURE FROM OCTOBER 2006 (CONFIDENTIAL)

      The Panel considered confidential reports of the County Treasurer (Item 7a in the Minute Book) and Mr Harvey Cole the Fund's independent adviser (Item 7b in the Minute Book) on the options for the Fund's future investment management structure. The Panel agreed the benchmark asset allocation for the Fund and the basis of the investment management structure for the purposes of seeking tenders in January 2006.

      [SUMMARY OF A MINUTE WHICH CONTAINS CONFIDENTIAL INFORMATION]