Meeting: Pension Fund Committee (County Hall, Durham - Committee Room 2 - 28/04/2008 10:00:00 AM)
Item: A5 Investment Guidelines
| Report of Stuart Crowe, County Treasurer |
Purpose of the Report 1 The purpose of this report is to seek agreement to amend the Pension Fund’s investment guidelines.
Background 2 In January 2004 the Pension Fund Committee approved the adoption of new guidelines which allowed the Fund to invest up to 35% of its assets in Managed Insurance Funds, under the Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations 2003.
3 In view of the fact that the Fund has recently adopted a new structure with new benchmarks and performance targets, it is felt that, in order to give the new managers full freedom within their mandates, to achieve their targets, it is necessary to adopt the other increased limits which are also listed in the above regulations (which are attached at Appendix 1).
4 Our Advisors support this course of action.
Recommendation 5 It is recommended that the Fund adopts all the remaining increased limits in accordance with the regulations, and that the Statement of Investment Principles be revised accordingly.
| Contact: Paul Turner Tel: 0191 383 3571 |
Attachments
Item 5.pdf