Minutes:
The Committee received a presentation from the Strategic Finance Manager - Corporate Finance that gave an introduction to the Pension Fund (for copy see file of Minutes).
The Strategic Finance Manager - Corporate Finance gave a detailed presentation that highlighted the following:-
· Legal Framework
· Pension Fund in Context
· Pension Fund Committee
· Local Pension Board
· LGPS Benefits and Administration
· Active Members
· Membership Summary
· Valuation
· LGPS Benefit Structure
· Pension Fund Investments
· Management Arrangements
· Statement of Investment Principles
· Funding Strategy Statement
· Review of Management Arrangements
Referring to a question about Dynamic Asset Allocation from Councillor L Armstrong, the Strategic Finance Manager explained that as it can take a long time to move assets we have a manager who looks after a wide range of assets, including equities, bonds and property. They have the flexibility to move funds more quickly.
The Chairman asked about the risk profile and he was informed that managers will assess risks before any movements and that they work within the risk profile.
Members were advised that the Pension Fund had a separate remit and role to procure, from that of the County Council, that was best for their members and that they have their own asset allocation to follow.
The Chairman thanked the Strategic Finance Manager for her presentation.
Resolved:
That the presentation be noted.