Greenwich Council

Agenda, decisions and minutes

Venue: Council Chamber - Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Clare Chapman  Email: clare.chapman@royalgreenwich.gov.uk or tel: 020 8921 6160

Items
No. Item

1.

Apologies for Absence

To receive apologies for absence from Members of the Panel.

Minutes:

Apologies for absence were received from Councillor Olu Babatola.

2.

Urgent Business

The Chair to announce any items of urgent business circulated separately from the main agenda.

Minutes:

There was no urgent business.

 

The Chair noted that the reports for Items 8 and 9 had been circulated separately to the main agenda.

3.

Declarations of Interest pdf icon PDF 38 KB

Members to declare any personal and financial interests in items on the agenda.  Attention is drawn to the Council’s Constitution; the Council’s Code of Conduct and associated advice.

Additional documents:

Minutes:

Resolved –

 

That the list of Councillors’ memberships as Council appointed representatives on outside bodies, joint committees and school governing bodies be noted.

4.

Minutes pdf icon PDF 38 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meetings held on 1 and 2 June 2016.

 

No motion or discussion may take place upon the Minutes except as to their accuracy, and any question on this point will be determined by a majority of the Members of the body attending who were present when the matter in question was decided.  Once confirmed, with or without amendment, the person presiding will sign the Minutes.

Additional documents:

Minutes:

Resolved -

 

That the minutes of the meetings of the Pension Fund Investment & Administration Panel held on 1 and 2 June 2016 be agreed and signed as true and accurate records.

5.

Business Plan 2016/17 and 2017/18 pdf icon PDF 37 KB

The panel are asked to agree the Pension Fund’s Business Plan for 2016/17 and 2017/18.

Additional documents:

Decision:

Agreed the Pension Fund’s Business Plan for 2016/17 and 2017/18

Minutes:

The report was introduced by the Finance Manager. She drew Members’ attention to the appendices.

 

Resolved -

 

That the Pension Fund’s Business Plan for 2016/17 and 2017/18 be agreed

6.

Pension Fund Statement of Accounts 2015/16 pdf icon PDF 48 KB

The panel are asked to consider and comment upon the Pension Fund Annual Statement of Accounts for the year ended 31 March 2016 as submitted for audit.

Additional documents:

Decision:

Noted the Pension Fund Annual Statement of Accounts for the year ended 31 March 2016 as submitted for audit

Minutes:

The report was introduced by the Acting Principal Accountant.  He drew Members’ attention to the totals given on pages 1 and 2 of the Appendix.

 

Resolved -

 

That the Pension Fund Annual Statement of Accounts for the year ended 31 March 2016 as submitted for audit be noted.

7.

Fund Manager Performance to 31 March 2016 pdf icon PDF 52 KB

The panel are asked to note a report on the performance of the Royal Borough of Greenwich Pension Fund’s investment managers for the period ending 31 March 2016.

Additional documents:

Decision:

1.       Noted a report on the performance of the Royal Borough of Greenwich Pension Fund’s investment managers for the period ending 31 March 2016

 

2.       Agreed to consider the information detailed in the Exempt Appendix to the report in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3 “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”.

 

3.       Agreed that the information detailed in the Exempt Appendix to the report be not subsequently released to the press or public

Minutes:

The Senior Investment Consultant from Hymans Robertson presented the report at the appendix.

 

Resolved -

 

1.       That a report on the performance of the Royal Borough of Greenwich Pension Fund’s investment managers for the period ending 31 March 2016 be noted.

 

2.       That it be agreed to consider the information detailed in the Exempt Appendix to the report in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3 “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”.

 

3.       That it be agreed that the information detailed in the Exempt Appendix to the report be not subsequently released to the press or public

8.

Funding Update pdf icon PDF 37 KB

To note a funding update report from the pension fund actuary Barnett Waddingham as at 31 March 2016

Additional documents:

Decision:

Noted the funding update report from the pension fund actuary Barnett Waddingham as at 31 March 2016

Minutes:

The report was introduced by the Finance Manager. The Finance Manager emphasised that the funding level figure as assessed by the triennial valuation was not likely to be 91.2%.

 

In response to a question from the Panel the Head of Strategic Accounting clarified that the deficit recovery period, which was currently about 22 ½ years, would need to be reviewed at some point.

 

Resolved -

 

That the funding update report from the pension fund actuary Barnett Waddingham as at 31 March 2016 be noted.

9.

Investment Pooling pdf icon PDF 56 KB

To note the requirement of the administering authority of the Royal Borough of Greenwich Pension Fund to submit final investment pooling proposals to the Government by 15 July 2016, and to agree that the Fund submit its final investment pooling proposals as part of a joint response from Funds participating in the London Collective Investment Vehicle

Additional documents:

Decision:

1.       Noted the requirement of the administering authority of the Royal Borough of Greenwich Pension Fund to submit final investment pooling proposals to the Government by 15 July 2016.

 

2.       Agreed that the Fund submit its final investment pooling proposals as part of a joint response from Funds participating in the London Collective Investment Vehicle.

 

Minutes:

The report was introduced by the Finance Manager. The Finance Manager detailed what information was required to be provided to the London Collective Investment Vehicle.

 

Resolved -

 

1.       That the requirement of the administering authority of the Royal Borough of Greenwich Pension Fund to submit final investment pooling proposals to the Government by 15 July 2016 be noted.

 

2.       That it be agreed that the Fund submit its final investment pooling proposals as part of a joint response from Funds participating in the London Collective Investment Vehicle.