Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Wednesday 29 July 2009.

Chairman:

p Councillor M.N. Kemp-Gee

Councillors:

p F.G. Allgood p D.A. Kirk

p C. Carter p B. Tennent

p B.D. Dash p T. Thacker

p A.G. Dowden a T.K. Thornber, CBE

Co-opted members:

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

p Councillor P. Giddings (Test Valley Borough Council)

p Councillor D. Jones (Portsmouth City Council)

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

p Mr P. Reynolds (employee representative)

Independent adviser:

p Mr H. Cole

24 APOLOGIES

Councillors T.K. Thornber and I.R. Carr and Mr E.W. Hughes gave their apologies. Councillor P. Giddings attended the meeting in place of Councillor I.R. Carr, as the representative of the Hampshire district councils.

25 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.

26 CHAIRMAN'S COMMUNICATIONS

The Chairman referred to recent press reports concerning the Pension Fund. He confirmed that there was no cause for concern over the reported deficit in the Fund. Its assets and liabilities would be valued by the Fund's actuary at 31 March 2010 and the contributions required from employers from 2011/12 would then be decided. In the meantime, the Fund continued to generate an annual surplus and this was expected to continue for the next ten years at least. Pensioners and contributors could be reassured that their pensions were not at risk in any way.

The Chairman also confirmed that the then Securities and Futures Authority (SFA) had issued a reprimand to him in 1995 for a breach of one rule concerning supervision when he was Chairman of Greig Middleton & Co Ltd., a leading private client stockbroking company. The Panel unanimously offered their support to the Chairman and confirmed their confidence in him.

27 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 those items 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 report.

28 ALTERNATIVE INVESTMENTS PORTFOLIO (EXEMPT)

The Panel considered an exempt report from the County Treasurer providing an update on the alternative investments portfolio (Item 5 in the Minute Book).
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]