Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Friday 2 November 2007.

Chairman:

p Councillor M.F. Cartwright

Councillors:

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

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

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

a P.R.C. Hutcheson a T.K. Thornber, CBE

Co-opted members:

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

p Councillor J. Moulton (Southampton City Council)

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

p Mr P Reynolds (employee representative)

Independent adviser:

p Mr H. Cole.

164 APOLOGIES FOR ABSENCE

Councillors P.R.C. Hutcheson, T.K. Thornber and I.R. Carr gave their apologies. Councillor Hutcheson was attending a conference in London and Councillor Thornber was engaged on urgent County Council business.

165 DECLARATIONS OF INTEREST

All Members who believe they have a personal or prejudicial interest in any matter to be considered at the meeting must declare that 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 is discussed, save for exercising any right to speak in accordance with paragraph 12 of the Code. The declaration should be made at the time of the relevant debate.

166 CHAIRMAN'S COMMUNICATIONS

No Chairman's communications were received.

167 DEPUTATIONS

No deputations were received.

168 MINUTES

The Minutes of the meeting held on 25 May 2007 were confirmed as a correct record and signed by the Chairman.

Matters arising thereon:

Local Government Pension Scheme - New Look Scheme from April 2008 - Update (Minute)

The County Treasurer clarified the current position on ill-health provision in the new Scheme. The draft regulations indicated that employers would, at their discretion and funded from their own revenue budgets, be able to pay a benefit to members of the Scheme who are permanently incapable of their current Local Government employment but capable of some other gainful employment. This benefit would be equivalent to their accrued Scheme benefits. The Government had indicated, however, a further intention to consult on amendments to this proposal. The County Treasurer would keep the Panel informed about developments.

169 ECONOMIC AND FINANCIAL BACKGROUND

The Panel received and noted a report of the Panel's adviser Mr Harvey Cole (Item 6 in the Minute Book) on the economic and financial background.

170 EXCLUSION OF PRESS AND PUBLIC

RESOLVED:

That the public be excluded from the meeting during the following item of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during that item there would be disclosure to them of exempt information within Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports.

171 INVESTMENT MATTERS - UPDATE INCLUDING RECENT PERFORMANCE RETURNS (EXEMPT)

The Panel received and noted an exempt report of the County Treasurer (Item 8 in the Minute Book) on the performance of the Fund's investment managers over the six months to 30 September 2007.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]